Central Pattana invests $3.6 billion to reshape Thailand's tourism landscape

In Thailand, Central Pattana, controlled by the wealthy Chirathivat family, has announced significant investment plans. The company is set to spend 120 billion baht, equivalent to $3.6 billion, over the next five years, focusing on the development of new office buildings and shopping malls. This expansion comes at a time when the Thai government is positioning the country as a prominent tourism hub, allowing casinos and bringing major international events like Formula One to attract more visitors. The investment will facilitate the creation of a new commercial district in northern Bangkok known as The Central, alongside 30 mixed-use real estate projects across the nation, slated for completion by 2029. The President and CEO of Central Pattana, Wallaya Chirathivat, expressed aspirations to elevate Bangkok and Thailand's global standards through these developments, showcasing the company’s ambitious plans to enhance the commercial landscape. One of the notable projects, The Central, located in Phaholyothin, is expected to open by late 2026. This new shopping mall will feature approximately 460,000 square meters of retail space, accommodating over 200 global brands, thus promising to significantly contribute to the retail market and local economy. Additionally, the company recognizes the increasing role of tourism in the economy. The government's supportive reforms, including the legalization of casinos, are anticipated to provide a boost to tourism, an essential economic driver. With a net worth of $9.9 billion, the Chirathivat family ranks among the richest families in Thailand, actively contributing to the advancement of Thailand’s commercial and tourism sectors. Central Pattana's strategic expansion aims to capitalize on the shifting landscape in the Thai economy, aligning growth with national interests for a more robust economic future.