While Central Pattana (CPN) is best known for developing retail spaces, it has set aside a budget of THB 11 billion to develop residential projects in the next 3 years, reports local media. The company hopes to develop a few condo projects starting this year, even with the real estate market in Thailand not yet having returned to normal.
The move from CPN is designed to help it strengthen annual revenue growth from its housing business. The company has set aside a budget of THB 1.7 billion in 2018 and more than THB 10 million in the years after that to help it accomplish its goals, says CPN Vice President for Investor Relations Pattamika Pongsurayamas in an interview with the Bangkok Post.
CPN began developing housing projects upcountry in 2016 and will look to develop residential projects in Bangkok some time this year. It is currently seeking approval from its board to use land plots near its Bangkok and upcountry shopping centres to develop residential projects.
CPN has plans to launch new residential projects in Chiang Mai, Chiang Rai and Nakhon Ratchasima in 2017. The company has seen strong presales from residential projects in Khon Kaen, Chiang Mai and Rayong and it is now preparing to increase its number of launches this year as a result, reports the Bangkok Post.
There will also be a focus on the retail side of business with CPN having allocated THB 55.9 billion to develop new shopping developments along with renovating existing projects in the next four years. In 2017, the company will look to launch 3 new retail complexes and renovate 5 shopping malls. It will also consider purchasing land plots in Thailand and internationally to help support further growth.
“The strategic direction for 2017 is smart development and sustainable growth toward mixed-use development,” says Pattamika.
Receive the latest property news on email from Thailand’s No.1 property website here, or read more project reviews
