Central Pattana (CPN) revealed a five-year plan that will see it develop nine condominium projects worth a total of nearly THB5 billion. While the locations of these developments have yet to be finalized, the company confirmed that it will choose from 10 land plots in areas across the country that are located near its shopping complexes.
Chief financial officer Naparat Sriwanvit told the newspaper that the company is planning on seriously expanding its property business as it wishes to improve revenue and make better use of its assets. CPN’s plan calls for development of a couple condo projects to be built each year from 2018 to 2020. According to The Bangkok Post, each project will be a high-rise condominium with roughly 400 units.
These are busy times for CPN as the developer prepares to open sales at its Chiang Mai condo project in January. Other condo developments in Pattaya, Khon Kaen and Rayong are already in the works with CPN hoping each one will be completed sometime in 2017.
Local media noted that the developer is planning on expanding its shopping complexes during the next three years with more than THB46 billion already being allocated for this project. Over a quarter of this total will be spent on projects that are under construction including the soon to be opened CentralPlaza in Nakhon Ratchasima and the recently opened CentralPlaza in Nakhon Si Thammarat.
The rest of the money will go towards developing new projects throughout the country and improving its existing projects in Pattaya, Phuket and Rama III Road in Bangkok. It will also cover the third phase of CentralPlaza Bangna which is already under construction.
At the moment, CPN has 29 Central shopping complexes in Thailand. There are 13 projects in Bangkok with the rest being found upcountry. The company recently opened the CentralPlaza WestGate in Bang Yai earlier in the year while CentralFestival EastVille opened its doors last week.
