By Shabnam Muzammil:
Central Pattana Plc (CPN) will bid to develop a retail complex on 88 rai of land located on the corner of Wireless and Rama IV roads, owned by the Crown Property Bureau (CPB).
CPN is currently working on the details of the proposed project to be submitted to the CPB in August, said Naris Cheyklin, Chief Financial Officer of CPN.
He added that CPN wanted the property to be developed into a new tourism landmark in Bangkok but has not yet decided on the project’s size.
“We’re still interested in developing this prime land, but the project design may have to change in accordance with CPB interests,” said Naris.
Naris said the proposed project is part of the CPN’s goal to develop three or four new retail projects each year nationwide.
The project will be funded through CPN’s capital increase plan wherein shareholders have already approved few billion baht for mobilisation.
CPN will continue to study opportunities for expansion in Asean and has tasked a team of specialists to study economic, political and social conditions, laws, competition and other risks in target countries.
Shabnam Muzammil, Senior Journalist at PropertyGuru, wrote this story. To contact her about this or other stories email shabnam@allproperty.com.sg
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