Strong Thai baht helps Central Group invest overseas
PHOTO: CEO of Central Group, Tos Chirathivat, taking advantage of the strong Thai baht – The Nation
Whilst the strong baht is a concern for exporters and foreign tourists visiting Thailand, many Thai businesses are reaping the currency advantage and investing overseas with their strong baht.
Tos Chirathivat, CEO of Central Group, has confirmed that the family-owned conglomerate is investing 20 billion baht in three overseas projects, in Austria, Japan and Italy.
The Nation reports that the group is investing in the Centara Grand Hotel in Osaka, the Rinascente department store in Turin, and a mixed-use project in Vienna, which is a joint venture between Central and Signa Group. It’s located on Mariahilfer Strasse, a renowned shopping area in Vienna, and is understood to include a luxury hotel and department store, due to open in 2023.
The Nation reports that the Centara Grand Hotel in Osaka, Japan, is a joint venture between Central, Kanden Realty and Development, and Taisei Corporation. The hotel is in the Namba area of Osaka and will have 515 rooms over 34 floors, with panoramic 360 degree city views. A top floor lounge will include space for meetings and events, with a rooftop bar and restaurant and the hotel will also have a spa, fitness centre and a variety of restaurants. The Centara Grand Osaka is expected to open in 2023.
It’s understood that Central first got involved with its Italian project when it purchased land in Turin in 2017 and appointed renowned architect Gianmatteo Romegialli to oversee the design of the Rinascente department store.
The retail space is expected to feature upscale fashion houses Alexander McQueen, Burberry, Marni and Bottega Venetta.
Central Group CEO Tos Chirathivat credits the strong Thai baht with helping the business expand its overseas presence significantly and predicts such growth being sustained in the near future.
“The revenue from overseas business this year including Vietnam, Europe, and Maldives was 30% of total revenue and we see this growth being maintained for the next five years.”
SOURCE: The Nation
