Thailand's largest mall operator, Central Pattana Plc (CPN), said on Wednesday it will invest 22 billion baht by 2022 in new projects and store renovations.
The investment plans come despite a slowing local economy and will extend the company's retail reach further outside the capital just months after it announced the 36 billion baht Dusit Central Park project in Bangkok.
Investments will be in three new projects outside of Bangkok in Ayutthaya, Si Racha district of Chon Buri and Chanthaburi, Chief Development Officer Chanavat Uahwatanasakul said in a statement.
CPN, owned by the billionaire Chirathivat family, will also invest in two major re-developments of malls in Bangkok and renovations at 12 other locations, Deputy Chief Executive Officer Wallaya Chirathivat told reporters at a briefing.
"Our investment strategy is driven by principles of tourism, infrastructure and trading," she said, adding that the investment plans were in line with government policy.
CPN's investments in new projects outside of Bangkok have a total project value of 13.9 billion baht and includes malls, hotels and convention centres targetting locals and tourists, Mr Chanavat added.