thailandedition
Central invests 83bn to turn Central Embassy into global landmark

Central invests 83bn to turn Central Embassy into global landmark

Khaosod•Economy•39m ago

Reader Briefing

Central Group and Central Pattana have formed a joint venture to invest over 83,000 million baht in the Central Embassy mixed-use project.

  • •Central Group and Central Pattana established a joint venture with a 51:49 ownership ratio.
  • •The investment covers the existing Central Embassy and a new extension called Central Embassy 2.
  • •The total project value exceeds 83,000 million baht.
  • •The development will be a super-luxury mixed-use landmark featuring retail, offices, and residences.

Overview

  • •Central Group and Central Pattana established a joint venture with a 51:49 ratio to invest in Central Embassy and the future Central Embassy 2.
  • •The total investment value for the entire project is over 83,000 million baht.
  • •The joint venture will acquire all shares from Hong Kong Land in the Central Embassy 2 project, increasing its ownership from 51% to 100%.
  • •The joint venture will invest in a 30-year long-term lease of the current Central Embassy, excluding the Park Hyatt Bangkok hotel.
  • •The combined Gross Building Area (GBA) will be 600,000 sq.m., consisting of 150,000 sq.m. for the current Central Embassy and 450,000 sq.m. for Central Embassy 2.
  • •Central Embassy has operated for over 12 years with an occupancy rate exceeding 90% and revenue growth of over 10% annually over the last 5 years.
  • •The project is located on Freehold land in the Witthayu Road and Soi Somkid areas of Bangkok.

Full article content is available on the original source.

Read on Khaosod (Thai Version)

Source: Khaosod (Original)

View Original Article

Key Entities

Organization

Central Group(บริษัท กลุ่มเซ็นทรัล)ℹ️
A company that manages luxury retail in over 18 countries and 140 cities worldwide.
Central Pattana(บริษัท เซ็นทรัลพัฒนา จำกัด (มหาชน))ℹ️
A company with experience in developing and managing luxury shopping centers such as Central Phuket.
Hong Kong Land(ฮ่องกงแลนด์)ℹ️
The entity from which the joint venture will acquire all shares in the Central Embassy 2 project.

Place

Central Embassy(เซ็นทรัล เอ็มบาสซี)ℹ️
A luxury shopping center that has operated for over 12 years in Bangkok.
Central Embassy 2(เซ็นทรัล เอ็มบาสซี 2)
A new extension project located on Witthayu Road and Soi Somkid with an area of 450,000 sq.m.
Bangkok(กรุงเทพฯ)ℹ️
The city where the Central Embassy projects are located.
Park Hyatt Bangkok
A hotel excluded from the joint venture's investment scope.
Central Phuket(เซ็นทรัล ภูเก็ต)ℹ️
A luxury shopping center developed and managed by Central Pattana.