From left Naparat Sriwanvit, chief financial officer; Wallaya Chirathivat, chief development officer; Preecha Ekkunagul, president and chief executive; Pakorn Partanapat, chief operating officer; Nattakit Tangpoonsinthana, executive vice-president, marketing.

Central Pattana Plc (CPN), the SET-listed property and retail developer under Central Group, plans to spend 100 billion baht to expand its retail empire both at home and abroad over the next five years.

Of the total, 80% is for new retail and property development, said president and chief executive Preecha Ekkunagul.

"About 20 billion baht will be spent each year to develop two retail projects, three residential projects and a mixed-use complex via a joint venture scheme, as well as renovate existing projects," Mr Preecha said.

The company owns nine plots each sized 30-40 rai that are awaiting development, including in Chon Buri province, with the aim of cashing in on the government's flagship Eastern Economic Corridor (EEC) scheme.

CPN Wednesday announced it would spend 4 billion baht to develop CentralPlaza Ayutthaya on a 48-rai plot on Asia Road. The new branch will boast total retail space of 150,000 square metres and is scheduled to open in December 2019.

That branch is expected to target residents in Ayutthaya, nearby provinces and tourists.

"We will continue investing and expanding our business because we are confident in Thailand's strong economic fundamentals," Mr Preecha said.

Chief development officer Wallaya Chirathivat said steep land prices and difficulty in finding new prime locations has spurred the company to use land at the group's shopping complexes to develop property projects, from residences to hotels.

CPN plans to develop residential, hotel or office tower projects on vacant land near 16 of its Central shopping complexes.

CPN operates 32 shopping complexes in Thailand with two hotels, seven office towers and six residential projects.

The company has total sales space of 1.7 million sq m. With the new development plan, CPN predicts total sales space to rise to 2.2 million sq m in 2022.

CPN expects revenue to grow by 20% this year from 30.87 billion baht in 2017. Under a five-year plan, CPN aims to double revenue to 60 billion baht in 2022.

Mr Preecha said the group's new vision for the next five years is to "co-create centres of life" with business partners and tenants to make CPN's shopping centres destinations for every walk of life.

The company aims to make its shopping complexes family-friendly, with food, fashion, co-working space and sports offerings to match various customer profiles.

CPN also plans to renovate its five existing shopping centres. The renovation of CentralPlaza Rama III will be completed in July. Renovations at CentralPlaza Chiangrai, CentralPlaza Ladprao, CentralPlaza Chonburi and CentralFestival Pattaya Beach are set to be completed next year.

Mr Preecha said CPN is interested in the auction to develop commercial space at the State Railway of Thailand's central station at Bang Sue.

"We have yet to see bidding details," he said. "But we're open to new opportunities."