SET-listed retail and property developer Central Pattana Plc (CPN) plans to spend 20.7 billion baht to expand its business this year.
Of the total, 9.7 billion baht will be spent to develop a retail-led mixed-use project, 7.5 billion is slated for asset enhancement including store renovation and the remaining 3.5 billion is for the extension of office buildings and hotels, according to Wallaya Chirathivat, president and chief executive of CPN.
Chanavat Uahwatanasakul, CPN's chief development and commercial officer, said the company plans to develop Central WestVille, a 6.2-billion-baht semi-outdoor project, on a 40-rai plot near Ratchaphruek Road.
The new four-storey building will have a gross floor area of 93,000 square metres.
"Central WestVille is our new milestone. It is not only just a shopping complex but also the reinvention of the Ratchaphruek neighbourhood which connects it to the central business districts of Bangkok," Mr Chanavat said.
The new retail complex is scheduled to open in the fourth quarter of next year and will uplift western Bangkok to be an upper-class lifestyle hub, said Mr Chanavat.
Nattakit Tangpoonsinthana, head of marketing at CPN, said Central WestVille will be built on the success of the semi-outdoor retail model of Central EastVille in Ekkamai-Ram Intra.
It will cater to the emerging lifestyle with day-to-night urban and outdoor activities, such as jogging with pets, urban farming, organic weekend markets and family activities.
Here, it will offer customers a new concept of Central Department Store and Central Food Hall, he said.
Isareit Chirathivat, head of partner management at CPN, said the target customers of Central WestVille are people living in high-end residential projects worth 10-100 million baht in the neighbourhood, with a population of 415,000 who live in those 115,000 residential units and have high purchasing power and lead a lifestyle similar to those living in the CBD and EastVille area.
Lertvit Pumipitak, head of property management at CPN, said after the success of Central Si Racha, an eco-friendly mall, and Central Ayutthaya, the company wants to continue to create new spaces and new experiences in existing projects.
At CentralWorld, he said there will be a global phenomenon and new zones, such as Zone I and "Hug Thai Zone", to reinforce its landmark position, while Central Rama 2 has gone through a major revamp to become the "regional mall of South Bangkok" in order to tap into the wealth segment, and has seen traffic increase by 25% compared to before the renovation.
Moreover, there will be a major renovation of more than 10 existing projects including Ram Intra, Pattaya, Chaeng Watthana, Chiang Mai and Khon Kaen.
Ms Wallaya said the company plans to expand its business in 30 provinces within the next five years when the total number of retail complexes reaches 50.
In addition, the company is studying the customer base of community malls and will announce a plan for this retail segment this year.
With the business plans, the company expects its sales to reach 90% of total sales before the crisis, or 36 billion baht this year.
