Retail and property developer Central Pattana Plc (CPN), the operator of Central shopping centres, plans to develop five mega mixed-use projects in Bangkok's downtown and central business district (CBD), as well as northern Bangkok, between 2023 and 2027 at a cost of over 100 billion baht.
The five projects include Central Park, nestled within the Dusit Central Park, which is set to debut in the third quarter of 2025.
Additional projects are strategically positioned, with one adjacent to the current Central Embassy at the intersection of Wireless Road, another concealed behind the Central Shopping Complex on Rama 9, while the remaining two occupy expansive 700-rai tracts of land in the Rangsit area and on the opposite side of the already established Magic Land in the Phahon Yothin locale, where the piling work has already commenced.
Each of these mixed-use ventures commands a minimum investment of 20 billion baht and boasts an extensive footprint spanning 350,000 square metres. Central Park, a flagship component of this five-year business strategy, is set to redefine Bangkok's urban landscape, much like Central Park in New York or Hyde Park in London.
"We have been entrenched in the retail industry for 42 years, overcoming numerous challenges and navigating through economic hardships. With the government policies and our promotional strategies, we are confident that the influx of foreign tourists to Thailand will soar to 25-30 million this year, escalate to 40 million in 2024, and exceed 40 million by 2025, accompanied by a steady annual GDP growth rate of 3-4%," said Wallaya Chirathivat, CPN's president and chief executive.
Nattakit Tangpoonsinthana, CPN's chief marketing officer, said the Israel-Hamas conflict will have a short-term impact on the retail business, and the company will monitor the extent to which this conflict affects other regions.
"The Middle Eastern customers visit Thailand only during certain seasons. The majority of our customers are weekend travellers from neighbouring countries,'' Mr Nattakit said.
Chanavat Uahwatanasakul, CPN's chief development and commercial officer, said the Dusit Central Park project, built under a "Here for Bangkok" concept, distinguishes itself in four key aspects.
First, it leverages the combined strengths of Central Group, Central Pattana and Dusit Thani Group. Second, its prime location in the super-core CBD of Bangkok and the affluent neighbourhood provides unparalleled potential. Third, the project promises to offer unprecedented curated experiences. Fourth, with a vast seven-rai area of green space, it aims to enhance people's quality of life.
"The Dusit Central Park project is set to redefine the retail landscape. We aspire to transform Rama 4 into a vibrant hub for a new luxury lifestyle,'' Mr Chanavat said.
Isareit Chirathivat, CPN's head of fashion and luxury partner management, introduced Central Park as a new brand by Central Pattana.
It is one of the components within the 46-billion-baht Dusit Central Park project, situated on a 23-rai land plot at the corner of Silom-Rama 4 roads.
The other components of this project include the 39-floor Dusit Thani Bangkok Hotel, slated to open in mid-2024; Central Park Offices, covering 130,000 square metres which is set to open in the second quarter of 2025; and residential areas spanning 50,500 sq m.
Additionally, the Central Park shopping centre, with a gross building area of 130,000 sq m, is scheduled to open in the third quarter of 2025.
According to Ms Wallaya, the company is prepared to engage in negotiations with the State Railway of Thailand for the renewal agreement of Central Latphrao, and is confident about renewing this contract.