Bangkok Mall Giant Announces $3.5 Billion Expansion in Asia
Bangkok—Central Pattana Plc (CPN), Thailand’s largest shopping mall network, has unveiled a staggering 120 billion baht (approximately $3.5 billion USD) five-year investment plan. This ambitious project aims to solidify CPN’s position as a leading property developer amid Thailand’s burgeoning urbanization and tourism boom. The expansion will focus on mixed-use developments—incorporating retail spaces, office buildings, and residential properties—strategically located in major Thai cities and popular tourist destinations.
The announcement follows CPN’s record-breaking New Year’s Eve celebrations, which attracted over 1.5 million participants to countdown events nationwide. The flagship CentralWorld event in Bangkok alone drew a crowd of 300,000, while festivities at 17 other CPN branches generated 50 million views across global social media platforms. This success highlights CPN’s ability to draw large crowds and create vibrant community hubs—a strength CEO Wallaya Chirathivat intends to leverage further.
Ms. Chirathivat emphasized the company’s strategy of capitalizing on the enduring popularity of shopping malls among Thai residents and international tourists. This strategy envisions using the appeal of retail spaces to attract residents and businesses to adjacent office and residential properties within their mixed-use developments. While declining to disclose specifics of future projects, Ms. Chirathivat’s vision depicts integrated urban spaces catering to diverse needs.
This ambitious expansion is not limited to Thailand. CPN is also eyeing the burgeoning Vietnamese market, planning significant investments once regulatory clarity improves. Ms. Chirathivat stated the company’s intention to move “quickly, as soon as the rules are clearer,” highlighting Vietnam’s strategic importance in CPN’s regional growth strategy.
CPN’s ambitious plan aligns with the Thai government’s efforts to reinforce the country’s position as a regional tourism and aviation hub. Recent visa waivers for nearly 100 nationalities underscore this commitment, creating a favorable environment for businesses like CPN that cater to both domestic and international visitors. This public-private sector synergy is expected to further propel growth in Thailand’s property and tourism sectors.
The investment by CPN, part of the Chirathivat family empire, reflects the group’s continued confidence in the Thai market. This family, Thailand’s third-richest with an estimated net worth of $15.7 billion (February figures), also owns and operates prominent international retail brands, including Selfridges & Co in the UK, KaDeWe Group GmbH in Germany, and Globus in Switzerland.
Despite a recent 12% drop in CPN’s share price this year, mirroring a broader 14.7% decline in the benchmark SET Index, the company’s significant investment demonstrates a long-term vision and confidence in the future growth potential of the Thai and regional markets. This substantial capital injection will undoubtedly reshape the urban landscape and further cement CPN’s position as a dominant force in Southeast Asia’s dynamic property development sector.
