Milestone Development in 1980
Establishment of Central Plaza Co., Ltd. with the initial equity of Baht 300 million. It is a joint investment of the Central Group, Tejapaibul Group, Saha Union Group and various individuals to undertake retail property development business.
Milestone Development in 1982
CPN opened CentralPlaza Ladprao,Thailand's first mixed-use complex, located in the northern part of Bangkok. This was the first step in building CPN's retail property development business. To date, the project remains extremely successful.
Milestone Development in 1993
CPN opened CentralPlaza Ramindra, proving that a neighborhood shopping complex can still have an outstanding architectural interior design concept. Surrounded by residential areas, the complex is well-served by an efficient public a transportation network and is a family favorite.
CPN opened Central City Bangna, later renamed CentralPlaza Bangna, a mixed-use complex, located at the eastern part of Bangkok. A joint investment with the Srivikorn Group, Navabhand Group and Tosapol Management Co., Ltd, in which CPN held a 20 percent stake.
Milestone Development in 1995
- CPN opened CentralPlaza Pinklao, a mixed-use complex, in western part of Bangkok.
- CPN was listed on the Stock Exchange of Thailand (SET) with a registered capital of Baht 1,000 million.
CPN opened Central Festival Center Pattaya, later renamed Central Center Pattaya, the first CPN shopping center outside of Bangkok, featuring an innovative fusion of Thai and Californian architectural style.
Milestone Development in 1996
CPN acquired a shopping center in Chiangmai from the original owner and renamed it CentralPlaza Chiangmai Airport. CPN undertook many improvements in addition to increasing the retail space in order to transform it into the largest and most modern mixed-use complex in the North. Management of this complex has been so successful that the occupancy rate of the tenants increased rapidly to well beyond the 60% occupancy rate at the time of purchase.
Milestone Development in 1997
CPN opened CentralPlaza Rama III, a mixed-use complex with an interior design theme of an underworld city. Despite the prevailing economic crisis at the time of its opening, the tenant occupancy rate was well over 80% and has continued to rise since.
Milestone Development in 2000
CPN opened CentralPlaza Chiangmai Airport - Phase 2A, comprising cinemas, a modern food center and a car park building with a capacity for 1,500 cars - ready to become a complete shopping center fully devoted to providing exciting shopping experience and convenience to customers.
Milestone Development in 2001
CPN acquired additional shares of Central City Bangna, resulting in CPN becoming the major shareholder and assuming full management control. Subsequently, numerous exterior and interior improvements were undertaken, including new zonings and the development of innovative retail spaces to attract new customers and increase sales.
Milestone Development in 2002
CPN was awarded an ISO 9001:2002. Certification, confirming CPN's attainment of internationally accepted service standards.
CPN’s registered capital was increased to the amount of Baht 1,000 million by issuing and selling common shares to existing shareholders.
CPN opened CentralPlaza Rama II, a mixed-use complex in the southern part of Bangkok, featuring the 'Central Park' - a civic facility for local residents. This was the first shopping center to be opened after the end of the economic crisis. As the development was undertaken during the crisis, CPN saved significantly on the construction costs. The opening also marked another success for the company as the occupancy rate was over 90% on the opening date.
CPN purchased the World Trade Center Project, later renamed CentralWorld, from Wang Petchaboon Group with the objective to transform it into the largest lifestyle shopping complex the heart of Bangkok. The development plan included the construction of premium office building, a 5-star hotel, the expansion of the existing shopping center and a skywalk to connect the shopping center and the nearby BTS stations to provide more convenience to customers.
Milestone Development in 2003
The share par value was decreased from Baht 10 to Baht 5 to increase the liquidity of CPN shares.
CPN opened the expanded part of CentralPlaza Chiangmai Airport - Phase 2B to accommodate the increasing growth of the regional tourism industry as a result of effective to Government's policies.
CPN acquired Jusco from Siam-Jusco Co., Ltd. and transforming it into a modern community mall, called CentralPlaza Rattanathibet.
Milestone Development in 2004
CPN decreased the share par value from Baht 5 to Baht 1 to increase the liquidity of CPN shares.
Milestone Development in 2005
CPN opened The Offices at CentralWorld - an intelligent office building with 45 floors, equipped with state-of-the-art technology, comparable to any other world class office buildings.
The CentralWorld project was launched with the aim to become the new global shopping landmark and Asia's premier shopping paradise.
The CPN Retail Growth Fund (CPNRF) - the biggest joint property investment fund for retail property development business in Thailand was established.
CPN officially opened of the expanded CentralPlaza Rattanathibet as a complete community mall.
CPN is awarded Asia's "Best Under A Billion" from Forbes Asia Magazine. The company was selected as one of Asia's 200 outstanding companies with an annual income under US Dollars one billion in 2005.
The Board of Directors approved two new retail development projects valued at Baht 7.8 billion on Chaengwattana Road, and Pattaya Beach Road. The projects are expected to be completed in 2008.
The company's new logo and the abbreviated name : CPN was officially introduced.
Milestone Development in 2006
CPN launched the Central Tower B Pinklao project, an 18 storey office building. The office building is located in the premises of CentralPlaza Pinklao in response to the expansion of business corporations in the vicinity.
The credit ratings, as assigned by TRIS Rating, of CPN and its debt instruments were upgraded to “A”. This reflects our strength as the leader in shopping center developments in Thailand considering our expansion plan.
CPN share was selected by Morgan Stanley Capital International Inc. in calculating the MSCI index in Asia Pacific. This reflects our potential to grow further while demonstrating the appeal of our shares in the eyes of foreign investors.
