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Tag: pattana

  • Central Pattana Propels $3 Billion Mixed-Use Expansion: Heralding a New Era of Urban Growth in Thailand

    Central Pattana Propels $3 Billion Mixed-Use Expansion: Heralding a New Era of Urban Growth in Thailand

    Central Pattana, a leading retail and property development company, has unveiled ambitious plans to invest approximately $3 billion to broaden its mixed-use portfolio over the next five years.

    Central Pattana’s proposed projects are poised to offer an innovative blend of retail, residential, office, and public spaces. These projects are strategically designed to cater to both urban and regional growth corridors, maximising their reach and potential impact.

    Expansion Across Bangkok

    The expansion will focus on both established and emerging business districts within Bangkok. Prominent regions such as the ‘Super Core CBD’ near CentralWorld and Silom-Rama IV will be targeted, alongside burgeoning zones in Rama 9 and Ladprao-Phahonyothin.

    One of the cornerstone ventures of this ambitious expansion is a project aptly named the ‘City of the Future’. This project, planned to sprawl over approximately 120ha in northern Bangkok, aims to seamlessly integrate elements of sustainability, green spaces, and walkable urban design.

    CEO Wallaya Chirathivat states, “Our model continues to generate sustainable traffic, tenant sales and long-term asset value, while contributing to broader economic ecosystems.”

    Currently, Central Pattana manages a portfolio of 142 projects nationwide, drawing in more than 510 million visitors every year. By 2030, the company aspires to increase its mixed-use projects to 33, supporting over 1.5 million jobs and ensuring a consistent stream of rental income.

    In addition to its Bangkok projects, the company has also declared plans to expand Central Phuket. The emphasis will be on the development of the luxury zone and the addition of roughly 10,000sqm of leasable space. The first phase is slated for completion in the fourth quarter of this year.

    Questions & Answers

    What is the scope of Central Pattana’s investment plans over the next five years?
    Central Pattana intends to invest around $3 billion in the expansion of its mixed-use portfolio over the next five years.

    What does the ‘City of the Future’ project aim to achieve?
    The ‘City of the Future’ project aspires to integrate sustainability, green space, and walkable urban design into a large development in northern Bangkok.

    What are the expansion plans for Central Phuket?
    Central Pattana plans to expand Central Phuket by focusing on the luxury zone and adding approximately 10,000sqm of leasable space. The first phase of this expansion is set to open in the fourth quarter of this year.

  • Central Pattana Invests $640m In Transformative Northern Bangkok Lifestyle Hub

    Central Pattana Invests $640m In Transformative Northern Bangkok Lifestyle Hub

    Central Pattana, a division of Thailand’s Central Group that specializes in property development, plans to infuse a staggering 21 billion baht (US$640 million) into the creation of an expansive new shopping and lifestyle hub in northern Bangkok.

    The Central Phaholyothin: More than Just a Mall

    The development, dubbed The Central Phaholyothin, will grace the Phaholyothin Road with its vast 457,000 square metre footprint. The complex will be a blend of retail, dining, entertainment, and cultural facilities, incorporating a concert hall and a convention centre tailored to accommodate international events. Furthermore, the prime location of the site will allow for a direct train connection to Don Mueang International Airport.

    Chanavat Uahwatanasakul, the Retail and Development President at Central Pattana, commented on the strategic placement of the development. “We have chosen a prime location that enables us to cater to more than 2.5 million people in northern Bangkok. However, The Central Phaholyothin aims to be more than just a shopping mall; it will be a world-class destination for entertainment, culture, and business.”

    Key Features of The Central Phaholyothin

    The Central Phaholyothin is set to be peppered with several distinctive features, all designed with a view to draw visitors and create a vibrant, energetic space. Some of the key features include:

    – Central Stage: This will serve as a connection between an upper-level international dining area and a ground-level street food zone.
    – Market Hall: A revolving pop-up space envisioned to host food and cultural events.
    – Waterfall Courtyard: An eco-friendly centerpiece featuring an Edible Garden, reflecting the ‘from farm to table’ concept.

    Moreover, other areas will be dedicated to fashion, family lifestyle, and creative arts.

    Nattakit Tangpoonsinthana, the Chief Marketing Officer at Central Pattana, mentioned that the project is designed to redefine northern Bangkok and enhance the city’s status as an international destination. “Through our developments, we have been successful in transforming key districts into significant landmarks. With The Central Phaholyothin, we aim to establish a new cultural and business hub that can rival the likes of global cities such as New York, London, Seoul, and Tokyo.”

