BANGKOK, NNA – Thailand’s major commercial mall developer Central Pattana Public Co. will invest over 22 billion baht ($727 million) to develop and renovate 17 shopping centers over the next three years.
The core unit of retail-to-property conglomerate Central Group of Company plans to open three flagship malls named Central Plaza. The malls will operate in Chonburi and Chanthaburi provinces by 2022, Central Pattana said at a press conference last week.
The developer also will spend over 3 billion baht on rebuilding two Central Plaza malls in the outskirts of Bangkok and additional funds to renovate or expand 12 other malls in Thailand from next year through 2022.
Each of the new flagships will cost 3.5 billion to 6.2 billion baht and house from 200 to 340-plus stores. The mall in Ayutthaya Province will be designed to attract foreign tourists, the statement says. The area north of Bangkok has a World Heritage site left by a former Thai dynasty.
A mall in Si Racha, a Chonburi town that belongs to a national strategic development area east of the capital, and the one in the eastern Thai province of Chanthaburi will be the developer’s first commercial complex projects in those two areas, the statement said.
Central Pattana aims to cash in on tourism booms in Ayutthaya and Chanthaburi as well as government-backed mega economic projects in Si Racha, Deputy Chief Executive Officer Wallaya Chirathivat told a news conference on Wednesday.