CPN opened the renovation phrase of CentralWorld. This is a key step for CentralWorld to become the largest Lifestyle Shopping Complex in Southeast Asia.
CentralWorld has its soft launch opening as the largest lifestyle shopping complex in Southeast Asia.
Milestone Development in 2007
CPN announced four major lifestyles shopping complexes: CentralPlaza Chaengwattana (suburb of Bangkok), CentralFestival Pattaya Beach (Pattaya beach front – Chonburi province), CentralPlaza Chonburi (City of Chonburi), and CentralPlaza Khon Kaen (North-East of Thailand – Khon Kaen province). The four projects are strategically located at prime locations, and will generate employment and business opportunities in those provinces and its vicinity.
The credit ratings, as assigned by TRIS Rating, of CPN and its debt instruments were upgraded to “A+”. This reflects the Company’s leading position in Thai retail property development industry, its proven record in managing high-quality shopping complexes, and reliable cash flow from contact-based rental and service income. The rating also takes into consideration of CPN’s business expansion plan.
CPN issued unsubordinated unsecured debentures worth Baht 3,000 million in total to raise funds for business expansion.
CPN re-launched CentralPlaza Rattanathibet with a new shopping zone and an extended section of the complex featuring a retail space and car park to make it an integrated shopping center and facilitate the increasing number of shoppers. CentralPlaza Ramindra was also re-launched after carrying out interior and exterior renovation to be modern and add more variety of fashionable goods and popular restaurants in response to the need of target customers.
Milestone Development in 2008
CPN opened CentralPlaza Chaengwattana, “The Best Interactive Lifestyle Shopping Complex in Bangkok. It has a complete range of options for shoppers with more than 300 vendors of different sorts. It is a center for finding famous brand name goods and services. The design is modern and cosmopolitan. The 7.5-m LED Light Box in front of the complex is the longest one in Southeast Asia.
Milestone Development in 2009
CPN launched CentralFestival Pattaya Beach, the Largest Beachfront Lifestyle Shopping Complex in Asia. Central Festival Pattaya Beach is unique as it is the only shopping complex in Thailand whose 111-metre-wide front faces the beach with the beautiful and vibrant environment of Pattaya City. As a “mixed-use development”, this ground-breaking shopping complex will offer comprehensive services, attracting upmarket customers with its shopping centre, department stores and 5-star hotel managed by the Hilton Group and scheduled to open in 2010.
CentralWorld was awarded BK Readers' Choice award 2008 by BK Magazine. BK Magazine gave this award to CentralWorld in recognition of it being Thailand’s most popular shopping center, as a result of votes cast by BK Magazine readers.
CPN invested in CentralPlaza Udonthani, an investment that includes acquisition (shopping complex, hotel and convention centre) and renovation. In the first phase of the project, improvements will be made adhering to CPN’s standard, and in the second phase, the project will be expanded to twice its original size. CPN expects CentralPlaza Udonthani to become a lifestyle hub and a gateway to Indochina.
CPN launched CentralPlaza Chonburi, the largest and newest shopping complex of the Eastern Region, which provides complete offerings for customers to update their lifestyle at the shopping complex. CPN would like to make this shopping complex to be the pride of Chonburi and the place for Chonburi residents to enjoy modern lifestyle experiences as offered in Bangkok.
CentralWorld was named the winner of The Asia Pacific Property Awards 2009 in association with CNBC Arabiya in the Commercial category (2 awards) for the Best Mixed Use Development 2009 and Best Retail Development 2009.
CentralWorld was named the winner of Super Brands Award 2009.
CentralWorld was named the winner of The 2009 ICSC Asia Shopping Centre Awards - Gold Award for Development and Design Excellence by the International Council of Shopping Center or ICSC.
CPN was given The Thailand’s Most Innovative Companies Award 2009 and 1of Thailand's Top ten Innovative Companies 2009 by Krungthep Turakij in cooperation with Chulalongkorn Business School (CBS) as a model company that is committed to using innovations as tools to combat the economic crisis, leading to its business successes.
CPN received The Securities Analysts’ Choice Award 2009 in the Real Estate Development and Construction Materials category from the Securities Analysts Association (SAA).
CPN successfully raised capital through the sublease of a part of its assets under the CentralPlaza Pinklao shopping complex and the Pinklao Tower A and B office buildings to CPN Retail Growth Fund (CPNRF).
CPN was awarded Board of the Year for Dintinctive Practices Award 2008-2009. The award was presented by Thai Institute of Directors (IOD), together with the Stock Exchange of Thailand, the Federation of Thailand Industries (FTI), the Thai Bankers’ Association (TBA), the Thai Listed Companies Association, and Federation of Thai Capital Market Organizations.
CPN opened CentralPlaza Khonkaen, the first lifestyle shopping complex in the northeastern part of Thailand. As the complex is downtown, next to Khonkaen’s city gate, CPN has designed it to blend in with the gate, using northeastern arts and culture to create modern architecture landmark and equipped with an LED screen. The piece was inspired by wicker and silk weaving.
Milestone Development in 2010
CentralWorld was awarded BK Readers' Choice Award 2009 – Most Favorite Mall.
CentralWorld was awarded ICSC’s 2010 Best of the Best Award for Design and Development. The "Best of the best" Award 2010 from ICSC can be compared to winning the best picture for the Oscars. This award certainly not represents only an achievement for CPN but also an indicator that we have put CentralWorld on the map for Thailand. Moreover, CentralWorld is published on the cover of "Winning Shopping Center Designs", ICSC’s annual book and the best-seller book for shopping center developers worldwide.
