Dusit Thani, Central Pattana in 36.7b baht venture

BANGKOK: Thai hotelier Dusit Thani Pcl and mall operator Central Pattana Pcl said yesterday they plan to invest 36.7 billion baht (RM4.73 billion) in a mixeduse property development in the capital’s central business district.

Dusit Thani will hold 60 per cent of the development through a separate company, with Central Pattana holding the remainder.

The project, dubbed Dusit Central Park, will be developed on land owned by the Crown Property Bureau where Dusit Thani’s flagship hotel, one of the city’s first, has been located for over 50 years.

It would have a leasehold of 67 years, said Dusit chief executive Suphajee Suthumpun.

Dusit Central Park will cover 440,000 sqm and include a hotel as well as residential, retail and office space.

The hotel, retail and office space are scheduled to be operational in 2023 with the entire project completed in 2024.

The project will compete with nearby mixed-use development One Bangkok, a venture of billionaire Charoen Sirivadhanabhakdi’s Frasers Property Ltd and TCC Assets, which is scheduled to begin operations next year.

Suphajee said Dusit Central Park’s location made it unique.