Dusit Thani and Central Pattana woo foreign buyers with Bangkok landmark integrated development
By Timothy Tay
/ EdgeProp Singapore |
Hotel group Dusit International and its joint-venture partner Central Pattana are redeveloping Dusit’s former flagship Bangkok hotel into the Dusit Central Park integrated development. (Pictures: Timothy Tay/EdgeProp Singapore)
SINGAPORE (EDGEPROP) - International hotel operator Dusit Thani is redeveloping the site of its former flagship hotel, Dusit Thani Bangkok, into a landmark integrated development in Bangkok, Thailand.
The integrated development is called Dusit Central Park and has a total development value of $1.92 billion. The hotel group, which is branded internationally as Dusit International, has partnered Central Pattana, one of Thailand’s largest property developers, to jointly develop this project.
Their joint-venture company, Vimarn Suriya, will oversee the development of Dusit Central Park. Dusit International has a 60% stake in Vimarn Suriya, while Central Pattana holds the remaining 40%.
Dusit Central Park occupies a 3.7ha site in Bangkok’s CBD. The site is located across the popular Lumpini Park, the largest and oldest established public park in Thailand and a central green space in downtown Bangkok.
The site is located across the popular Lumpini Park in downtown Bangkok.
The project sits at the junction of Silom Road and Rama IV Road, and it is close to stations on the BTS Skytrain and Bangkok’s Metropolitan Rapid Transit (MRT) networks.
The mixed-use project comprises four distinct elements. Anchoring the site’s hospitality services is a new five-star hotel called Dusit Thani Bangkok, which will be managed by Dusit International. The 39-storey hotel will accommodate 259 hotel rooms and suites. The architecture of the hotel tower is inspired by the design of the original building.
The commercial components are a 40-storey Grade-A commercial tower called Central Park Offices, which will span 968,400 sq ft, as well as an eight-storey retail mall called Central Park. The top of the retail podium will feature a multi-terraced public park and several green spaces.
A conscious effort is made to include landscaped areas throughout the entire development, including the public spaces.
Two concepts
Two branded residential concepts are available at Dusit Central Park, and all 406 residential units are in a 69-storey residential tower in the middle of the site.
Two branded residential concepts are available at Dusit Central Park— Dusit Parkside and Dusit Residences.
Dusit Parkside comprises 246 one- or two-bedrooms units that range from 592 to 1,237 sq ft. Units in this collection are located on the ninth to 29th floors. According to the developer, these units are designed to accommodate a younger generation of wealthy urban professionals and young families.
The interiors of the units at Dusit Parkside feature a contemporary and elegant design. Since these units occupy relatively lower floors, each has been designed to maximise the views of Lumpini Park and the public green spaces on top of the retail podium. Some units also come with city views.
Dusit Residences comprises 160 two- to four-bedroom units and seven penthouses. Units range from 1,291 to 8,070 sq ft and are located on the 30th to 69th floors. Designed as spacious family homes with large living spaces, these larger-sized units are a mix of simplex and duplex units. Some duplex units feature a double-volume ceiling height in the living room, offering residents a panoramic park and city view. Units in this collection also come with a private lift lobby that leads to the front door.
The 160-unit Dusit Residences targets owner-occupiers and investors who want a spacious family home with large living spaces.
Three floors of facilities have been set aside in the residential tower. A variety of shared facilities will be available on the eighth floor, such as a multi-purpose studio, a wellness centre, a function room, and landscaped areas.
The 29th floor contains private facilities for residents of Dusit Parkside, while facilities for residents of Dusit Residences are on the 46th floor. Facilities on these floors include a fitness centre, a swimming pool, steam and sauna facilities, a library lounge, a private function room, and an outdoor deck.
The joint-venture partners plan to open Dusit Central Park in three phases. From 2023, the new Dusit Thani Bangkok hotel will welcome its first guests, followed by Central Park Offices and the retail podium Central Park. The residential components will be the final part of the project to be completed. The entire project is slated for completion by 3Q2025.
Local sales exceeded expectation
According to Suphajee Suthumpun, group CEO of Dusit International, the idea to rejuvenate the site of the flagship Bangkok hotel had already been on the cards before she took the helm in January 2016.
