Central Pattana revealed that it plans to open its first foreign outlet in 2018. The mall will be located in Malaysia and is being opened as part of a joint venture with a Malaysian business which will hold a 60 percent share. This move is the first step for the developer to expand throughout the ASEAN during the next few years.
Retail News Asia reported that the new mall will be opened under the Central brand and is going to be located in Shah Alam. The area is roughly a 45-minute drive from Kuala Lumpur. The mall will be built on a 44,000 sqm plot of land and is expected to have a net leasable area of 89,700 sqm. It is estimated that the cost to build the mall will be THB8.3 billion.
Senior executive vice president Naparat Sriwanvit told the website that Central Pattana plans to open 15 malls between now and the end of the decade. Three of them will be located outside of Thailand. Potential destinations for these include Indonesia and Vietnam because of their large populations and rising incomes but as of now, no decision has been made. However, the company did state that it plans to enter other markets through joint ventures with local partners as it is done in Malaysia.
Central Pattana will also continue its expansion in Thailand and Naparat pointed out that Thai market is still promising with room for growth in the suburban areas of Bangkok. The company is scheduled to open a new mall in Nakhon Si Thammarat in July and two other projects located outside Bangkok should open sometime in 2017. At the moment the company operates 29 malls in Thailand along with seven office buildings and two hotels.
Central Pattana saw its net profit rise seven percent in 2015 despite a tough economic climate in the country and is targeting steady growth again this year.
Image: Central i-City in Shah Alam
