(March 20): Central Pattana Pcl, Thailand’s largest shopping mall developer, plans to invest more than 120 billion baht (US$3.6 billion or RM15.75 billion) in the next five years to build new retail plazas, office buildings and other properties, amid rising urbanisation and booming tourism.

The operator of Bangkok’s largest shopping mall complex, Central World, will focus on mixed-use projects that comprise retail malls, office buildings and residential properties, said chief executive officer Wallaya Chirathivat. The new developments will be located in the nation’s major cities and top tourist destinations, she said.

Wallaya declined to provide details of the company’s future projects.

The company plans to capitalise on the popularity of shopping malls among Thais and tourists, she told reporters on Thursday. “We will continue to utilise our strength in developing popular shopping malls to draw customers for our office buildings and residential properties next to those outlets.”

Wallaya said the company also wants to tap the growing economy in Vietnam but is awaiting clearer regulations from the Vietnamese government. Central Pattana will proceed with investments “quickly, as soon as the rules are clearer” in the country, she said.

Central Pattana, Asset World Corp and other commercial property developers have boosted their investments in Thailand as the government accelerates its push to cement the nation’s status as the region’s tourism and aviation hub. The government has waived visa requirements for almost 100 nationalities in an effort to lure more international visitors to Thailand.

The Chirathivat family, which controls Central Pattana, also operates Selfridges & Co in England, KaDeWe Group GmbH in Germany and Globus in Switzerland. The family, Thailand’s third-richest clan, had a net worth of about US$15.7 billion in February.

Central Pattana shares have dropped about 12% this year, compared with a 14.7% decline in the benchmark SET Index.

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