Retail and property developer Central Pattana Plc (CPN) plans to devise four more mega mixed-use projects over the next five to 10 years, both via joint ventures and through its own investment.
Wallaya Chirathivat, the company's president and chief executive, said the four projects would be developed on plots of land covering at least 25 rai per project.
Each project will have a total gross floor area of more than 350,000 square metres and an investment budget of more than 20 billion baht.
The company owns the plots on which to develop its mixed-use projects within Bangkok and surrounding provinces, with one or two expected to be announced this year, including one at the area close to Magic Land on Phahon Yothin Road.
"The projects can potentially elevate Bangkok to world-class status, on par with great cities such as New York, Tokyo and Seoul," said Ms Wallaya.
CPN began developing its first mega-mixed use project over the past 6-7 years with the Dusit Central Park project, a joint venture with Dusit Thani Group which is scheduled to open between 2024 and 2025.
Of the four new mega mixed-used projects to be developed in the future, three would be via joint ventures and one project would be developed solely through the company's own investment.
In a related development, CPN on Thursday announced it would spend over 135 billion baht to expand its business during the period 2023-2027. Some of the new mega mixed-use projects would be included in this five-year business plan.
Under the company's five-year business plan, CPN plans to develop 211 projects covering 30 cities in Thailand and other Asean countries comprising 50 shopping centres, 17 community malls, 90 residential projects, 37 hotels, 13 office buildings, and four flex offices.
Naparat Sriwanvit, CPN's senior executive vice-president and chief financial officer, said this year the company would allocate 23-35 billion baht to expand its business, with 70% slated for domestic retail and mixed-use projects and the remainder for non-retail business.
Chanavat Uahwatanasakul, CPN's chief development and commercial officer, said for the retail business, the company would spend 4.5 billion baht to develop Central Krabi, which is scheduled to open in the fourth quarter of 2024.
The Krabi project would be developed under the concept "New Gateway to Southern Paradise", comprising a mall, a residential project and a hotel.
This project would elevate the province's potential as one of the world's most famous tourist destinations.
It will also renovate its existing projects at Central Westgate, Central Pattaya, Central Pinklao, Central Chaengwattana, Central Chiang Mai and Central Khon Kaen.
Wuttikiat Techamongklapiwat, CPN's head of community mall and international business development, said CPN is preparing to launch Marché Thonglor on March 26 this year as a new landmark in the Thong Lor area of Bangkok.
CPN also plans to improve its existing Nawamin City Avenue project and is set to renovate four other malls within this year to provide customers with an enhanced experience.
In terms of residential projects, Kree Dejchai, CPN's president for residential business, said seven new projects worth over 9 billion baht would be launched this year, including three new Escent condominiums at Phetchaburi, Buri Ram and Nakhon Si Thammarat, and four housing projects, with one in Nakhon Si Thammarat province under the Nirati brand and three located in the Rama 2, Utthayan and Ekkachai areas of Bangkok under the firm's new Nirada brand. The company expects to have projects in 27 provinces by 2027.
Referring to the company's hotel business, Surang Jirattigalachote, head of hotel development at CPN, said that 10 hotels under all three brands would be operational this year, with more than 1,600 rooms. They include branches of the premium budget and pet-friendly hotel brand GO! Hotel, which would open in Ban Chang in Rayong province in April, and at Central Sriracha in Chon Buri province and Central Chon Buri in June.
CPN expects revenue to exceed 70 billion baht in 2027.
