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Sunday, April 21, 2024

Central Pattana moves forward four core businesses under retail-led mixed-use development

Central Pattana plc., a global sustainable real estate company and developer of Central shopping centers, residential projects, office buildings and hotels across Thailand, continues to move forward with its retail-led mixed-use development model to reinforce the strength of its four core businesses, namely shopping centers, residential projects, office buildings and hotels, aiming to cover over 30 provinces across the country.

The company also plans to push the number of projects it operates to over 180 by 2026 to create a new phenomenon in the real estate sector, expanding its sustainable ecosystem under the vision ‘Imagining better futures for all’.
In five years, Central Pattana aims for growth in each of the four core businesses, with retail property accounting for 72 percent of the total and non-retail property accounting for the remaining 28 percent. It expects to have a total retail space of 2.7 million square meters, a total office space of 0.5 million square meters, 4,000 hotel rooms, and 68 horizontal and vertical residential projects under six brands covering all market segments.

Ms. Wallaya Chirathivat, President and CEO of Central Pattana Plc., said, “We are determined to expand our business under the guidance of our vision ‘Imagining better futures for all’ and each of our project will become retail-led mixed-use development comprising of more than one fully-integrated elements.”
“Each of our four businesses will be able to grow in our ecosystem while developing its own potential to expand independently when the location and local needs are suitable. As a result, each business group of Central Pattana and Central Group will help complete and strengthen a sustainable ecosystem and advance Thailand’s economic progress.”
“In developing our mixed-use projects, we do not only focus on activities at the shopping center but also life at home, work at the workplace and leisure and relaxation at the hotel,” she said.

Under its five-year business plan, Central Pattana will invest 120 billion baht to develop Retail-Led Mixed-Use Development projects covering over 30 provinces across Thailand. These projects involve four main businesses of the company.

1. Shopping Center Business
With 50 large projects in Thailand and overseas and 16 community malls, Central Pattana looks to reinforce its position as the No.1 leader in the shopping center business and is planning to tap into high-potential area in Bangkok CBD.

Mr. Chanavat Uahwatanasakul, Chief Development and Commercial Officer of Central Pattana Plc., said, “One of our strengths is the position of our projects as the ‘center of life’ in each area. This has allowed us to understand the key in mixed-use development with retail as the heart that connects all components with great synergy. At the same time, we offer new solutions to help improve quality of life at the individual, community and country levels with three principles.”

According to Mr. Chanavat, the three principles the company uses are:
1) Developing Districts is the principle to build new neighborhoods, open up cities and towns and bring development to different areas where projects are located.
2) Strong Synergy and Ecosystem encourages traffic between different components within the ecosystem and provides convenience and privilege to users in each component, supported by collaboration of different forces within Central Group, each with its own expertise, and the use of big data from The 1, which helps the company understand different markets across the country.
3) Community at Heart focuses on co-creating with local partners to build local wealth and promote local essence.

Mr. Wuttikiat Techamongklapiwat, Head of Community Mall Business, said, “As for the community mall business, we intend to adjust our strategy and improve it with the ‘center of life’ concept while upgrading lifestyle offers in order to better reach customers and communities. Small retail businesses are added to strengthen our existing large projects, enabling us to expand into high-potential areas including the CBD more thoroughly.”
“We are expecting to officially open one of the new projects called Marche Thonglor in the fourth quarter this year to be the best place to cater to the needs of people in Thonglor neighborhood,” he said.
Under its overseas expansion plan, Central Pattana aims to become a regional retail platform which helps various businesses achieve success together. The company has launched Central i-City, the first Thai shopping center in Malaysia. It is studying new investment opportunities in markets in Southeast Asia, particularly focusing on Malaysia and Vietnam where it has already entered.

2. Residential Business
Central Pattana Residential business aims to deliver high quality of life for Thais and high investment value, through 68 horizontal and vertical projects across the country.

