Thailand’s leading retail property developer, Central Pattana, has revealed a 28 per cent increase in its 2022 earnings, amounting to a net profit of THB 10.76bn.
At the core of the company’s five-year investment strategy are retail-led mixed-use developments spanning shopping centres, residential projects, hotels, and office buildings.
Building on semi-outdoor retail models, Central Pattana will launch two major projects on prime Thailand real estate this year: Marché Thonglor, a community mall opening in March, and Central Westville, a high-end lifestyle development in Bangkok’s Ratchaphruek area opening in the fourth quarter of 2023.
“Our earnings for 2022 have recovered well – on par with 2019 earnings prior to Covid-19, with positive factors from the continuing recovery of the Thai economy,” Naparat Sriwanvit, chief financial officer and senior executive vice president at Central Pattana, said in a statement. “People’s spending improved at the end of the year and there are increasing numbers of tourists in addition to government and private sector support measures to spur spending.”
