Thailand shopping mall developer Central Pattana plans to invest about 46 million baht (US$1.3 billion) over the next two years, mainly on new projects.

It aims to boost its average revenue growth to 15 per cent a year, and with its revenue predicted to rise by that percentage this year, the group plans to spend up to 16 billion baht within the next nine months. Revenue growth was 9 per cent last year.

Controlled by retail conglomerate Central Group’s Chirathivat family, Central Pattana invested 17 billion baht last year to launch three new projects, buy a shopping mall in Phuket and renovate two centres. Its net leasable areas totalled 1.58 million sqm last year with an average occupancy rate of 94 per cent across 29 malls in Bangkok and other provinces.

During an earnings presentation, senior executive VP Naparat Sriwanvit said the firm plans to open a mall in the southern province of Nakorn Sri Thammarat this year, renovate four shopping centres and launch three condominium projects on vacant areas near its malls.

Next year, the company plans two new malls, and is on track to open a 8.3 billion baht Central I-Cityshopping mall in Malaysia in 2018.

Source: Inside Retail Asia