August 23 - Shares in Thailand's top department store operator, Central Pattana Pcl, hit a record high on Tuesday after it raised its 2011 revenue growth target to more than 20 percent because of new malls and rent increases.

Central Pattana Public Company Limited (CPN) is Thailand's largest retail developer with over 30 years of experience.

"Gains from our newly opened malls this year have been favourable," Chief Executive Kobchai Chirathivat told reporters, explaining the increase in the target from a single-digit percentage.

"This adds to the fact that we plan to raise our space rental fees at a higher rate of 8-10 percent versus 5 percent normally."

Revenue may rise 15 percent next year because of a recovery in consumer confidence and optimisim about the domestic economy now that political stability has returned, Kobchai said.

The company reported a 24 percent rise in revenue of 11.9 billion baht ($399 million) in 2010.

At 0912 GMT, Central Pattana shares were up 3.5 percent at 37 baht after hitting a record high of 38 baht earlier. The main Thai index was 1 percent lower.

Central Pattana, 62 percent owned by the Chirathaivat family, competes with the unlisted Mall Group, which owns Siam Paragon and Emporium in Bangkok, among others in Thailand.

The company manages 15 shopping centres with a total sale area of over 1.1 million square metres in Thailand.

LADPRAO MALL

Central Pattana is due to reopen its big Ladprao mall in Bangkok on Aug. 28 and expects it to generate more than 1.8 billion baht in sales over the remaining four months of this year, then 5.6 billion baht in 2012, Kobchai said.

Central Pattana closed the mall in February for renovation with a budget of 3.6 billion baht. It would take up to six years before it breaks even, Kobchai said.

The five-storey building with rental space of 41,000 square meters has been given a more modern look and the company would add more than 150 million baht for marketing campaigns and product promotion.

The company is pushing ahead with plans to expand into foreign markets, Kobchai said, adding it was studying possible investments in China and other countries, including Vietnam, Indonesia and Malaysia.

Central Pattana should also benefit from the new Thai government's pro-growth policies, which include minimum wage and salary increases.

Prime Minister Yingluck Shinawatra outlined her policies to parliament on Tuesday, pledging a range of populist measures from infrastructure projects to computers for school children.

"We don't expect any severe impact from wage increases since the average wage at Central is already higher than the minimum ... If anything, the policies should spur consumer spending," Kobchai said.

(Reporting by Saranya Suksomkij; Writing by Ploy Ten Kate)