CPN preps B2bn for 5 malls, renovations

Retail and property developer Central Pattana Plc (CPN) is planning to spend 2 billion baht on five new community malls and the renovation of 15 existing malls during 2025-2029 to capitalise on evolving consumer behaviours.
Wuttikiat Techamongklapiwat, chief operating officer and head of community mall business, said that changes in consumer lifestyles and behaviour have prompted the company to plan renovations to cater to the latest lifestyle trends.
“Our community malls will introduce a new concept that blends an urban fresh market, supermarket, restaurants, various services and street food to cater to evolving lifestyles,” he said.
Operating hours will be flexible, with some locations opening as early as 6am, and others closing at midnight, depending on the needs of the surrounding communities, he said.
The new lifestyle trend focuses on managing a limited amount of time and engaging in post-work activities such as hanging out or shopping.
It also highlights the need for public spaces, pet-friendly amenities, playgrounds, family gathering places, fresh markets and organic food options.
Compact, easily-accessible community malls near homes or workplaces are designed to meet these demands, said Mr Wuttikiat.
He said most of the investment would be allocated to expanding five new community malls, covering the costs related to land acquisition — whether through leasehold or freehold — and construction.
The company plans to open one new community mall per year between 2025 and 2029, with Bangkok being the primary target for expansion.
One of the new branches will be Market Place Theprak, located on a 15-rai plot on Theparak Road, situated between Watcharapol Road and Sukhaphiban 5 Road.
The mall is set to open by the end of January 2025, coinciding with Chinese New Year.
Mr Wuttikiat said the Theprak-Watcharapol area is a promising location, with around 174,000 residential units and a population of 400,000 people in close proximity.
Market Place Theprak will offer a gross lettable area of 5,800 square metres, housing 60 shops, as well as a market covering 1,500 sq m with 300 stalls.
Additionally, the space will include event areas designed for hosting fairs.
CPN will also renovate and rebrand 15 existing community malls, including 14 in Bangkok and one in Pattaya, with the aim of making Market Place the company’s core brand.
The company is targeting a 10-15% increase shoppers’ expenditure across these locations following the completion of the renovation work.
Among the branches being renovated are J Avenue on Thong Lo Soi 15, La Villa in the Ari area, along with branches in Nang Linchee, Phahonyothin, Krungthep Kreetha, Pracha Uthit and Kaset-Nawamin.
The renovations are part of CPN’s effort to rebrand and enhance the customer experience at its community malls in an effort to stay competitive in the market. This follows the renovation of Marché Thonglor last year, he added.