The Central Pattana Group Plc, which has the largest collection of shopping malls in Thailand announced plans to move into Shah Alam in Malaysia.
BANGKOK – Thailand’s leading retail property developer Central Pattana Plc. (CPN) announced its historic investment in its first overseas regional mal, CentralPlaza i-City in Malaysia, marking its first step into the ASEAN market. The project, developed under a budget of 5.8 billion baht (approximately 580 million ringgit), is located in the i-City project, Malaysia’s new cyber center in Shah Alam, Selangor.
The investment plan is part of CPN’s vision to become a retail property developer on a regional scale.
Ms. Wallaya Chirathivat, Senior Executive Vice President for Business Development and Construction for CPN said, “Entering an overseas market is a challenge for CPN. We see opportunities in overseas markets, particularly in ASEAN countries, thanks to the ASEAN Community. As a single market, the aggregated ASEAN market will have high economic circulation and purchasing power, which are positive factors for the retail industry. CPN is interested in countries where there is high city growth, a large population, and expanding groups of middle and high-income consumers. We are focusing on promoting organizational growth with aggressive strategies. Over the next five years, we expect to open more shopping malls in ASEAN countries, each under a budget of at least 4-5 billion baht.”
“We believe the Malaysian retail market has plenty of room for growth. The country’s overall economy is growing and there is expanding investment, particularly in the retail industry.
Furthermore, there is high urbanization growth and strong industrial growth. The GDP and per capita income are also rapidly rising. Malaysia has higher purchasing power than Thailand and its per capita income is twice as high as Thailand’s. Groups of middle and high-income consumers are continuously expanding. All these factors benefit the retail industry,” added Ms. Chirathivat.
Regarding strategies for the Malaysian market, Ms. Chirathivat said, ‘With our expertise and more than 30 years of experience in the retail industry, we will make ourselves different from other shopping malls. The collaboration with ICP, an affiliate of Malaysian property developer i-Berhad, will help us apply our expertise to perfectly respond to the needs of Malaysian consumers.’
CentralPlaza i-City will be the first regional mall in Malaysia. The i-City project is a new cyber center in the country, which is widely known and has attracted a lot of local consumers as well as tourists. CPN will collaborate with ICP to invest 5.8 billion baht in the project. ICP will hold a 40% share of the project, while CPN’s subsidiary in Malaysia will hold a 60% share. CentralPlaza i-City will become a modern lifestyle shopping mall and an entertainment center for people in Western Selangor.
The project has a Gross Floor Area (GFA) of 278,000 square meters and Net Leasable Area (NLA) of 89,700 squaremeters. CPN will supervise the design and development of the shopping center and operate the shopping center as mall operator. CPN will introduce products under leading Thai brands.
Regarding the design, CPN will introduce innovative shopping mall design under the concept of “ASEAN Glory” @ CentralPlaza i-City”. To this effect, the shopping mall will have special lighting to reflect the ASEAN region and also present the Cybercenter and its avant-garde technology. It will be a fun place to visit both during the day and at night. The construction of the shopping mall is expected to start in 2014 and it should be completed in 2016.
Luc Citrinot a French national is a freelance journalist and consultant in tourism and air transport with over 20 years experience. Based in Paris and Bangkok, he works for various travel and air transport trade publications in Europe and Asia.
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