CentralWorld Project Update

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Jun 04, 2010



BANGKOK – Regarding the riot and fire incident at CentralWorld Project on May 19, 2010, costs of the damage are under the process of assessing from relevant independent experts and insurance companies. The preliminary investigation has shown the deterioration on CentralWorld as follows:

Central Pattana CEO, Kobchai Chirathivat, said: “The reconstruction work will start in June 2010 and take approximately 6 months for CentralWorld Shopping Complex and 14 months for Zen Department Store.”

 

In the meantime, CPN together with Central Group have launched a Four-Point Plan to assist tenants.

  1. ‘Bring Back Customers’ which aims at helping tenants to bring back their customers through a variety of marketing activities.
  2. ‘Find Alternative Outlets’ so that tenants can continue to sell their products and stay connected to their customer base.
  3. ‘Financial Help’ on which CPN will waive rentals from CentralWorld tenants for almost all of April 2010 up until whenever theirs premises are opened for re-occupation.
  4. ‘Contract Flexibility’ on which terms and conditions in rental agreements that may be financial hardship on tenants will be enforced flexibly or waived.