Milestone Development in 2011
CentralPlaza Chiangmai Airport won Thailand Quality Class Award from Thailand National Quality Award committee. The award is modelled on the internationally-recognised Malcolm Baldrige National Quality Award in the US.
CPN opened CentralPlaza Chiangrai, the first lifestyle shopping centre and all-inclusive lifestyle hub in Chiangrai, the province in the northern part of Thailand that has great potential and strength for growth. The shopping center will be the jigsaw piece that complements and enhances Chiangrai as the newest magnetic destination attracting both Thais and foreigners to this province.
CentralWorld was awarded Brand of the Year 2010 Award from Superbrands Council.
28 สิงหาคม 54 เปิด เซ็นทรัลพลาซา ลาดพร้าว หลังปิดปรับปรุงเป็นเวลา 3 เดือน
หลังการปรับภาพลักษณ์ เซ็นทรัลพลาซา ลาดพร้าว จะสามารถดึงดูดกลุ่มเป้าหมายที่เป็นคนรุ่นใหม่ ที่มีรายได้สูง (High Income) เข้ามาที่นี่มากขึ้น เพื่อเป็นการขยายฐานจากกลุ่มลูกค้าเดิมของเรา เนื่องจากเรามีการ ปรับ Positioning ที่นี่ให้ เข้ากับไลฟ์สไตล์ของคนที่เปลี่ยนไป
20 ตุลาคม 2554 เปิดเซ็นทรัลพลาซา พิษณุโลก
ไลฟ์สไตล์ช้อปปิ้งเซ็นเตอร์แห่งภาคเหนือตอนล่าง สำหรับนักลงทุนที่มีวิสัยทัศน์กว้างไกล ด้วยพื้นที่กว่า 105 ไร่ในอำเภอเมืองพิษณุโลก ซึ่งเป็นใจกลางศูนย์กลางธุรกิจเชื่อมต่อ ภาคกลาง ภาคเหนือ รวมไปถึงประเทศเพื่อนบ้านในภูมิภาคอินโดจีน พร้อมด้วยการเดินทางสะดวกสบายเพียง 5 นาที จากใจเมืองทั้งยังเพียบพร้อมด้วย สิ่งอำนวนความสะดวกและร้านค้าชั้นนำมากมาย
14 ธันวาคม 2554 เปิดเซ็นทรัลพลาซา แกรนด์ พระราม9
เปิดตัวอย่างยิ่งใหญ่ ณ ย่านธุรกิจการค้าสำคัญของกรุงเทพฯ บนเนื้อที่กว่า 214,000 ตารางเมตร ที่พร้อมให้คุณได้สัมผัสประสบการณ์ช้อปปิ้งแปลกใหม่กับร้านค้าแบรนด์ดังมากมาย อิ่มอร่อยกับสุดยอดร้านอาหารนานาชาติและเต็มอิ่มกับความบันเทิงครบวงจร ยิ่งไปกว่านั้นศูนย์การค้าเซ็นทรัลพลาซา แกรนด์ พระราม9 มีประตูทางเข้าศูนย์การค้าเชื่อมต่อกับ สถานีรถไฟฟ้าใต้ดินพระราม9 ลูกค้าจึงสะดวกสบายในการเดินทางมายังศูนย์การค้ามากยิ่งขึ้นด้วย
Milestone Development in 2012
Opening of CentralPlaza Suratthani, the largest lifestyle shopping complex in Thailand's upper south. The project is located in Suratthani Province, the trade center of the upper South. With a location on a new economic road that links the city with the airport, the project can well respond to the expanding city.
Furthermore, the project is surrounded by major attractions, educational institutions, and government agencies. The province is also a major trade and tourism spot of the southern region thanks to its border connected with five provinces. CentralPlaza Suratthani comprise of 250 retail shops including fashion, food and dinning and convention hall.
Grand Opening Day of CentralPlaza Lampang, the new lifestyle shopping center in Thailand's northern region is designed with inspiration on Lanna architecture "wood stencil", combination with modern graphic. Moreover, it becomes one-stop-shopping destination for shopping, dinning, entertainment and leisure.
Milestone Development in 2013
Opening of CentralPlaza Ubonrathchathani, the modern and comprehensive lifestyle shopping center of Southern Isaan. The architecture and design is a perfect combination of local art and culture as the lotus is the symbol of the province, the building is decorated with lotus leaves and petals in a modern way. A strategic province of economy, trade, and travel, and a gateway to Indochina like Laos, Cambodia, and Vietnam. Receive high purchasing power from surrounding provinces including neibouring Paksay and Jampasak of Laos
Features Robinson Department Store, Tops Market, PowerBuy, SuperSports, B2S, OfficeMate and more than 200 retail shops, seven Major Cineplex digital screens, and the Fun Planet.
Opening of CentralFestival Chiangmai, the new "tourism and shopping destination" in Chiangmai and the "lifestyle hub" of the North. The shopping complex become the new landmark of Chiangmai with eye-catching architectural design of "Futuristic Lanna" inspired by cultural heritage of the North coupled with energy –saving and environmental friendly technology. CentralFestival Chiangmai is serving customers with high purchasing power in Chiangmai and 5 nearby provinces, containing over 2.1 million people, as well as 5 million foreign and Thai tourists per year.
Satisfy the different lifestyle and fulfill your life perfectly with the modernized goods and services by over 250 fashion brand-named stores, over 60 lifestyle restaurants both indoor and outdoor and 9 standard screen Major Cineplex cinemas with 1 IMAX 3D."The Bloom" Lifestyle and Gastrobar landmark of Chiangmai is the first and the only premise that combine with lifestyle gastro bars to serve nightlife recreation. Architecture is inspired by "Flora Blossom" Chiangmai's uniqueness.