    The Central Phaholyothin is expected to be completed by the end of next year.

    Questions & Answers

    What is the aim of The Central Phaholyothin project?
    The project aims to redefine northern Bangkok and enhance the city’s status as an international destination for entertainment, culture, and business.

    What are some of the key features of The Central Phaholyothin?
    Key features include the Central Stage, Market Hall, and Waterfall Courtyard, along with zones dedicated to fashion, family lifestyle, and creative arts.

    When is The Central Phaholyothin expected to be completed?
    The Central Phaholyothin is scheduled for completion by the end of next year.

  • Central Pattana Unveils Plans For Mixed-use ‘central Park’ In Bangkok’s Heart

    Central Pattana Unveils Plans For Mixed-use ‘central Park’ In Bangkok’s Heart

    Central Pattana, based in Thailand, has announced plans to launch a new shopping centre named Central Park in Bangkok this September. This move constitutes a significant portion of a widespread mixed-use development.

    About the Project

    With a vast area of 130,000 square meters, the project encompasses retail space, a rooftop park, and a high-end office tower. Its design is intended to merge commercial, lifestyle, and environmental features within a central urban location.

    The forthcoming shopping centre will boast an array of Thai and international fashion brands. It is predicted to cater to both local consumers and overseas visitors.

    The Rooftop Park

    One of the development’s distinguishing features is an 11,200 square meter rooftop park. Touted as the largest of its kind in Thailand, this elevated green space will offer panoramic views of the Bangkok skyline.

    Inspiration and Location

    Situated at the crossroads of Silom and Rama, Central Park Bangkok is inspired by the likes of Central Park in New York and Hyde Park in London.

    The project also includes a 43-story office tower situated next to Lumpini Park. The building is striving for LEED Gold, Well Platinum, and WiredScore Gold certifications.

    The offices, which are directly linked to the shopping centre, are devised to foster a mixed-use environment catering to urban professionals.

    In the words of Central Pattana, this flagship project is “geared to become a world-class retail destination in the heart of Bangkok,” with the aim of promoting Thailand’s retail sector onto the international stage.

    Questions & Answers

    What is the anticipated date for the opening of Central Park Bangkok?
    Central Park Bangkok is slated to open in September.

    What elements does the Central Park Bangkok project incorporate?
    The project combines a shopping centre, a rooftop park, and a high-end office tower, aiming to blend commercial, lifestyle, and environmental facets in a central urban location.

    What kind of brands will the shopping centre feature?
    The shopping centre will showcase a variety of Thai and international fashion brands, targeting both local customers and international tourists.

  • Central Pattana improves Covid-19 communication to reassure shoppers

    Central Pattana improves Covid-19 communication to reassure shoppers

    Thai shopping center operator Central Pattana is promoting new hygiene and preventive measures to reassure customers their centers are safe during the coronavirus pandemic.

    Central Pattana’s ‘Central’s Hygiene and Safety’ plan is designed to reassure customers that the highest standards of hygiene and safety are being observed in shopping centers should they need to visit for buying essential products.

    The new plan covers five key core ideas with more than 75 measures, including extra screening, social distancing, safety tracking, extra cleaning and a touchless experience.

    “Despite some uncertainty around the current Covid-19 situation, the company is deeply concerned and has been proactively pioneering a master plan … to implement in our shopping centers, stores and with employees to help curb the spread of the pandemic and to ensure everyone’s highest safety at our shopping centers,” said Central Pattana deputy CEO Wallaya Chirathivat.

    “In response to this ‘new normal’ of changing consumer behavior facing the pandemic, this master plan is open as a guideline for general use for the best interest of the nation to hereafter set a new retail and social norm.”

    Central Pattana’s properties include CentralWorld, CentralPlaza, CentralFestival, Central Phuket and Central Village malls.

    “Central Pattana has been fully cooperating with the government’s mandates as well as encouraging social distancing,” added Wallaya, “… in the midst of this uncertainty, the re-opening of our shopping centers will be strictly in compliance with government’s mandate.”

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  • Central Pattana launches one-click service linking tenants, consumers

    Central Pattana launches one-click service linking tenants, consumers

    Thailand’s Central Pattana has launched ‘One call x One-click’ service which allows its customers to shop remotely during social distancing.

    With ‘One call x One-click’ service, customers now can shop and order from more than 1200 stores and restaurants with a single one phone call or one click through Central’s Line account.

    “The current situation is indeed a challenge for our marketing team,” said Nattakit Tangpoonsinthana, executive VP of marketing at CPN. “We need to appropriately and rapidly adjust our strategy to catch up and create new services for customers while trying to understand the situation and its impacts on consumer behavior and ensure the safety of customers.

