Central Pattana Plc (CPN), a prominent player in the retail and real estate sector, best known for managing Central shopping centers, has revealed its ambitious strategy to embark on the development of five extensive mixed-use projects in different parts of Bangkok. These areas encompass the downtown, central business district (CBD) and northern Bangkok. The company intends to carry out these projects between 2023 and 2027, with an estimated total cost exceeding 100 billion baht.
These five projects are strategically distributed across various locations, with one of them, Central Park, planned to be situated within Dusit Central Park and slated for unveiling in the third quarter of 2025. In addition, there is a project neighboring the existing Central Embassy at the Wireless Road intersection, another discreetly positioned behind the Central Shopping Complex on Rama 9, and two expansive developments covering 700 rai of land in the Rangsit area and across from Magic Land in the Phahon Yothin locale. Construction work for the latter two projects has already commenced. Each of these mixed-use endeavors necessitates a minimum investment of 20 billion baht and offers an extensive space of 350,000 square meters. Central Park, a pivotal element of this five-year business plan, is poised to redefine the urban landscape of Bangkok, much like Central Park in New York or Hyde Park in London.
Wallaya Chirathivat, the president and chief executive of CPN, expressed her confidence in the company’s capacity to adapt to changing circumstances and capitalize on government policies and promotional strategies. She anticipates a significant surge in foreign tourist arrivals, with projections of 25-30 million visitors for the current year, 40 million in 2024, and an expected surpassing of 40 million by 2025. These forecasts align with a steady annual GDP growth rate of 3-4%.
Chanavat Uahwatanasakul, CPN’s chief development and commercial officer, highlighted that the Dusit Central Park project distinguishes itself in four key aspects. Firstly, it leverages the collective strengths of Central Group, Central Pattana, and Dusit Thani Group. Secondly, its prime location in the bustling CBD of Bangkok and the affluent neighborhood offers significant potential. Thirdly, the project aims to deliver unique, tailor-made experiences. Lastly, with a substantial seven-rai green space, it strives to enhance people’s quality of life. Chanavat expressed the aspiration to transform Rama 4 into a vibrant hub for a new luxury lifestyle.
Isareit Chirathivat, CPN’s head of fashion and luxury partner management, introduced Central Park as a new brand under the Central Pattana umbrella. This brand plays a pivotal role in the 46-billion-baht Dusit Central Park project, situated on a 23-rai land plot at the Silom-Rama 4 road intersection. Other components of this project include the 39-floor Dusit Thani Bangkok Hotel, expected to open in mid-2024, Central Park Offices covering 130,000 square meters, scheduled to open in the second quarter of 2025, and residential areas encompassing 50,500 square meters. Additionally, the Central Park shopping center, with a gross building area of 130,000 square meters, is set to open in the third quarter of 2025.
Nattakit Tangpoonsinthana, CPN’s chief marketing officer, acknowledged that the Israel-Hamas conflict might have a short-term impact on the retail business, but the company will closely monitor its influence on different regions. He emphasized that Middle Eastern customers typically visit Thailand during specific seasons, with the majority of the company’s customer base being weekend travelers from neighboring countries.
Lastly, according to Ms. Wallaya, the company is ready to engage in negotiations with the State Railway of Thailand for the renewal of the Central Latphrao agreement and holds an optimistic outlook regarding this renewal.