Opening of CentralFestival Hatyai the new dimension of the first shopping complex in central Hatyai, Songkla on the area of over 250,000 square meters. Outstanding modern architecture inspired by the shape of crystal and refraction of light in prisms, combining with modern graphics.Cover 1 million people in Songkla and 2.5 million people in 6 nearby provinces as well as 3.5 million local and foreign tourists. Fulfill and entertain customers with modernized goods and services by over 250 fashion brand-named store, famous restaurants, 10 movie cinemas of international standard and 1 IMAX 3D theater, Ice-skate arena,"Fun Planet" and the biggest Convention Hall.
Milestone Development in 2014
Mr. Preecha Ekkunagul replaced Mr. Kobchai Chirathivat as President & CEO, effective from January 2, 2014, with Mr. Chirathivat continuing to serve as director.
CentralFestival Samui was launched on Chaweng Beach, the most popular tourist spot and prime economic zone of Samui Island. As one of Thailand’s world-class beach destinations, Samui enjoys a thriving economy with a rising number of beach resorts.
CPN formally proceeded with the lease of the properties (partial) in CentralPlaza Chiangmai Airport to the CPNRF, amounted 10,496 MB approximately and has invested in 23.53% of the additional investment units of CPNRF, or 135,593,664 units at a value of Baht 15, for a total of 2,034 MB. This leads CPN to hold in total of 590,521,686 units, and the percentage of investment in CPNRF has changed from 27.80% to 26.69% after the capital increase.
CPN held AGM No. 1/2014, covering the following agenda items: approval of its financial statementsended on December 31, 2013, and approval of Baht 0.55 per share dividend payments, based on the performance in 2013.
TRIS Rating has upgraded the company and the existing senior debenture ratings of Central Pattana PLC to “AA-” from “A+”. The upgrade reflects improvements in CPN’s operating and financial performances during the last three years. The “AA-” ratings continue to reflect CPN’s leading position in the retail property development industry in Thailand, proven record in managing high-quality shopping centers, reliable cash flow from contract-based rental and service income, and conservative financial policy. The ratings also take into consideration the large amount of capital expenditures needed for business expansion during 2014- 2016.
The “stable” outlook reflects the expectationth at CPN will continue to sustain its strong operating performance for its shopping center portfolio. Despite pursuing its growth strategy, the company is expected to maintain its financial discipline. The net interest-bearing debt to equity ratio is expected to stay below 1 time in the medium term.
Groove@CentralWorld was officially inaugurated along the side of Rama I Road in front of The Offices at CentralWorld, surrounded by office buildings, residential places, and luxury hotels. A downtown center of world-renowned lifestyle restaurants and fashion boutiques, Groove@CentralWorld is a worldclass meeting place for office workers, business people, and tourists.
CentralPlaza Salaya was launched on Boromma Ratcha Chonnani Road, between Buddha Monthon 5 and 7 intersections, amid the westward expansion of Bangkok and its perimeters, covering the densely populated residential zones of Amphoe Buddha Monthon, Amphoe Nakhon Chaisi, Amphoe Samphran and Amphoe Muang Nakhon Pathom. Located within an educational zone surrounded by leading hotels and government offices, this shopping complex has the young generation with high purchasing power and tourists among its target groups.
CPN, the first and only Thai company in the real estate sector, has been selected as an index component of 2014 Dow Jones Sustainability Indices Emerging Markets (DJSI Emerging Markets) . This prestigious membership reaffirmed CPN’s philosophy of sustainable business conduct , taking into account the society, the environment, and all stakeholders, with active participation in social and community development.
Milestone Development in 2015
The AGM No. 1/2015 had following resolutions: approval of its financial statements ended on December 31, 2014, approval of Baht 0.65 per share dividend payments, based on the performance in 2014, and also approval of the connected transaction and the asset acquisition transaction regarding the investment in the certain part of CentralFestival Phuket.
CentralPlaza Rayong was launched on the potential site of Rayong, Thailand’s eastern economic hub with the highest per capita income in Thailand and Gross Provincial Product (GPP) ranked top in Eastern Thailand and second only to Bangkok. Rayong sees rapid urban growth and expansion of property projects, particularly condominiums. Rayong is Thailand’s biggest industrial hub with over 1,900 factories as well as one of the country’s prime tourist attractions. The project therefore accommodates purchasing power of over 820,000 people.
CPN has invested in properties under Central Festival Phuket (“CFP”) Project with Central Department Store Co., Ltd. (“CDS”) where CPN partially sub-leases the land on which the project lies for 25 rai, 36.8 sq.wah. from CDS for 41 years, leases part of CFP building and takes ownership transfer of system works with net leasable area of 44,347 sq.m. according to the resolutions of CPN’s 2015 Annual General Meeting of Shareholders.
TRIS Rating affirms the company rating and the existing senior unsecured debenture ratings of Central Pattana PLC. (CPN) at “AA-”. At the same time, TRIS Rating assigns the rating of “AA-” to CPN’s new senior unsecured debentures, worth Baht 1,000 million (CPN221A). The proceeds from the new debentures will be used for business expansion. The “AA-” ratings reflect the company’s leading position in the retail property development industry in Thailand, proven record of managing high-quality shopping centers, reliable cash flows from contract-based rental and service income, and conservative financial policy. The ratings also take into consideration the large amount of capital expenditures needed for business expansion during 2015-2017.
