The Thailand-based mall operator is planning to invest $3.7bn over the next five years in upgrading its properties and constructing new shopping centres, hotels and office facilities.
The company, which is Thailand’s largest mall operator, has issued a statement although this did not indicate whether the investment is a fresh commitment or includes those projects that have already been announced. Furthermore, it did not detail where new developments are planned or outline what share of the budget would be allocated to retail over its other business divisions.
A subsidiary of Thailand’s giant Central Group, Central Pattana’s commitment follows a similar announcement from Central Retail to invest $3.03bn on network expansion over the next five years, with hopes to boost revenue by 2.5 times.
Thailand’s largest retail property development and investment company, Central Pattana has 36 shopping centres located in 30 Thai provinces and nearby countries, with a plan to expand that network to 50 by 2026. The company has also committed to a ‘long-term plan’ to achieve net-zero carbon emission.
