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Thailand: Central looks past politics, eyes growth
No matter who forms the next government, Central Pattana, the SET-listed retail and property company, is committed to further investment in Thailand’s 3.6-trillion-baht retail market.
The company looks to set aside 18.7 billion baht this year to finance its new mall projects and property development handled by Grand Canal Land (GLAND), the firm it acquired last year.
Of the total, 5.3 billion baht is for three low-rise residential development projects; 5 billion to reinforce existing branches such as Pattaya Beach, Phuket Festival and Central Lat Phrao; and 4 billion for new development projects in Ayutthaya and Central Village, the first luxury outlet mall in Thailand, located on 100 rai 10 minutes from Suvarnabhumi airport.
The remaining 4.4 billion baht is for other purposes, with about 900 million to 1 billion baht for marketing activities to promote Central’s 33 shopping complexes this year. Some 1.4 billion baht will be used to build a new hotel and convention hall at Central’s luxury zone in Phuket.
“As Thailand’s retail market is very dynamic, we need to continue investment no matter who comes to power,” said Nattakit Tangpoonsinthana, the company’s executive vice-president of marketing.
With tourism one of the key business sectors to boost the retail industry and 30-50% of customers at each Central retail complex being foreign tourists, Mr Nattakit suggests the new government continue to promote quality tourism and second-tier tourism provinces.
“The new government should bring in people with progressive thinking to handle tourism cities,” he said. “We also want the new government to develop more facilities such as resorts, hotels and mass transport systems to lure more tourists to visit the second-tier cities. Moreover, the number of tourists allowed to visit each place should be limited to preserve tourist destinations and handle plastic garbage.”
Mr Nattakit said CPN is scheduled to open Central Village, the first luxury outlet mall, on 40,000 square metres in August. The grand opening of I-City, CPN’s first overseas shopping complex in Kuala Lumpur, is on April 29 after a soft launch last weekend. The grand opening of Central Phuket’s luxury zone is planned for July.
Mr Nattakit said the company is joining with business partners, including Aeon Thana Sinsap Thailand, the Government Savings Bank, Kasikornbank, Siam Commercial Bank, Mastercard Thailand and Mahajak Development, to organise the Summer Spirit 2019 campaign, with total spending of 180 million baht.
The campaign, held for 33 days from March 29 to April 30, aims to lure shoppers during the summer season at 32 branches nationwide, including CentralWorld, CentralPlaza, CentralFestival and Central Phuket.
The event is aimed at boosting the number of visitors at Central shopping complexes by 15% from 1.3 million per day.
Source: https://www.bangkokpost.com/business/news/1652188/central-looks-past-politics-eyes-growth