SET-listed Central Pattana Plc (CPN) is maintaining its annual 15% revenue growth target under its five-year plan through 2020 based on its plan to launch new projects and refurbish existing stores.
The retail developer under Central Group delivered 18% year-on-year growth in revenue for the first six months to 14.4 billion baht.
The four stores opened last year and one that was renovated would be major contributors to this year's revenue growth, said Naparat Sriwanvit, CPN's chief financial officer and senior executive vice-president.
Last year CPN unveiled Central Plaza Rayong in May, Central Festival Phuket in June, CentralPlaza WestGate in August and CentralFestival EastVille in November. It also renovated CentralPlaza Pinklao.
She said the improving economy and buoyant tourist arrivals this year also contributed to this year's growth.
CPN previously announced a three-year business plan from 2016-18 to open five new developments, including CentralPlaza Nakhon Si Thammarat, which opened in July, as well as renovate five existing stores.
Apart from CentralPlaza Nakhon Si Thammarat, the others are CentralPlaza Nakhon Ratchasima, CentralPlaza Phuket, CentralPlaza Mahachai and Central i-City, the company's first overseas shopping complex, which is slated to open in Malaysia in 2018.
The five renovation projects comprise CentralPlaza Pinklao, CentralPlaza Bangna, CentralPlaza Pattaya, CentralPlaza Rama III and CentralWorld, with the aim of catching up with consumers' changing lifestyles.
By 2018, CPN will operate 34 shopping centres including the Malaysian project, up from the current 30.
CPN estimated the occupancy rate of its retail properties would remain at least 90% this year in the wake of the higher confidence of its retail tenants following recent signs of a pickup in domestic spending.
Leasable areas and occupancy rates in June edged up 0.7 percentage points from 89.3% in the first quarter as the economic recovery gathered pace, Ms Naparat said. She said domestic spending is gaining momentum.
The firm's highest occupancy rates are at CentralPlaza Chiangmai Airport (94.8%), CentralPlaza Pinklao Office Tower A&B (92.9%), CentralPlaza Rama III (91.1%), CentralPlaza Pinklao (89.6%) and CentralPlaza Rama II (86.6%).
During the three months to June, its revenue grew 17% over the same period last year to 7.19 billion baht and net profit surged 14% year-on-year to 2.29 billion baht.
CPN shares closed yesterday on the Stock Exchange of Thailand at 57.75 baht, down 50 satang, in trade worth 675 million baht.