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In tune with trend and faster to build
PITSINEE JITPLEECHEEP
Central Pattana Plc, the SET-listed property and retail developer in the Central Group of Companies, plans to spend one billion baht to develop the first compact shopping mall in the east of Bangkok next year.
Wallaya Chirathivat, the company's executive vice-president for business development and construction management, said it would expand to develop a smaller-size shopping complex to meet the changes in both consumer lifestyles and retail regulations. Moreover, it is becoming more difficult to find suitable land plots in prime locations.
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| Discussing the ‘CPN Green Experience’: Dr Nattakit Tangpoonsinthana (right), executive vice-president for marketing of CPN, and Wallaya Chirathivat (centre), executive vice-president for business development and construction management. |
"As the market leader, we have to develop all retail formats to serve all customer demands. Compact shopping malls will help us move faster than in the past. It takes about two to three years to build one large shopping mall with space of 100,000 to 200,000 square metres, compared to 12-13 months for a 50,000-square-metre complex," she said.
Ms Wallaya added that the company would decide on its retail format within the next two to three months and expected to start construction next year in the eastern suburbs. The new shopping mall will require only 50,000 sq m including main anchors.
"Customers will get a new shopping experience from our new shopping centre, which will be developed as the first of its kind in Thailand's retail market," said Nattakit Tangpoonsintana, the company's executive vice-president for marketing.
The eastern part of Bangkok has developed rapidly since the opening of Suvarnnabhumi Airport and many retail projects have been built in this area. Between 2004 and last year, 50,000 households or 200,000 people moved to settle in the catchment areas of Prawet, Bang Na, Suan Luang, Phra Khanong and Lat Krabang, where almost 100 property projects have emerged.
Ms Wallaya said that even though the economy might experience some blowback from the global financial meltdown, CPN would continue to invest as retail projects are long-term investments.
Apart from the new expansion, the company plans to spend 400 million baht to install large-scale high-efficiency chillers from Trane (Thailand) to reduce energy use for air conditioning in 10 shopping centres managed by CPN.
CEO Kobchai Chirathivat said this initiative would help reduce the energy for air conditioning by 16%, resulting in a reduction in CO2 emissions by at least 40,000 tonnes a year.
In developing its new malls, CPN incorporated green building ideas by implementing the leadership in energy and environmental design or LEED concept, Mr Nattakit said.
Shares of CPN closed yesterday on the SET at 17.70 baht, up 80 satang.
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