More Malls For Chiang Mal

[khwaibah]

Central cools on China, shifts planning to Asean

NONGNAPAS PITHAPATEE

THE NATION November 22, 2012 1:00 am

Central Pattana (CPN) yesterday announced it would shift its investment focus from China to Asean, starting with a new joint venture to develop a shopping mall in Malaysia.

The company has delayed its expansion plan in China due to stalled negotiations with a local landlord and signs of an economic slowdown there. Financial institutions in China are quite strict about issuing loans to property developers.

CPN also plans to invest Bt7 billion to develop a new shopping mall in the Bang Yai area of Nonthaburi province. The new shopping complex will be constructed on a nearly 100-rai plot and is expected to have more than 200,000 square metres of total building space.

The new mall will be opened by the end of 2014 and is part of the company's strategy to open shopping malls in suburban areas and along the Skytrain routes in Bangkok.

Naris Cheyklin, senior executive vice president for finance and accounting, said the company had changed its investment strategy in China to emphasise the purchase of existing malls for redevelopment, as they could provide quick returns at less cost. The company has been approached by many mall operators who want to sell their properties in China.

For next year's investment plan, Naris said, the company would focus on developing shopping malls in Asean countries. The plan is expected to generate a significant return for CPN in the next three years. The first investment project would be in Malaysia. The company's joint-venture plan to develop a shopping mall in the country will be concluded by the beginning of next year, he said.

"We will turn our focus to investing in Asean. Interesting markets include Vietnam, Indonesia, Myanmar and Malaysia, which will be the first country to see the opening of a Central shopping centre. The investment in Asean will be done through joint ventures with local partners," Naris said.

Naris said CPN had set aside an investment budget of Bt15 billion for next year, including the overseas expansion. The company would develop three new shopping malls in the Kingdom next year, in Ubon Ratchathani, Hat Yai and Chiang Mai. The company currently |operates more than 20 shopping malls throughout the country.

CPN expects its revenues to increase by 30 per cent this year, up from Bt13 billion last year. It expects the revenues to further increase by at least 15 per cent next year. Driven by the continuous development of new shopping malls, the company aims to raise its revenues by not less than 15 per cent annually within the next five years.

CPN also plans to sell two shopping malls - one in Chiang Mai and one on Ram Indra Rd in Bangkok - to its CPN Retail Growth Fund next year. The company will sell a hotel to the property fund the following year.

[hellodolly]

Interesting

A positive article on a internationals pans to move into Asia.

quote

"CPN expects its revenues to increase by 30 per cent this year, up from Bt13 billion last year. It expects the revenues to further increase by at least 15 per cent next year. Driven by the continuous development of new shopping malls, the company aims to raise its revenues by not less than 15 per cent annually within the next five years.

CPN also plans to sell two shopping malls - one in Chiang Mai and one on Ram Indra Rd in Bangkok - to its CPN Retail Growth Fund next year. The company will sell a hotel to the property fund the following year.

They plan on raising their revenue and they are getting out of Chiang Mai.

Maybe they don't have as much confidence in Chiang Mai as others do.

Bubbles any one.

[MESmith]

Maybe they don't have as much confidence in Chiang Mai as others do.

Bubbles any one.

They're building a new one with better access. Getting rid of one of the older ones.

[hellodolly]

Maybe they don't have as much confidence in Chiang Mai as others do.

Bubbles any one.

They're building a new one with better access. Getting rid of one of the older ones.

I stand corrected.