Central Pattana Plc (CPN), the SET-listed retail developer of the Central Group, will build what it is dubbing its first "super mall" in Nonthaburi this year, worth more than 10 billion baht near the Bang Yai intersection.
Ms Wallaya says CentralWestGate will be CPN’s secondlargest investment after CentralWorld. The firm dubbed Bang Yai Bangkok’s gateway to the West, and it expects the Asean Economic Community and the Dawei megaproject in Myanmar will propel traffic in the area.
Wallaya Chirathivat, CPN's senior executive vice-president for business development, design and construction, said construction of CentralWestGate has already started on 100 rai near Big C Supercenter's Bang Yai branch and is scheduled to be completed in 2021.
The project has three phases, with the first featuring 300,000 square metres of retail space and slated to be finished in 2015.
The remaining two phases will take another 2-6 years for completion, with the second phase covering an additional 100,000 sq m of retail space and 5,000 condominium units, while the third will add another 100,000 sq m of retail space.
CentralWestGate will be the second-largest investment for CPN after CentralWorld, which covers 700,000 sq m and cost more than 20 billion baht.
CPN operates 20 shopping complexes now in many formats.
It is developing three new complexes in Ubon Ratchathani, Chiang Mai and Hat Yai, which will open in April, November and December, respectively.
CentralWestGate is expected to create more than 10,000 new jobs and will have parking for 6,000 cars.
It is being developed as a regional super mall aimed at promoting Thailand as a regional shopping hub when the Asean Economic Community kicks off in 2016, said Ms Wallaya.
"We chose Bang Yai because the area has high potential to become a new city with soaring growth. Bang Yai will become Bangkok's new central business district and develop a new residential area that matches the government's city expansion policy," she said.
The mall is expected to drive growth and job creation in the community as well as investment in residential and commercial projects, said Ms Wallaya.
The Bang Yai intersection is Bangkok's gateway to the West, where the 12-lane Kanchanaphisek and 10-lane Rattanathibet roads meet. These roads serve more than 85 million cars each year.
The area is also connected with the western route of the motorway that links Bang Yai, Ban Pong and Kanchanaburi, which will be constructed to welcome the AEC and the Dawei project in Myanmar, as well as the third-stage expressway that connects the Western Outer Ring Road and Chon Buri Motorway in addition to the MRT Purple Line (Bang Yai-Bang Sue).
When construction of the Third Outer Ring Road is completed, the shopping centre is projected to attract people from 15 provinces.
Bang Yai is expected to become a new residential area with 150,000 residential units projected within five years.
"CentralWestGate will serve more than 200,000 shoppers a day," said Ms Wallaya.
CPN closed yesterday on the SET at 83.75 baht, up 25 satang, in trade worth 186 million baht.