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Bangkok Retail – CPN Plans Bt 6Bn Lifestyle Mall

By on May 06, 2014 in Property News, Retail

Inspired by New York, London communities

Despite the shaky political climate, Central Pattana Plc (CPN), the SET-listed property and retail developer under the Central Group of Companies, has announced plans to continue its investments this year, with its latest shopping complex to be developed at a cost of 6 billion baht.

The low-rise CentralFestival East Ville, the first lifestyle outdoor mall of the group, will begin construction on a 51-rai plot of Praditmanutham Road in the next two to three months and finish in November next year.

The new mall will become the 29th shopping complex of CPN, the country’s biggest retail developer.

CPN has committed to a long-term investment of 15 billion baht to be used for developing new shopping malls and renovation existing properties.

Projects include CentralPlaza Salaya, set to open in August, and Central Rayong, scheduled for early 2015.

Two other giant projects are Central Westgate and a complex in Nakhon Ratchasima province.

Once those projects are completed, CPN will have retail space of up to 2.5 million square metres.

According to Wallaya Chirathivat, CPN’s senior executive vice-president, the company has kept expanding no matter what the country’s economic condition.

“We look for the potential of our country in the long term,” she said.

CPN’s executive vice-president for marketing, Nattakit Tangpoonsinthana, said the company is refreshing the CentralFestival concept to make it more like a tourist destination that visitors can use for chilling out and partying after work.

The location is in eastern Bangkok, where many new housing projects and schools are appearing. Those who live near the venue are considered middle- and high-income residents.

Furthermore, the future Grey Line (a monorail from Watcharapol to Rama IX) is expected to pass near the shopping centre.

The style of CentralFestival East Ville was inspired by neighbourhoods such as the East Village in Manhattan, New York and Covent Garden in London, where one can find sophisticated bars, bookstores, cafes, clubs and modern art galleries.

“CPN aims to develop CentralFestival East Ville’s image as a place where people can spend time when they are not at home or work,” Ms Wallaya said.

CentralFestival East Ville will house 200 tenants in 25,000 square metres of retail space.

Retail expansion is on the cards not just at Central Group but at the rival Mall Group as well. The latter plans to reveal its five-year expansion plan soon.

For the full article, click here.

Source |  Bangkok Post 30 April 2014

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