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Thailand’s Central Group announced plans to develop four to five new projects over the next three years as part of its efforts to increase its annual revenue growth by 15 percent between now and 2021.
The new projects will be built in Bangkok and other major cities. These new projects do not include those already planned for Phuket, Nakhon Ratchasima and Nakhon Si Thammarat.
New projects will be funded by operating cash flow, bond issuance and/or project financing and property funds, the group said.
“CPN still aims for further expansion in major economic cities, as well as locations with potential business both in Thailand and neighbouring countries to demonstrate its sustainable growth,” Central Group chief financial officer Naparat Sriwanvit said.
Central has also partnered with local investors in Malaysia to form a joint venture aiming to develop a new shopping complex there for THB7.4 million (S$290,000). The company is also conducting a feasibility study on market potential in Vietnam and Indonesia.
The group says should they build malls in both countries, it is will most likely be through joint ventures. Central plans open two to three large shopping complexes abroad over the next five years.
Central operates 26 shopping complexes throughout Thailand with a majority in Bangkok as well seven office buildings and a number of residential developments there.
Image: CentralPlaza Nakhon Si Thammarat
This story first appeared on DDproperty.com and was edited by Nikki De Guzman for CommercialGuru. To contact her about this or other stories email nikki@propertyguru.com.sg.
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