The “stable” outlook reflects the expectation that CPN will sustain the strong operating performance of its shopping centers. Despite pursuing its growth strategy, the company is expected to maintain its financial discipline. The net interest-bearing debt to equity ratio should be kept lower than 1 times.
CentralPlaza WestGate was inaugurated and dubbed the Ultimate Super Regional Mall on the strategic location in the Bang Yai intersection, Bangkok’s “West Gate”. The site is accessible through the government’s completely integrated transportation system linking all routes together. The project gathers lifestyle experiences and entertainment to fulfill all demands of everyone in the family with extensive products and services. CentralPlaza WestGate is designed to be an ultimate lifestyle centre with unique design features and creative art installations throughout the shopping center under the concept of ‘BIG Life’. The mall has received a positive response from customers and tenants. In addition, CPN announced the collaboration plan with the major international furniture company, “IKEA” to open a new IKEA store on the compound of CentralPlaza WestGate, which would strengthen CentralPlaza WestGate its regional mall status, differentiate CPN from competitors, and attract more customers to CPN’s shopping complex as to boost the tenant’s confidence.
CPN, the first and only Thai company in the real estate sector, has been selected as an index component of 2015 Dow Jones Sustainability Indices Emerging Markets (DJSI Emerging Markets) for two consecutive years. This prestigious membership reaffirmed CPN’s philosophy of sustainable business conduct, taking into account the society, the environment, and all stakeholders, with active participation in social and community development.
Board of Directors approved the residence business (condominiums) on CPN’s shopping complex land under the Chiangmai, Khonkaen and Rayong projects, worth some 1,626 MB (excluding land value). Recognizing the potential of mixed-use development of shopping complex projects, CPN announced to develop residential projects in optimal support of its core shoppingcomplex business. CPN has projected the beginning of the construction work for those three projects by 2Q16, and will take about two years to complete.
The new-look CentralPlaza Pinklao was relaunched section by section after a major renovation as to modernize image and create appeal to the shopping complex. This will help boost customer traffic within the mall, increase the renewal rate of rental contracts, attract new tenants as well as enhance competitiveness, respond to customers’ dynamic expectations, and maintain the positioning of a one-stop shopping center. CentralPlaza Pinklao is located on a strategic commercial site amid burgeoning housing and condominium projects in western Bangkok.
CPN launched CentralFestival EastVille, the brand new model of ‘CentralFestival’ brand refresh with a dimension of freshness and a sense of relaxation by adding new elements of an exotic experience and interaction with customers through modern design works, using Leadership in Energy & Environmental Design (LEED) standards. CentralFestival EastVille combines indoor and outdoor spaces together with special green areas and large trees to bring a touch of nature to the shopping center, where you can escape from the hustle and bustle of the city under the concept of ‘Bangkok Escape’. An extensive range of products and services are available at the shopping destination zone and multiple indoor and outdoor spaces are provided for various activities, from dusk to dawn. The site is located on a high potential area for further economic growth of eastern Bangkok in particular to accommodate residents with high purchasing power who lives in the nearby Watcharapon area and surrounding areas including potential customers from Sukhumvit area. In the future, there will be the Grey monorail (Watcharapon-Rama 9), with a station in front of the project and the MRT Yellow Line (Lardprao -Samrong) in the vicinity nearby.
The fully themed roof-top waterslide park on the sixth floor of CentralPlaza Bangna was relaunched after renovation to enhance safety and beauty. More amusement park equipment are added to attract larger customer bases, covering wider age groups of both Thai and foreign customers. The water-park launch will enhance CentralPlaza Bangna’s competitiveness, enabling it to attract more customers. Designed under the theme of PORORO, a famous South Korea’s iconic animated character ‘little penguin and friends’, the water park was named “PORORO AQUAPARK BANGKOK”.
Milestone Development in 2016
CPN Residence Co., Ltd., a subsidiary of CPN, launched the “ESCENT” residential projects in the form of a condominium on CPN’s shopping complex land under CentralFestival Chiangmai, CentralPlaza Khonkaen, and CentralPlaza Rayong projects for a total project value of approximately Baht 3,000 million. All three garnered excellent responses, with full booking due to outstanding locations and project formats that match customers’ needs. Construction has proceeded as planned, due for completion and ready for ownership transfer by 2018.
The AGM No. 1/2016 approved the dividend payment against the 2015 performance outcomes at Baht 0.70 per share and approved the ceiling for the issuance and offer of debentures up to Baht 10,000 million. At the same time, it approved a ceiling for the issuance and offer of short-term bills of exchange or short-term debentures, or both, worth up to Baht 6,000 million in support of investment plans for developing new projects and CPN’s future business expansion.
CentralPlaza Pinklao with major renovation work after 20 years of operation was inaugurated under “The Best is Back” theme, designed as western Bangkok’s premier shopping center in line with this zone’s progress and lifestyles. Sporting new looks both exterior and interior, the shopping complex now boasts 360,000 sq.m. of the project area, the largest in Thonburi, with a carpark accommodating some 4,500 cars. CentralPlaza Pinklao refurbished stores and added new ones along with 200 fashion shops, stores, and restaurants.
TRIS Rating affirms the company and senior unsecured debenture ratings of Central Pattana Plc. at “AA-” with the “stable” outlook. The ratings reflect the company’s leading position in the retail property development industry in Thailand, proven records of managing high-quality shopping centers, reliable cash flows from contract-based rental and service income, and cautious financial policy. The “stable” outlook reflects the expectation that CPN will sustain the strong operating performance of its shopping centers. Despite continuously pursuing its growth strategy, the company is expected to maintain its financial discipline. The net interest-bearing debt to equity ratio should be kept lower than 1 times.