Plans for the new integrated development were decided by end-2017, and the group closed the hotel in 2019 to begin construction.
Living room with a double-volume ceiling height — a feature of some duplex units at Dusit Residences.
While the project was always envisioned as a landmark integrated development with four components, the branded residential offering initially consisted of a single residential concept with about 400 units, says Suphajee.
But as the project started to take shape from 2020, “market changes” encouraged Vimarn Suriya, the project’s developer, to rethink the residential offering, which evolved into two distinct concepts — Dusit Parkside and Dusit Residences, she says.
While it is uncommon for luxury branded residences to feature large-sized units — typically four-bedroom unit types and bigger — the developer wanted to capture a growing international market of younger buyers.
Dusit Parkside and Dusit Residences were launched for sale last year, mostly to the local Thai market due to the prevailing international travel restrictions back then.
Dusit Parkside offers one- and two-bedroom (pictured) units designed to appeal to a younger generation of wealthy urban professionals.
The initial sales phase exceeded the developer’s expectations. By the end of 2021, 40% of the residential units at the project had been sold. There was an even distribution in sales of units at Dusit Residences and Dusit Parkside.
At Dusit Residences, one of the seven penthouses, which range from 4,250 to 7,532 sq ft, was also sold last year. A Thai buyer paid about $8.16 million ($1,580 psf) for the 5,165 sq ft unit.
The developer aims to achieve an average price of about $2,300 psf for the remaining unsold penthouses, and its sales team is negotiating with three separate buyers for the sale of three penthouses.
As a result of the strong sales momentum, the average price for units at Dusit Parkside and Dusit Residences increased from about $1,210 psf at launch to nearly $1,265 psf as of March 2022, says Dusit.
At Dusit Parkside and Dusit Residences, 40% of the residential units have been sold to local buyers.
This means that a 592 sq ft, one-bedroom unit at Dusit Parkside is priced at $667,000 ($1,126 psf), while a 915 sq ft, two-bedroom unit in the same collection is going for $917,000 (1,002 psf). The starting price for a 1,291 sq ft, two-bedroom unit at Dusit Residences is $1.67 million ($1,293 psf).
At the sales gallery built on the development site, there are three show suites: An 829 sq ft, one-bedroom unit from Dusit Parkside priced from $1.04 million ($1,256 psf); a 1,700 sq ft, two-bedroom unit from the Dusit Residences collection that starts from $2.29 million ($1,348 psf); and a 2,120 sq ft, three-bedroom unit from Dusit Residences that is going for $3.34 million ($1,575 psf).
International appeal
Although Dusit Parkside and Dusit Residences are well-received by the local buyers, international buyers, especially from Asian countries, remain a key target market, says La-ead Kovavisaruch, CEO of Vimarn Suriya.
She reckons that foreign buyers could eventually make up 35% of the total residential sales at Dusit Central Park, while local Thai buyers comprise the remaining 65% of total residential sales.
The key Asian markets targeted by the developer include mainland China, Hong Kong, and Singapore. Vimarn Suriya will also bring the project to other countries in the Asia Pacific region as well as the Middle East where Dusit has an established hotel presence. The hotel group manages and operates nine hotels in the Middle East.
An artist impression of Dusit Central Park. (Picture: Dusit International)
“We benefit from our solid customer base that stays loyal to the Dusit brand,” says La-ead. She adds that the developer will hold several roadshows later this year, starting in countries in Asia, followed by the Middle East.
The developer is looking forward to introducing Dusit Central Park to the Singapore market and is optimistic that Singaporean buyers will find the project especially attractive. The debut of Dusit Thani Laguna Singapore in December 2020 was a key part of the hotel group’s strategy to serve more guests in Southeast Asia, says Suphajee.
“Our many Singaporean guests appreciate the warm, traditional Thai hospitality offered at our hotels and resorts in Thailand and around the world,” she says.
When Dusit Central Park is completed by the end of 2025, the integrated development will be an iconic part of the Bangkok skyline and set a higher benchmark for future luxury residences and prime commercial developments in Thailand, adds Suphajee.
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