Real estate developer Central Pattana Plc (CPN) opened Central Krabi on Friday, the province’s first mixed-use project and the sixth in southern Thailand, with a total investment of 4.5 billion baht.
The project covers a total area of 114 rai, comprising 54 rai for Central Krabi mall, with 86,609 square metres of gross building area, the Baan Ninya Krabi residential project, a luxurious mountain-view villa, and the Phyll luxury resort-style condo and hotel.
The company expects to complete the project in five years and roughly 90% of the shopping centre’s space is open, said Nattakit Tangpoonsinthana, chief marketing officer at CPN.
He said the company sees economic growth potential in Krabi, as the province’s infrastructure and transport systems are increasing rapidly with the new terminal expansion at Krabi airport and the Andaman Sea Port Network expected to connect Krabi, Phuket and Phangnga as a comprehensive tourism hub.
The mall is targeting customers with high purchasing power in the South, as well as quality tourists, expats and long-stay tourists, with projected customer traffic of more than 25,000 visitors per day, Mr Nattakit said.
The mall features more than 300 national and local brands covering every lifestyle, including dining, drinking, shopping, health and entertainment.
Central Krabi aims to become the first Thai mall to achieve EDGE Zero certification, the global standard for green buildings, according to the company.
Kree Dejchai, president of residential business at CPN, said Krabi is transforming from a tourism city into a full-fledged investment city, with outstanding potential for economic, tourism and residential growth.
Average land prices remain attractive at 70,000-75,000 baht per square wah, which is half of Phuket’s average land price, indicating potential for long-term growth.
In response to growth trends in the real estate market, CPN expanded its portfolio and developed residential projects in the premium and super-luxury segments, with a total investment of more than 2 billion baht.
Mr Kree said these high-end customers are 80% Thai and 20% locally registered entrepreneurs.
With a total of 100 houses sold in phases, the company has sold out all 10 houses in the first phase of the Baan Ninya Krabi project, generating roughly 160 million baht. The buyers are entrepreneurs from Krabi and Phuket.
Four out of 10 houses in the second-phase development, priced at 16-25 million baht each, have been purchased by a local entrepreneur and foreigners, he said.
Moreover, the company began pre-sales for Phyll Krabi, its luxury condo project, on Oct 25.
The low-rise condo comprises five four-storey buildings, totalling 160 units, and is expected to be completed in 2028.
Mr Nattakit said the company plans to develop a hotel within this mixed-use project, but the hotel brand and specific area have not yet been decided.