CentralPlaza Nakhon Si Thammarat, CPN’s 30th shopping complex, was inaugurated on July 28 as the first complete major lifestyle shopping complex in the province under a design concept for its exterior and interior that illustrates shadow-play narration of local lifestyles, employing the motif of “Nang Talung” or the Southern shadow puppet art, which is a unique identity of Southern culture as the highlight. The project investment was valued at Baht 3,500 million. CPN recognized the potential of this foremost province of the South, with major tourist attractions and the highest population of the South. Nakhon Si Thammarat is therefore a major economic hub with imminent spectacular growth.
CPN has been selected as a member of 2016 DJSI (Dow Jones Sustainability Indices Emerging Markets) for a third consecutive year. CPN was the first and only Thai company in the real estate sector to attain such membership, which illustrated its business standard based on corporate governance with due regard for the environment, society, and all stakeholders while being committed to secure, sustainable growth.
CPN was added to MSCI (Morgan Stanley Capital International) index for the second consecutive year based on a MSCI’s sustainability assessment and was chosen to be on the FTSE (Financial Times Stock Exchange) index in the Emerging Markets sector for the first year. This move reflected CPN’s commitment and socio-econoenvironmental value given to sustainable development based on the sustainability assessment for the real estate industry and international sustainable business.
CPN has been selected to list in “Thailand Sustainability Investment 2016” announced by the Stock Exchange of Thailand among all listed companies with sustainable business operations, a proof of business conduct marked by corporate governance with due regard for stakeholders. As a result, economic growth is achieved hand in hand with balanced socio-environmental development, and the company can thoroughly disclose its performance outcomes in economic, social, and environmental aspects.
CentralPlaza Bangna marked its new-look soft opening under “The Best Thing Happens Bangna” theme after revamping its exterior and interior and adding Central Group’s premium brands, fashion stores, and leading restaurants. Not long ago, CentralPlaza Bangna had piloted “Pororo Aquapark” the world-class rooftop water park, “Kidspace” fun-filled area for kids and families, along with “Food Patio” deluxe food kingdom on about 12,000 sq.m., with over 80 restaurants and “Food Balcony” premium collection of over 20 top restaurants-all these exclusively for the residents of Bangna and the vicinity.
CentralMarina was inaugurated as Pattaya’s first theme mall, more modern and stylish than ever after six months of renovation of formerly Central Center Pattaya. Sporting a “Fisherman Village” theme, CentralMarina strives to attract patrons with the addition of magnets such as a seafood market with chefs personally cooking tasty dishes to order, sports fashion factory outlets, and an outdoor “Market Market”, featuring a modern format for small retail entrepreneurs catering to the latest consumers’ lifestyles. The target group is Pattaya-based teenagers, workers as well as housewives, and foreign tourists.
Milestone Development in 2017
CPN Announced Joint Venture Investment in a Mixed-Use Development Project with DTC.
The Board of Directors meeting No. 2/2017 on February 27, 2017 approved the acquisition and disposal of assets transaction in the form of joint venture between CPN and Dusit Thani Public Company Limited (“DTC”) to jointly invest in a mixed-use development project, including hotel, residence, shopping mall and office building. The project will be located on the corner between Silom Road and Rama 4 Road, Bangkok with approximated land area of 23 rai, 2 ngan and 2.72 square wah. CPN’s portion of investment is budgeted to not exceed Baht 17,393 million, which will be distributed throughout 2017-2024.
Dividend Payment of Baht 0.83 per Share
The Annual General Meeting of Shareholders No. 1/2017 on April 24, 2017, approved the dividend payment from the 2016 financial results at Baht 0.83 per share, totaling to Baht 3,725 million of dividend paid.
CPN Entered into the Joint Venture for the Development of Theme Park in CentralPhuket.
The Board of Directors meeting No. 4/2017 on May 31, 2017 approved the joint venture investment to develop a theme park project in CentralPhuket. The project will be operated by Phenomenon Creation Co., Ltd., a joint venture company between Bangna Central Property Co., Ltd. (“BCP”) (a subsidiary that CPN indirectly holds 99.99%) and Rightman Co., Ltd. at the shareholding ratio of 51:49 respectively. The approximated total investment of the project is Baht 550 million.
Purchase of Shares in Dara Harbour Co., Ltd. for Land Sublet Right to Support Business Expansion
CPN purchased 26 million shares, equivalent to 65% ownership, of Dara Harbour Co., Ltd. from Property Perfect Public Company Limited, with the purpose of acquiring land sublet right to support the business expansion in Si Racha district, Chonburi province. The agreement was finalized on July 14, 2017, after the Board of Directors meeting No. 3/2017 on May 12, 2017 approved the transaction.
Establishment of Joint Venture to Support Business Expansion Plan
CPN, together with Ek-Chai Distribution System Co., Ltd., established a joint venture, Synergistic Property Development Co., Ltd., to jointly study new business opportunities. The ownership proportion of the joint venture is distributed evenly at 50:50 with a registered capital of Baht 100,000, comprising 1,000 common shares valued at Baht 100 per share.
Case Closed on the Compensation Regarding the Fire Incident at CentralWorld from Deves Insurance Public Company Limited
The Supreme Court gave the verdict on the case regarding the fire incident at CentralWorld in 2010 from Deves Insurance Public Company Limited, based on the Industrial All-Risk policy, to not permit the petition appeal and reject CPN's petition. CPN, however, previously purchased the terrorism insurance with the sum insured of Baht 3,500 million and subsequently filed for the claim through its subsidiary, Thai Business Fund 4, which holds the leasehold right for CentralWorld. The claim was received in September 2017.
