Thailand’s largest mall developer, Central Pattana Public Company Limited, plans to invest more than 110 billion baht (US$3.4 billion) over the next five years to expand its portfolio, signalling confidence in growth across major cities and tourist destinations. The investment will fund new retail plazas, office buildings and integrated developments in Bangkok, Phuket and Chiang Mai. The move highlights expectations that domestic spending and tourism will remain resilient despite global uncertainties. Get today's headlines by email The company, which operates Central World in Bangkok, aims to increase its mixed-use projects to 33 by 2030, up from 27 currently. Chief Executive Officer Wallaya Chirathivat said the expansion reflects long-term optimism about Thailand’s economic potential. The company currently runs 45 shopping malls, 11 office buildings, 17 hotels and 53 residential projects. The expansion comes amid a challenging global environment marked by geopolitical tensions, which could affect travel demand and retail activity. Thailand’s economy depends heavily on tourism and domestic consumption, leaving it vulnerable to fluctuations in visitor numbers. Weak exports further limit economic buffers, making sustained investment in urban and tourism hubs more critical. “We remain highly optimistic about Thailand’s long-term potential, even amid a very challenging period marked by geopolitical tensions,” Ms Wallaya said. She added that the company has contingency plans if conflicts, particularly in the Middle East, persist longer than expected. “Crisis will come and go. We need to sustain our investments to maintain long-term growth,” she said. The Chirathivat family, which controls Central Pattana, has built one of Thailand’s largest retail networks. Its parent, Central Group, has also expanded internationally, acquiring European luxury assets such as Italy’s La Rinascente and London’s Selfridges, while holding stakes in Germany’s KaDeWe and Switzerland’s Globus. These investments underline the group’s strategy of diversifying both geographically and across sectors. Central Pattana reported a 13% rise in net income to a record 18.8 billion baht last year. Its shares have increased by about 15% this year, broadly in line with gains in the SET Index. The company’s continued expansion suggests confidence that urbanisation and tourism recovery will support long-term retail demand. Bangkokpost reported that the company plans to continue developing large-scale mixed-use projects in key locations, focusing on integrated spaces that combine retail, office, hospitality and residential components. The success of these developments will depend on sustained tourism recovery and stable geopolitical conditions. The next phase of expansion is expected to play a significant role in shaping Thailand’s retail and property landscape through to 2030. Join the discussion? Already a member? Adapted by ASEAN Now Bangkokpost 29 Mar 2026
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