The renovation and redevelopment work is worth 2.8 billion baht in total. Currently, more than 350 tenants are able to re-enter the site to redecorate their shops, and CentralWorld is scheduled to reopen by the end of next month, said Kobchai Chirathivat, president and CEO of CPN.

"We want CentralWorld to return grander and better and are improving the retail space to make it more modern, beautiful, safe and environmentally friendly," he said.

CPN has received approval from the Bangkok Metropolitan Administration's Public Works Department to renovate Southeast Asia's largest lifestyle shopping destination with 550,000 square metres of retail space.

The renovation has three phases. The first phase, opening at the end of September, includes 80% of total mall space (Beacon, Central Court, Dazzle, Eden and Forum zones as well as B2S).

The second phase covering the Atrium Zone and food area on the sixth and seventh floors, will reopen between November and December this year. The third phase, Zen and adjacent areas, will be finished by the end of August 2011.

Mr Kobchai said the redecoration would focus on innovative designs on par with the world's leading shopping complexes.

"Our new design will integrate a Spring Season atmosphere by using water and being airy and light, while still retaining the attributes that made CentralWorld so popular, such as being timelessly minimal and simple," he said.

"We have also invested in upgrading the fire prevention system and the security system, with extensive CCTV and very sensitive smoke detectors."

Earlier, CentralWorld outlined a four-point assistance plan for its tenants. It includes helping tenants to bring back customers, finding alternative sales outlets until CentralWorld reopens, providing financial assistance, and making rental contracts flexible.

As part of the assistance programme, CPN said it would not collect rents from April this year until its tenants can open their shops again. Tenants can get their contracts extended to compensate for time lost during the renovation period.

CPN shares closed yesterday on the Stock Exchange of Thailand at 23.30 baht, up 30 satang, in trade worth 69.1 million baht.