Member of the Dow Jones Sustainability Indices (DJSI) for the Fourth Consecutive Year
CPN has been selected as a member of the 2017 DJSI, within the real estate sector under the DJSI Emerging Markets indices group, for the fourth consecutive year. CPN was the first and only Thai company in the real estate sector to attain such membership, which reflects its ability to operate its business sustainably, its exceptional performance that gains the success and trust from customers and investors, as well as its commitment to good corporate governance that considers the interest of social, environmental and all other stakeholders' aspects.
TRIS Rating has Upgraded Corporate Credit Rating to 'AA' with 'Stable' Outlook
TRIS Rating has upgraded CPN's corporate rating and rating of its senior unsecured debenture to 'AA' from 'AA-', signifying the strength of CPN's financial profile, reinforced by solid operating performance, stable source of revenue and its leadership position in the shopping center business. Together with its high-quality asset management performance that generate consistently healthy levels of cash flow, prudent financial management and conservative financial policy, CPN was given a "stable" outlook upon the expectation of sustained financial and operating performances, as well as maintain its financial discipline and keep its operating profit margin above 50% and adjusted debt to EBITDA ratio of lower than 2 times.
CentralPlaza Nakhon Ratchasima, the 31st shopping mall
was inaugurated on November 3, 2017 and is the largest mixed-use development project in the region under the banner "Mahanakorn of Isan". The project comprises a shopping mall, hotel and condominium situated on a 65-rai land with total investment over Baht 5,100 million with the intention of becoming the lifestyle innovation center, as well as the new center of life, for the Korat and Isan people. The exterior design was inspired by the Mahahong flower through white and a shade of orange and pink colors, whereas the interior was designed under the concept of "Seasons of Life", providing the colorful and dynamic 5 seasons ambience with modern interactive features.
CentralPlaza Mahachai, the 32nd shopping mall
was inaugurated on November 23, 2017 to be the center of communities in the Samut Sakhon and Samut Songkram provinces, as well as serve as the destination for Bangkokians, commuters, tourists and people of nearby provinces. Situated on the Rama 2 Road on a 100-rai land with over Baht 3,400 million of total investment, the project was designed under the concept of "Mahavana", portrayed as a large ship, with the ambience of fisherman's village and seaport to symbolize Samut Sakhon. Furthermore, the "EATALAY" zone, the first-of-its-kind seafood market zone, undoubtedly marks the project to be "The Best Highway Destination" to fully revitalize your energy with complete and convenient facilities including clean restrooms.
Pre-sales Launch of 3 Condominium Projects in Nakhon Ratchasima, Chiang Rai and Chiang Mai at a Total Value of Baht 2.2 billion
CPN Residence Co., Ltd., a subsidiary of CPN, launched 3 condominium projects on the land next to CPN's shopping malls, namely CentralPlaza Nakhon Ratchasima, CentralPlaza Chiangrai, and CentralFestival Chiangmai, with a total value of Baht 2.2 billion. All three projects, expected to be completed and the ownership of which transferred by 2019, attracted great responses due to their outstanding locations, layout and designs that match the customers' preferences.
CPN was Selected on the Thailand Sustainability Investment (THSI) for 2017 by the Stock Exchange of Thailand.
CPN received the Rising Star award, given to companies that begin to demonstrate exemplarity in sustainable development, and named amongst a list of companies with outstanding risk management and supply chain management processes. These companies also contributed to the development of business and social innovations in the organization channeled through good corporate governance that considers the interest of all stakeholders in order to balance the growth of their businesses with the economic, social and environmental development. Moreover, these companies have disclosed information on the impact of their operations on the economic, social and environmental aspects in a complete and transparent manner.
The Conversion of CPN Retail Growth Leasehold Property Fund ("CPNRF") into CPN Retail Growth Leasehold REIT ("CPNREIT")
The Unitholders' Meeting of CPNRF on August 28, 2017 approved the conversion of CPNRF into CPNREIT and the lease of CentralFestival Pattaya Beach (certain parts) and Hilton Pattaya Hotel to CPNREIT for a period of 20 years, ending August 31, 2037, for the net asset price of Baht 11,908 million. Consequently, CPN REIT Management Co., Ltd., a subsidiary of CPN, was established to be the REIT manager.
CPNREIT was established on November 29, 2017 and assumed the lease of CentralFestival Pattaya Beach (certain parts) and Hilton Pattaya Hotel on December 1, 2017. The first trading day for unit trust of CPNREIT was on December 14, 2017.
Milestone Development in 2018
The opening of IKEA Bangyai at CentralPlaza WestGate
IKEA Bangyai, the latest flagship superstore and the largest IKEA store in Southeast Asia with an area of more than 50,000 sq.m., features a unique format with multiple entries and exits at three levels seamlessly integrated with CentralPlaza WestGate. Through the strategic partnership with IKEA, a world-class furniture brand, CentralPlaza WestGate cements its position as the super-regional mall in western Bangkok and support the urbanization in the Bangyai area.
Dividend payment of Baht 1.40 per Share
The Annual General Meeting of Shareholders No. 1/2018 on April 27, 2018, approved the dividend payment from the 2017 financial results at Baht 1.40 per share, totaling to Baht 6,283,200,000 of dividend paid or a dividend payout ratio at approximately 46.3% of net profit in 2017. The payout ratio is made up of 40% payout from the normal operating profits and accordingly with the dividend policy, as well as 64% payout from revenue from the insurance claim.
