Central Group and Central Pattana Plc plan to invest more than 83 billion baht in a Bangkok mixed-use project linking Central Embassy with a planned expansion, combining luxury retail, offices and residences in a 600,000-square-meter development, the companies said.
Plans cover Wireless Road and Soi Somkid. The existing Central Embassy would account for 150,000 square meters of gross building area, while planned Central Embassy 2 would contribute 450,000 square meters. The development would place new office and residential space alongside the existing retail site.
Central Group is set to own 51% of the joint venture, with Central Pattana holding 49%. Under the plan, the venture would acquire the remaining Central Embassy 2 shares held by a Hongkong Land subsidiary, raising its stake in that development from 51% to 100%. It also plans to take a 30-year leasehold interest in Central Embassy, excluding Park Hyatt Bangkok.
Central Pattana cited the existing center's operating results in describing the proposed investment. The shopping center has operated for more than 12 years and maintained occupancy above 90%, the companies said. They reported annual revenue growth exceeding 10% over the past five years; luxury labels provide more than half of rental income, and the property has consistently produced positive operating cash flow.
The companies said the joint venture brings together Central Group's luxury retail operations and Central Pattana's property development work. They described the project as a way to expand their luxury property portfolios and strengthen Bangkok's position as an international luxury destination. Central Group's luxury retail network spans more than 18 countries and 140 cities, while Central Pattana manages destinations such as Central Phuket, the companies said.
The companies said their investment assessment considered the site's location and valuation, expected returns, corporate governance and shareholder interests. Additional project information is expected later, they said.
