#34
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door Khemkhaeng » woensdag 01 juli 2009, 13:50
CPN unveils plan to invest Bt13 billion
The Nation Published on June 30, 2009
Central Pattana (CPN), the leading local shopping-complex developer, plans to invest more than Bt13 billion for expansion in the North and the Northeast and overhaul of CentralPlaza Lat Phrao and Pinklao.
This adds to the company's Bt6.4-billion investment announced at the beginning of this year, which has been allocated to its shopping complexes in Pattaya, Chon Buri and Khon Kaen.
The new expansion reflects the improved political and economic climate in Thailand. The government has recently launched stimulus campaigns and injected money into the economic system, which will help boost the domestic economy that is expected fare better in September or October this year.
"Thi improved political and economic atmosphere is making the private sector start investing again," CPN president and CEO Kobchai Chirathivat said. "Personally, I think that Thailand's economy has already passed the bottom level and is picking up gradually. We also expect to experience strong recovery in the fourth quarter of this year."
CPN posted a 23.5-per-cent year on year growth from renting retail space at its shopping complexes to about Bt2.7 billion in revenue in the first quarter this year.
Kobchai said the expansion is part of the company's plan to develop 18 shopping complexes by 2010. CPN has already opened 14 malls locally.
The group, in the first quarter this year, acquired Udon Charoensri Complex in Udon Thani, costing more than Bt2.5 billion. The shopping complex occupies 53 rai of land, 100,000 square metres of project area and 70,000 square metres of total retail space. As part of the expansion, CPN will primarily invest Bt150 million in the minor renovation of the Udon Charoensri Complex, which will change its name to CentralPlaza Udon Thani, positioning as a lifestyle hub and a gateway to Indochina.
The company will allocate another Bt2.5 billion in the major renovation of CentralPlaza Udon Thani, which will also include a 255-room hotel and a 5,000-square-metre convention centre. The construction work in Phase-2 renovation will start by the middle of next year. It will be completed by 2011.
Following the renovation, the company expects to double the number of shoppers in its CentralPlaza Undonthani shopping mall, from between 50,000 and 60,000 visitors a day currently to between 90,000 and 100,000.
CPN will also invest Bt5 billion in its new CentralFestival Chiang Mai. Located on a 70-rai land plot at the main intersection of super highway 11 (ring road) and Doi Saket Road 118, the project will require a construction area of 250,000 square metres and commercial space of about 130,000 square metres. It will be on the opposite side of the town from CPN's CentralPlaza Chiang Mai Airport .
Wallaya Chirathivat, executive vice president for business development and construction management, said that CentralFestival Chiang Mai will feature cutting-edge design with an interpretation of modern Lanna style. The design and construction will start by the end of next year and the shopping complex will be opened by the fourth quarter of 2011.
Kobchai said that with the new shopping complex, CPN wants Chiang Mai to be a colourful tourist city and the new lifestyle hub of the North where new lifestyle trends are showcased as seen in Bangkok.
CPN will invest Bt2.5 billion and Bt500 million respectively in the renovation of its 30-year-old mall CentralPlaza Lat Phrao and the 15-year-old CentralPlaza Pinklao.
Kobchai said the renovation of CentralPlaza Lat Phrao will begin in the first quarter of 2010 and is expected to be completed by the end of 2010."The design concepts of CentralPlaza Ladprao will be "Eco Trend" and "Modern Green", bringing nature to the city and incorporating nature to offer a new lifestyle experience to patrons. We want to make CentralPlaza Ladprao a lifestyle hub of North Bangkok ," said Kobchai.
CPN will renovate the 336,000-square metre CentralPlaza Pinklao. See-through metal sheets will be used to make double skin facades, which move with the wind, making the shopping complex aesthetically pleasing. Limitation wood materials will be used as the main component in decorating in the style of "Modern Thai". The renovation will start by November this year and to be completed in the fourth quarter of 2010.