Central Pattana invests $3.7b for business, sustainability

The company is aiming to open 50 shopping centers and 16 community malls.

Central Pattana, Thailand’s largest retail property developer, is investing $3.7b (THB120b) to attain sustainability goals and boost its business operations in the next five years, the company announced in a press release.

Wallaya Chirathivat, President and CEO of Central Pattana, said that the company will focus on three strategies for its five-year business plan for 2022-2026 to attain its goals.

The first strategy is to attain synergy between its retail-led development, business partners, and community, aiming to upgrade quality of life and business, Chirathivat said.

First, Central Pattana aims to open 50 shopping centers in Thailand and overseas, 16 community malls, 68 residential projects, 13 office buildings, and 37 hotels, spanning across over 30 provinces and overseas. More than half of these are parts of mixed-use projects.

A team has also been formed under an investment budget of $13.87m (THB450m) in 2022 with an aim to transform the platforms into an omnichannel.

Second, Central Pattana will set up a team consisting of business consultants and partners, providing them with solutions ranging from growth assistance; brand expansion via co-investment, funding and franchising; and business operation support.

Third, the company is planning to promote local art and culture, generate local wealth, help distribute income at the community level, support small and medium enterprises, promote cross-regional tourism, and provide more than 40,000 sqm of space each year as space for farmers and other people to sell their products and services.

For the second strategy, Central Pattana aims to focus on two areas to ensure sustainability in the lives of all involved, particularly with environmental sustainability and health and wellness.

Lastly, the company is planning to provide opportunities for all individuals, by encouraging people to learn, generate local wealth, support the younger generation to work with the company, and provide opportunities for marginalized sectors.

Chirathivat said that Central Pattana’s goals are to upgrade the quality of life in the country, generate over 150,000 jobs in the next five years, and become a net zero organization by 2050.