Wealthy Thai Family's Central Pattana Sets $3.6 Billion Aside for Office and Mall Construction
Unleashing Thai Retail Giant Central Pattana's $3.6 Billion Expansion Blues
Bangkok, Thailand—Central Pattana, the promised land for the Chirathivat clan, one of Thailand's wealthiest families, plans to rain billions on the country's retail sector. Central Pattana, the powerhouse behind Central World, Thailand's largest shopping mall, hasn't been stingy with its purse strings, housing a whopping 120 billion baht (approx. $3.6 billion) for revamping the Kingdom's retail scene over the next five years.
This retail hurricane breaches the shores of northern Bangkok, where Central Pattana seeks to cultivate a high-tide commercial district alongside 30 mixed-use real estate projects across the nation. Central Pattana's President and CEO, Wallaya Chirathivat, announced with starry-eyed optimism, declaring their aspirations of uplifting Bangkok and the nation as a whole to soaring global heights.
The group eyes mega projects and nationwide development as a panacea for the country's economic woes. Tos Chirathivat, the redoubtable leader of Central Group (Central Pattana's regal matriarch), and grandson of the group's founder, Tiang Chirathivat, stands on the precipice of glory. The media conglomerate tirelessly Links his family's net worth at around $9.9 billion, placing them at No. 4 on Forbes Asia's list of Thailand's 50 Richest in 2024.
The nation's economic revival, particularly the tourism sector, has catalyzed Central Pattana's growth spurt. The government's recently authorized move to allow casinos—gambling dens long rumored to entice high-rolling tourists—coupled with efforts to welcome international events such as Formula One, drives Central Pattana's wild ambitions. Case in point: the impending opening of The Central, a colossal commercial business district in Phaholyothin, northern Bangkok, slated for late 2026.
The behemoth structure sprawls across 460,000 square meters, fitting snugly the ambitions of over 200 global brands and setting new standards for retail panache in Bangkok. The Central Group, which also maintains shares in the prestigious British retailer Selfridges, continues to lay claim to the retail terrain with an iron fist, sparing no expense in solidifying its stranglehold.
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Central Pattana (CPN), a leading retail developer in Thailand, has been actively expanding its presence with both organic growth and strategic acquisitions. The company's expansion strategy involves focusing on mixed-use projects, integration of technology, and catering to diverse local market requirements.
In terms of mega projects, some key additions to Thailand's retail landscape include Central Village Luxury Outlet and Entertainment Complex, Central Phuket, Central Embassy, and various mixed-use projects planned for Bangkok and provincial areas. This growth strategy allows CPN to maintain its competitive edge in the dynamic retail market of Thailand.
The development plans of Central Pattana extend through 2029, aiming to elevate the retail standards of the nation as a whole. Details on specific projects implemented from 2021 onwards might not be readily available, but the emphasis on technology integration, mixed-use developments, and strategic expansion remains consistent in CPN's long-term growth strategy.
By 2029, Central Pattana, the retail powerhouse behind Central World and the Chirathivat family, Thailand's richest family, aims to bolster its expansion blues with a $3.6 billion investment in the country's retail sector. This expansion, fueled by 120 billion baht, will fund various mixed-use real estate projects across Bangkok and other provinces, with the objective of creating a thriving commercial district. The goal is to uplift Bangkok and Thailand as a whole to global heights, as stated by Wallaya Chirathivat, the president and CEO of Central Pattana.
