ESG Strategy Implementation in the Mixed-use Project of Retail, Office, and Hotel: A Case Study of Central Pattana Public Company Limited

Abstract

Amid escalating environmental pressures and stakeholder expectations, ESG (Environmental, Social, and Governance) strategies have become pivotal in steering real estate businesses toward sustainable practices, particularly in mixed-use developments. This study examines how Central Pattana Public Company Limited (CPN) formulates and implements ESG strategies, focusing on the CentralWorld project. Content and Thematic Analyses were conducted using sustainability reports (2019–2023) and in-depth interviews with executives and project staff.

The findings reveal that effective ESG implementation follows a structured five-stage process: 1) strategic goal formulation, 2) ESG integration into corporate and operational strategies, 3) cascading objectives into actionable, use-specific plans, 4) execution through project management and stakeholder engagement, and 5) performance tracking using measurable indicators, coordinated by the Excellence & Sustainable Development (ESD) unit. While, At the project level, ESG strategies are tailored to each use: retail areas act as hubs for social engagement (S), hotels invest in clean energy and sustainable materials (E), and offices prioritize energy and waste management (E) while promoting stakeholder participation (S).

Strategic ESG initiatives have earned CPN and CentralWorld multiple sustainability awards, with 56% of participants reporting satisfaction. However, challenges remain, including structural constraints, budget limitations, varying tenant cooperation, and internal coordination gaps. This study identifies three key success factors for ESG execution in mixed-use projects: context-specific strategy design, robust tracking systems, and comprehensive stakeholder engagement.