SET-listed retail and property developer Central Pattana Plc (CPN) will have a joint venture with one of its subsidiaries Grand Canal Land Plc (GLAND) to develop a mixed-use project on a 48-rai plot on Phahon Yothin Road.
Ponpinit Upathamp, CPN's acting chief financial officer, said the 48-rai plot was the largest owned by GLAND through one of its subsidiaries, Bayswater Co. The joint venture will be 50:50 between CPN and GLAND.
"We will develop a mixed-use project with residential and commercial components. Each will take five years to start construction," he said. "We are in the design process and evaluating an investment budget."
GLAND also has another two large-sized land areas in Bangkok for new development. They comprise a 23-rai plot close to CentralPlaza Grand Rama 9 and a 25-rai plot on Kamphaeng Phet Road.
The Rama 9 plot will host a mixed-use project while the other will be set for residential projects, he said.
In the second half of 2022, CPN will launch six new residential projects worth a combined 6.5 billion baht.
Four will be condos near its shopping malls in four provinces including Surat Thani, Suphan Buri, Chacheongsao and Trang.
Under the Escent brand, unit prices will range from 2-3 million baht to tap the middle-end segment. All are scheduled to transfer by 2024.
The other two new projects will be single detached houses priced 7-9 million baht a unit with 132 units worth 1.3 billion baht on Ratchapruek Road and 179 units worth 1.25 billion baht in Chiang Mai.
CPN will also launch a new retail project, Marche Thong Lor, which will be the largest mixed-use lifestyle centre.
The five-storey building will have a 12,000-square-metre retail area and a 13-storey office building will have a space of 13,687 sq m, with total investment of 2.2 billion baht.
This year will also see the launch of three new hotels. One of them will be Centara Korat near Central Korat shopping centre with 218 rooms, slated for next month.
During 2022-26, CPN plans to launch a total of 37 new hotels with a combined 4,000 rooms across 27 provinces nationwide under three brands including Centara, four-star Centara One and premium budget Go Hotel. The total investment will be 10 billion baht.
The five-year plan for residential development will see a total of 50 new projects worth a combined 52 billion baht. Target locations are close to shopping malls, hotels or office buildings.
At present, it has 22 ongoing residential projects, 10 office towers, two hotels and 56 retail projects which comprise 38 shopping malls, 17 community malls and a super-regional mall.