Purchase of ordinary shares in Dusit Thani Public Company Limited
The Board of Directors Meeting No. 4/2018 on May 9, 2018, approved the purchase of 194,926,920 ordinary shares in Dusit Thani Public Company Limited ("DTC"), or equivalent to 22.93% of total shares issued and paid-up of 850,000,000 shares. The transaction amount was Baht 2,141.4 million and the purpose of the transaction was for long-term investment with no intention to be involved in the management of DTC.
Announcement of 2 new shopping malls Central Village
The first international luxury outlet in Thailand located on a 100-rai land close to Suvarnabhumi Airport. Catered towards both foreign tourists and local visitors, the outlet mall will showcase more than 235 iconic brands, ranging from luxury to mass appeals, as well as fine dining area, children playground and a hotel. Decorated with a blend of outdoor nature and contemporary Thai designs. Central Village is expected to open in 3Q19.
The new lifestyle destination located next to the Asia Highway in Ayutthaya province. A blend of cultural heritage and contemporary conventions, the shopping mall, expected to open in 2020, will become the landmark for tourism and the destinations for lifestyle recreations, relaxation and a stopover for both foreign tourists and local visitors in Ayutthaya province.
The extension of land leases of CentralPlaza Rama 2
CPN successfully finalized extension of land leases for CentralPlaza Rama 2 for an additional 30 years, expiring in 2055 and 2060 (some parts). The transaction brings forth the opportunity to continuously develop the shopping mall. CPN is currently preparing the proposal of terms and conditions for the land and property sublet rights to CPN Retail Growth Leasehold REIT (CPNREIT) to consider the extension of the leasehold of CentralPlaza Rama 2.
The re-opening of CentralPlaza Rama 3 after the major renovation
CentralPlaza Rama 3 organized a grand opening of the all-new design under the framework of becoming the "Center of Hip Lifestyle Quality". Featuring new shops, restaurants and new destination concepts, the new-look shopping mall accommodates the lifestyle preferences of both locals in the Rama 3 area and foreigners through the incorporation of green environment, as well as implementation of rest areas and co-working spaces.
The opening of Central Phuket Floresta
Opened on September 10, 2018 and connected to the Central Phuket Festival, the entire complex is known as Central Phuket, the largest shopping complex in southern Thailand, located on a 111-rai land in the bustling downtown of Phuket as the first luxury flagship for CPN that impeccably combines lifestyle experience and relaxation to become the "Magnitude of Luxury & Leisure Resort Shopping Destination" not only for local communities but also foreign tourists. It also features the world’s premier attractions, namely 1) TRIBHUM, the virtual 3D interactive walkthrough experience ; 2) Aquaria, which features over 25,000 marine species and 3) Tales of Thailand, the center of cultural heritage, from past to contemporary, from all parts of Thailand.
The acquisition of shares in Grand Canal Land Public Company Limited or "GLAND"
CPN Pattaya Co., Ltd., ("CPN Pattaya"), a wholly owned subsidiary of CPN, acquired shares of GLAND equivalent to 67.53% of total issued and paid-up shares, which consists of 50.43% acquired from a group of major shareholders and the remaining 17.10% from the tender offer at Baht 3.10 per share, for a sum of Baht 13,607 million. The acquisition of shares in GLAND, a property developer for real estate projects for sale and for lease, which includes office buildings, hotel, residential projects and retail area, as well as projects under development and land bank in several locations, unlocks the potential to develop mixed-use projects based on the business strategy and create long-term returns to shareholders.
Member of the Dow Jones Sustainability Indices (DJSI)
CPN is the only Thai company in the real estate industry and one of the eight Thai companies selected as a member of the 2018 Dow Jones Sustainability Indices (DJSI), namely inauguration to the DJSI World and, for the fifth consecutive year, to the DJSI Emerging Markets (2014-2018). This is a testimony to CPN’s philosophy on sustainable business operations by taking into consideration the interests of the whole, the environment, the related parties and continuously partake in driving the well-being of society and communities forward.
Pre-sale launch of the Phyll Phahol 34 condominium project
The first low-rise condominium project in Bangkok Metropolitan Area, featuring a total of 358 units in 4 buildings with 8 storeys each, including a clubhouse and swimming pool designed under the concept of "Live Everyday in Urban Hideaway". The project is located at the entrance of Phaholyothin 34 Road, conveniently accessible via the Senanikom skytrain station on the green line and in close proximity to CentralPlaza Lardprao and Kasetsart University.
The joint-venture agreement to run a co-working space business in Thailand
CPN announced a joint venture agreement with Common Ground Works Sdn. Bhd. and MSB Asia Ltd. from Malaysia to establish a joint venture entity, with an ownership structure of 51%, 29% and 20% respectively, to operate the co-working space business in Thailand.
Launch of the Niyham Boromratchachonnani single-detached housing project
The first low-rise residential project developed by CPN Residence is designed with a modern classic uniqueness with the "Niyham", or definition, of "perfection exists", which emphasizes on privacy coupled with convenience through a complete range of amenities provided inside homes. The project is located on the Boromratchachonnani Road, conveniently accessible via both the elevated highway and the Si Ratch Expressway - Bangkok Outer Ring Road and close to the light red rail line, as well as within commuting distance to CentralPlaza Pinklao and CentralPlaza Salaya.
Pre-sales launch of ESCENT Ubonratchathani condominium project
Located next to CentralPlaza Ubonratchathani, the condominium project consists of one building with 14 storeys and the interiors are designed under the concept of Modern North East to fulfill the lifestyles of residents with happiness.