When the Dusit Thani Bangkok closed its doors in early 2019, executives at Bangkok-based Dusit Thani Public Company Limited envisioned a grand plan for the property and site that would take famed Thai hospitality to a new level and on a much larger scale.
That new level is an integrated development, Dusit Central Park, of which construction work has commenced in a nine-acre-plus site opposite the city’s Lumpini Park. Estimated at 46 billion baht ($1.37 billion), it's an ambitious, mixed-use mega-project that, according to developers will “seamlessly connect four areas of Bangkok to create a new junction where old meets new and financial meets commercial.”
Scheduled to open in phases, Dusit Central Park will comprise the 259-room hotel Dusit Thani Bangkok, two luxury branded residences — Dusit Residences and Dusit Parkside — and Central Park, an area of lifestyle, retail and office components.
Dusit Thani Bangkok Hotel, Central Park and the Central Park Offices Building will open in 2024, while the branded residences will open a year later.
The Dusit Central Park project is a joint venture by Dusit Thani, its developer subsidiary Vimarn Suriya Company Limited and Central Pattana, a Thai property developer that owns and operates 34 shopping centers and mixed-use projects. Dusit Thani owns or manages more than 320 hotels and resorts across 16 countries.
The project also is a woman-led endeavor. Suphajee Suthumpun is group CEO of Dusit Thani and La-ead Kovavisaruch is the company's chief investment officer and director of Vimarn Suriya.
Suthumpun said the Dusit Central Park project is one of the most prominent real estate projects in Thailand’s history.
“The Dusit brand was established 70 years ago and has gained a global reputation of which we are deeply proud. … Entering the residential market gives us a chance to grow our business diversity and leverage our brand status,” she said.
Grand Thinking
Kovavisaruch and Suthumpun said the project’s architects and engineers were given specific design criteria that would ensure a smooth flow and connectivity around the physical aspects of the development, while maintaining privacy and access for the residences, which are vital due to the location in the center of Bangkok’s central business district.
Heritage elements such as the highly recognizable spire from the former Dusit Thani Bangkok hotel are being retained in the new 39-floor hotel. The new property will also include a unique digital gallery showcasing the history of the original hotel and its contribution to Thailand’s tourism industry.
New elements of wellness and sustainability have been introduced into the design, with one example being the Roof Park, an expansive outdoor retreat providing approximately 120,500 square feet of green space inspired by the original tropical garden of the Dusit Thani Bangkok. The garden is so expansive it has a series of waterfalls dropping between levels.
As with many properties in Asia, principles of Feng shui have been applied in the design “to optimize the natural flow of energy from the wind (‘feng’) and water (‘shui’) at Lumpini Park [and] to lend a positive influence on overall well-being,” according to the project's designers.
Other major cities around the world provided inspiration for Dusit Central Park, Suthumpun said.
“The Dusit Thani Bangkok is attached to the residences unlike other branded residences,” she said. “[It] is the residence project invested with our equity. Our iconic address is akin to the apartments surrounding Central Park in New York City and Hyde Park in London."
Pre-sales for the residences commenced in August 2021, and if initial interest is anything to go by, the hotel’s future is bright, too, Kovavisaruch said.
“Our pre-sales targets … have exceeded expectations despite the impact of the global pandemic. 40% of the units have already been snapped up mainly (65%) by high-net-worth Thai nationals,” Kovavisaruch said.
Global Reach
With the reopening of international borders, hoteliers are planning international marketing shows for the project in key Asian markets. The first stop is scheduled in Singapore, where Dusit Thani opened the wellness-oriented Dusit Thani Laguna in 2020.
The next stopover is the Middle East, where Suthumpun said Dusit Thani commands a loyal following since its debut 21 years ago.
Despite the economic impact of the pandemic on Thailand’s property market, which included a drop in new property launches, Kovavisaruch said she is bullish.
According to business advisory CBRE in its Thailand Real Estate Report 2021, the Central Lumpini location is emerging as the most sought-after area, with demand continuing despite the challenges of the past 24 months.
Thailand encourages foreign investments in its property market with a wide slew of tax incentives. International investors are permitted to own land in their name and which is backed by solid property possession laws and a secure, computerized title system.