Central Pattana Plc (CPN), an SET-listed retail and real estate developer, has invested 8.2 billion baht in Central Nakhon Pathom, the first mixed-use project in the city.
Nattakit Tangpoonsinthana, chief marketing officer at CPN, said Nakhon Pathom has strong economic potential.
The city's gross provincial product stands at 366 billion baht, and it has been increasing every year. It is ranked third in the central region and seventh nationwide, according to 2023 data from the Trade Policy and Strategy Office.
The infrastructure in Nakhon Pathom is also improving.
Salaya in Nakhon Pathom is scheduled to be a stop on the second phase of the SRT Light Red Line, a suburban railway system serving the greater Bangkok Metropolitan region.
Moreover, the government has initiated a Bang Yai-Nakhon Pathom-Kanchanaburi motorway (M81), with the aim of connecting Bangkok with the western region.
M81 is under construction and expected to be fully open by 2025.
This will make the city an economic gateway to the west, supporting the purchasing power of its residents and expanding into new catchment areas in Ratchaburi and Kanchanaburi.
"The Bangkok Metropolitan region is growing and Nakhon Pathom is one of the gateways to the western and southern parts of Thailand. The project can attract locals living in the vicinity as well as tourists who are heading to Cha-am or Hua Hin," Mr Nattakit said.
Mr Nattakit said that more than 1 million residents in the catchment area -- including nearby Kanchanaburi and Ratchaburi -- would drive the opening of Central Nakhon Pathom.
Moreover, Nakhon Pathom is home to several leading universities including Silpakorn University (Sanam Chandra Palace Campus), Kasetsart University (Kamphaeng Saen Campus), and Mahidol University, which "serves as a hub for the new generation".
"Nakhon Pathom is also a city of cultural tourism, featuring famous tourist attractions such as Phra Pathom Chedi, the largest pagoda in Thailand," Mr Nattakit said.
Mr Nattakit said CPN is announcing the opening of its 42nd shopping centre, Central Nakhon Pathom, with an investment worth 8.2 billion baht.
The project covers over 100 rai of land with a gross building area of 133,000 square metres.
It features a shopping centre, hotel, Escent condominiums, an urban park, and a single-detached house project called Baan Nirati.
Mr Nattakit noted that the new Central Nakhon Pathom would not affect the performance of Central Salaya, which is also located in the same province, due to different customer segments.
Even though Thailand's household debt-to-GDP ratio stood at 90.9% in the third quarter of 2023, which weakened the purchasing power of consumers, according to the National Economic and Social Development Council, CPN is confident it will not affect foot traffic at the new shopping centre as the local economy has high potential.
"I think the purchasing power of the customers from the middle- to upper-income segment still show positive signs," Mr Nattakit said.
The company aims to attract 25,000-30,000 visitors daily and expects the whole project to be completed within the next five years.