SET-listed retail and property developer Central Pattana Plc (CPN) plans to transform its 10 existing shopping complexes to a mixed-use format, a move to strengthen its business over the next 5-7 years.
Chief development officer Chanavat Uahwatanasakul said the transformation plans aim to synergise the company's shopping complexes together with other businesses under Central Group including hotels, residences, convention halls and office buildings.
"Mixed-use will be our DNA and we have the capability to do that. We expect to spend 5-7 years to complete the transformation plan,'' Mr Chanavat said, adding that the mixed-use complex is the direction that CPN has been gearing towards for several years.
In addition, the company also plans to develop new mixed-use projects to fulfil the demand for mixed-use projects in many locations in Thailand.
Currently, CPN operates 35 shopping complexes across the country. Of the total, half are in mixed-use projects.
"Despite lingering concerns about the Covid-19 pandemic, we will continue to expand our business next year,'' he said.
CPN plans to allocate 20 billion baht to develop new shopping malls and renovate its existing complexes. Of the total, 2-3 billion baht will be used to renovate some complexes including those in Rama II, Pattaya, CentralWorld, Chiang Mai and Ram Intra.
Nattakit Tangpoonsinthana, executive vice-president of marketing, said the company is scheduled to officially open Central Ayutthaya, a mixed-use development project on a 47-rai plot, worth 6.2 billion baht, on Nov 30.
Central Ayutthaya, with a 68,000- square-metre space, designed to showcase the splendours of Ayutthaya with the concept of "Thai Twist", will be the best gateway to the North and northeast and will help Ayutthaya to draw global attention.
It will also help upgrade and fulfil the whole local tourism ecosystem, promote community and SME products, stimulate and distribute income, create a new economic area and improve the quality of life in Ayutthaya.
"Ayutthaya is outstanding in many areas including tourism, industry, agriculture and local wisdom. The opening of Central Ayutthaya will have a big impact that will upgrade the city. We are determined to promote Ayutthaya as the cultural capital of Thailand, a place that foreign and Thai tourists will always want to visit, stay longer and spend more, which will help create and distribute income to different communities in the province," Mr Chanavat said.
Central Ayutthaya consists of a four-storey shopping centre with about 400 shops, 400 units of The Escent Ville Ayutthaya condominium project, 220 units of Centara Hotel and a 2,000-sq-m convention hall. It will also house an interactive museum, expected to open in the fourth quarter of next year.
"The launch of Central Ayutthaya will stimulate the recovery of the country's tourism and economy from the last quarter this year to next year," he said, adding that the company expects to draw 20,000-30,000 visitors to Central Ayutthaya complex per day.