Central Pattana PCL plans to develop a shopping complex in Phuket, Thailand, at a cost of about 1.28 billion baht.

The Thai property company said its board approved a subleasing of land, leasing of building and acquisition of related property of the Central Festival Phuket Project in partnership with Central Department Store Co. Ltd.

Under the terms of the deal, Central Pattana will sublease a land parcel containing a Central Department Store location for an estimated 38 years and will also lease the areas within the Central Department Store from that company, also for an estimated 38 years, with a plan to renovate such areas into additional leasable areas in the Central Festival Phuket Project.

As of Aug. 9, US$1 was equivalent to 33.18 baht.