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CPN to open its first overseas branch: CentralPlaza i-City in Malaysia

September 5, 2013 Destination ASEAN No Comments Email Email

2013-09-03 10.58.24Thailand’s leading retail property developer Central Pattana Plc. (CPN) announced its historic investment in its first overseas regional mall 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 I-City048countries 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 I-City174middle 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.I-City188

CentralPlaza i-City will become a modern lifestyle shopping mall and an entertainment center for people in Western Selangor. Located on an area of over 28 rai, the project has a Gross Floor Area (GFA) of 278,000 square meters and Net Leasable Area (NLA) of 89,700 square meters. 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 be decorated with เglam lighting to reflect the great time of ASEAN region and also present the Cybercenter” and avant-garde technology. It will be a fun place to visit both during the day and at night.

Targeted groups of customers are middle and high-income consumers in Shah Alam, the capital city of Selangor, which has population of more than 600,000, as well as neighboring areas such as Klang and Kuala Lumpur. The number of middle and high-income consumers who have high purchasing power in Shah Alam is rapidly increasing. The construction of the shopping mall is expected to start in 2014 and it should be completed in 2016.CPN_MALAYSIA_FINAL3_resize

ICP is a property developer under the i-Berhad group of companies, a real estate giant in Malaysia that is listed on the Bursa Malaysia Stock Market. ICP is the developer of the i-City project, a new cyber center in Malaysia. It is a comprehensive center for business, residences, and entertainment, comprising a shopping mall, office buildings for the cyber center and leading companies, a hotel, residential buildings, retail space, the Snow Dome, and a Ferris wheel. The project is known for its night lighting decoration. A water park was recently launched and a performing arts center will also be developed to attract more tourists.

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