Flight Lieutenant Kree Dejchai, President of Residential Business, said, “The residential business has been one of the key strengths of Central Pattana for over eight years. Today, we are ready to be the top developer who can offer quality projects, both horizontal and vertical, under the strategy to build upon the advantage from locations of our shopping centers and collaborations with various other projects within Central Group.”

“We also develop many other standalone projects and are a leader in the condominium and housing estate markets with projects in high-potential neighborhoods or areas close to shopping centers, which provides comfort and lifestyle to the residents.”

“We are committed to delivering quality products with our diverse brands and formats, including horizontal and vertical projects, such as condominiums, single houses, townhomes and home offices. We choose the best location in each neighborhood or city, which will always have added values. Being a resident in our project makes a difference to one’s life with the high quality of living and secured investment we offer. Our residential projects are the best in each neighborhood, city and province,” he said.
Currently, there are 22 Central Pattana Residential projects worth over 30 billion baht and over 10,000 residents. Units worth about 10 billion baht in total have been transferred to buyers and there is a backlog of another 3.7 billion baht.

3. Hotel Business
With 37 projects, 4,000 rooms and three brands covering all market segments, Central Pattana’s hotel business has introduced a new standard for the Thai hospitality industry with its new formats to cater to different styles of tourism.

Mr. Phoom Chirathivat, Head of Hotel Property at Central Pattana plc., said, “The hotel business is another expertise of Central Pattana. We have been operating Centara Udon Thani and Hilton Pattaya hotels for more than 10 years. Our hotel business aims to help improve the local hospitality industry, raise standards and turn cities into tourist destinations.”
“We are confident in our ability to expand the hotel business across the country based on the strength of our locations in the urban centers and connection to shopping centers. Our hotels are convenient starting points for every trip and vacation.”

Services are offered via three brands, namely Centara, an upscale brand equipped with conference and banquet facilities; A lifestyle-midscale brand which caters to both work and recreational needs; and Premium budget hotels which offers outstanding locations, convenience, cleanliness and safety.
“We aim to develop hotels which are up to the standards for both overall quality and services and managed by hotel chains in all provinces. The hotels will be developed jointly with shopping centers of Central Pattana and Central Group,” said Mr. Phoom.

4. Office Building Business
With 13 projects, Central Pattana’s office building business reinforces its position as the leader in the industry, as the company strives to create the “most preferred workplace” for both the business tenants and individuals who work in the building.

Ms. Naparat Sriwanvit, Chief Financial Officer and Senior Executive Vice President, Finance, Accounting and Risk Management, said, “With over 40 years of experience, our office business has gained confidence of leading Thai and international businesses ranging from large corporations to startups. We maintain our position as the leading player in Bangkok CBD, financial and business districts, and other prime locations by connecting our projects with shopping centers.”

“Our office buildings have been able to retain an occupancy rate of over 90 percent as we continue to develop and make improvements to serve new challenges and modern working styles.”

“We have the expertise in developing new forms of space with care for quality of life of all involved individuals. In addition, we aim to turn our office buildings into LEED Green Buildings under our sustainability vision,” she said.

“A focus this year will be the renovation of The Offices at centralwOrld. We are also planning for Central Park Office as part of Dusit Central Park project, which will become a professional hub of the global standard. In addition, we are working with GLAND to develop a project in a high-potential location in Rama 9 area in Bangkok CBD,” she said.

In addition to the four core businesses under the concept of Retail-Led Mixed-Use Development, Central Pattana also has alternative assets and is looking to expand into or invest in new businesses which can connect to its main businesses and fulfill its ecosystem.

The company has joined forces with delivery platform Grab, invests in co-working space Common Ground, and is preparing to invest in Venture Capital business, details of which will be revealed soon.

Central Pattana Plc. is moving into a new future with the brand purpose “Imagining better futures for all” to create and develop quality places with care for the people, community and environment, while driving the economy and the country.

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