SET-listed retail and property developer Central Pattana (CPN) plans to spend 14 billion baht to develop retail-led mixed-use projects in Nakhon Pathom and Nakhon Sawan, with openings in the first half of 2024.
Chanavat Uahwatanasakul, CPN's chief development and commercial officer, said both provinces have great potential as the new economy increasingly attracts investments and increases logistics efficiency in the central and northern regions.
"The two new locations for our retail-led mixed-use development are part of our five-year investment plan valued at 120 billion baht," he said.
"Each location will be anchored by a mall and have mid-rise and low-rise residential projects, office towers and hotels."
Central Nakhon Pathom is going to be located on a plot of almost 100 rai opposite Phra Pathom Chedi in Muang district, with a total investment of 8.2 billion baht.
More than 40 rai will be occupied by the mall, set to have a gross floor area of 69,000 square metres, said Mr Chanavat.
Another 50 rai will be developed for low-rise condos and low-rise houses, including single detached houses and townhouses, while 10 rai will be for a hotel featuring 200 rooms, he said.
"Nakhon Pathom is a strategic province and a gateway to the western region of Ratchaburi and Kanchanaburi," said Mr Chanavat.
"There will be key infrastructure built in the future, such as motorways from Bang Yai to Kanchanaburi and from Chon Buri to Saraburi and Nakhon Pathom."
Nakhon Pathom has Thailand's 10th largest gross provincial product (GPP), at 375,000 baht per person.
Household revenue has grown by 5% from last year to roughly 34,000 baht per month.
"Nakhon Pathom is a new lifestyle destination," said Isareit Chirathivat, CPN's head of food & fashion partner management. "Many people born in that province are relocating back to their hometown. This is one of our target groups."
With a concept of "the emerging eco-city", Central Nakhon Pathom has a catchment area of more than 1 million people, with the potential to cover Ratchaburi and Kanchanaburi.
It can cater to more than 200,000 urban people, including those living and working in the province and students, most of whom spend their time in dormitories or condos rather than going back and forth.
CPN also plans to spend 5.8 billion baht to develop Central Nakhon Sawan, with a concept of elevating the gateway to the North.
The project is on a 42-rai plot, with a new hospital from a partner to be opened next door.
"Nakhon Sawan is a rising economic city and a gateway to the North," said Mr Chanavat. "The province is strategically located on the north-south economic corridor with government megaprojects such as high-speed and dual track rail being planned."
The province's annual GPP exceeds 120,000 baht per person, the same as Khon Kaen. Household income is more than 21,000 baht per month.
Central Nakhon Sawan will have a shopping mall with a gross floor area of 76,000 sq m, a hotel with 200 rooms, as well as condos, he said. There are more than 100,000 people in the catchment area, which covers surrounding provinces.