SET-listed shopping project developer Central Pattana Plc (CPN), a property arm of Central Group, is set to double the number of its domestic malls to around 50 by 2024.
Preecha Ekkunagul, CPN president and chief executive, says the AEC will create opportunities for its shopping projects.
The company seeks to open 20 retail projects from 2018-24 that will require an investment of 15 billion baht a year.
About 10 projects will be in Bangkok and the rest upcountry. Four projects will be developed on big plots of 100 rai or more.
"When the Asean Economic Community [AEC] becomes effective by the end of next year, it will create huge opportunities for us to develop new retail projects. Several provinces will benefit from the AEC," said CPN president and chief executive Preecha Ekkunagul.
CPN has 25 shopping malls with combined space of 5.5 million square metres across the country.
It will develop six retail projects in Bangkok and upcountry from 2015-17 with total investment of 5.3 billion baht.
CentralWestGate in Nonthaburi is a prototype of a super regional mall with an investment of 14 billion baht for 500,000 sq m.
CentralPlaza Rayong requires an investment of 4 billion baht for 200,000 sq m, while CentralFestival East Ville in eastern Bangkok is an outdoor lifestyle mall worth 6 billion baht for 150,000 sq m.
CentralPlaza Nakhon Si Thammarat is a lifestyle shopping complex with investment of 4 billion baht for 120,000 sq m.
CentralPlaza Nakhon Ratchasima is the first lifestyle shopping mall in the Northeast, with an investment of 9.3 billion baht and 250,000 sq m. Central Phuket will be developed at a cost of 12.7 billion baht for 300,000 sq m.
CPN will spend 2.3 billion baht to renovate CentralPlaza Pinklao and 1.2 billion baht to revamp CentralPlaza Bangna.
The company expects its sales will grow by 15% per year from this year's expected 25 billion baht to reach 50 billion in 2019.
"We will continue our development domestically because we believe the Thai economy is likely to grow enormously in the future. The government's massive infrastructure projects will also push Thailand toward the centre of Asean," Mr Preecha said.
CPN plans to open its first shopping complex in Malaysia in the next few years, while projects in Vietnam and Indonesia are in the pipeline.
All projects in Asean will be joint ventures with local partners.
CPN shares closed yesterday on the Stock Exchange of Thailand at 46.75 baht, down 25 satang, in trade worth 206 million baht.