(March 25): Central Pattana Pcl, Thailand’s largest shopping mall developer, plans to invest more than 110 billion baht (US$3.4 billion or $4.3 billion) in the next five years to expand its portfolio, betting on growth in major cities and a tourism rebound.
The operator of Central World, Bangkok’s largest shopping mall complex, aims to increase the number of its mixed-used projects to 33 by the end of 2030 from 27 currently, chief executive officer Wallaya Chirathivat told reporters on Wednesday. The investment will go toward new retail plazas, office buildings and integrated projects, with a focus on major cities and key tourist destinations including Bangkok, Phuket and Chiang Mai.
“We remain highly optimistic about Thailand’s long-term potential, even amid a very challenging period marked by geopolitical tensions,” Wallaya said. “The country has weathered difficult periods before.”
The expansion underscores the company’s confidence that spending in major cities and tourist hubs will hold up despite the current geopolitical risks to travel demand. The Southeast Asian nation relies heavily on tourism and domestic spending, and any hit to visitor flows can quickly weigh on foot traffic and retail sales, while weak exports leave fewer buffers for growth.
“We have emergency plan in case the conflict prolongs longer than expected,” Wallaya said, referring to the situation in the Middle East. “Crisis will come and go. We need to sustain our investments to maintain long-term growth.”
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The Chirathivat family, which controls Central Pattana, has built one of Thailand’s biggest retail networks spanning malls, department stores and mixed-use developments. Parent Central Group has also expanded overseas through acquisitions of European luxury assets, including Italy’s La Rinascente and London’s Selfridges, and holds stakes in Germany’s KaDeWe and Switzerland’s Globus.
Central Pattana currently operates 45 shopping malls, 11 office buildings, 17 hotels and 53 residential projects. Its net income rose 13% to a record 18.8 billion baht last year, with shares up about 15% this year, in line with the SET Index’s gain.
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