    “At the same time, we need to help our partners maintain their businesses and facilitate them.”

    Other Central Pattana One call x One click services such as pick-up counters and drive-thru pick-up points are available at all of the company’s shopping centers throughout Thailand.

    CPN has partnered with fellow Central Group retail businesses, including Tops Supermarket, Robinson Department Store, B2S and SuperSports, to launch the drive-thru business model nationwide.

    Last week, Bangkok shopping-mall operator Siam Piwat introduced a similar initiative, allowing customers to make purchases via phone call or on OneSiam’s Line account.

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  • Thailand’s Central Pattana to waive the rent for retailers

    Thailand’s Central Pattana to waive the rent for retailers

    Thai retail property developer Central Pattana is to waive rent for tenants affected by the government’s shutdown order.

    The company said in a statement that it will waive the rent for tenants who have been ordered to shut by authorities and offer rent reductions ranging from 10 percent to 50 percent for stores that remain open.

    “We are confident that with complete cooperation from all parties we will overcome this challenge together,” said Precha Ekkunakul, president and CEO of Central Pattana. “We are ready to support every business to resume its normal operations and to help coordinate government aids for all sectors who have been affected during this crisis.”

    The company has also organized call centers, pick-up counters and drive-through pickup points to support its food-and-beverage partners and customers.

    Central Pattana said it plans to adjust its upcoming projects and is working on a plan to resume business operations after the crisis is resolved, in order to ensure its growth and return shareholders’ investment.

    Central Pattana has temporarily closed all of its 15 shopping centers in Bangkok and 13 out of 18 shopping centers in the provinces. Essential services including supermarkets, pharmacies and convenience stores remain open during the closure.

  • Central Pattana lifts profit by 8 per cent

    Central Pattana lifts profit by 8 per cent

    Central Pattana Public Company (CPN) had a second-quarter consolidated net profit of THB2.4 billion (US$74.6 million), up 8 per cent year on year.

    Total revenues grew by 6 per cent to THB7.62 billion.

    CPN, which manages 30 shopping malls, says its performance was resilient as its has continually placed great emphasis on effective revenue generation from new malls, asset enhancement and efficient management of running costs.

    At the end of the quarter, the occupancy rate for its retail properties remained high at an average of 92 per cent, slightly lower that the first quarter’s 93 per cent because of major renovations at CentralWorld and CentralPlaza Rama 3.

    For the second quarter, the average rental rate of all retail properties was THB1636 a
    sqm/month. Same-store rental growth was primarily driven by rental rate growth with lower discounts in most projects, especially at CentralPlaza Chiang Rai with double-digit rental growth after contract renewal, together with impressive rental growth at CentralMarina after a renovation.

    Excluding new and renovated projects, same-store rental revenues for the quarter grew by about 3.4 per cent, while effective costs management resulted in a higher gross profit ratio of 50.1 per cent, says the group.

    It attributes the strong performance to several factors:

    • The CentralPlaza Nakhon Si Thammarat shopping mall launched in July last year, which had an occupancy rate of 88 per cent at the end of the quarter.
    • Asset enhancement, including CentralMarina (previously Central Center Pattaya) being inaugurated in December after a six-month renovation, with its occupancy rate reaching 90 per cent by the end of the quarter; plus a Food Destination Zone, incorporating a supermarket, being added at CentralPlaza Bangna, CentralPlaza Chaengwattana, CentralMarina and CentralFestival Phuket.

    On a quarterly basis, CPN had a 1 per cent drop in total revenues partly because of projects under renovation (especially CentralWorld), higher administrative expenses with the engagement of new senior-management staff members in preparation for expansion, and higher marketing and promotional expenses. As a result, net profit declined 11 per cent quarter on quarter.

    For the first half, CPN had 6 per cent growth in total revenues and a 12 per cent leap in net profit. Excluding new and renovated projects, same-store rental revenues grew by about 3.4 per cent.

    Meanwhile, CPN has participated in Malaysia’s Central i-City project as its pioneering shopping complex abroad. This is by way of a JV in which CPN, through subsidiaries, holds a 60 per cent stake. Its wholly owned subsidiary I-R&D holds the balance. The project is scheduled to launch next year. CPN has already secured key anchor tenants.

    Also, the board has approved entering into a JV to develop a theme park project in central Phuket, while CPN and Dusit Thani Public Company will jointly invest in a mixed-use development project in Bangkok including a shopping mall.