8 March 2022 (Bangkok) – “Dusit Central Park” announced today presales of “Dusit Residences” and “Dusit Parkside” exceeded its 2021 target with up to 40 percent of the residential units snapped up, primarily by high-net-worth Thai nationals, despite the pandemic-driven slump, with plans for roadshows toward targeted countries this year. Construction of the mixed-use development is going according to plan.

Ms. La-ead Kovavisaruch, Chief Executive Officer, Vimarn Suriya Company Limited, developer of the Dusit Central Park project says that the residential property development reports an increase in both demand and sales with 40 percent reservations confirmed in the space of six months since its unveiling last August. Sales grew in 2021 despite the Covid-19 pandemic that has crippled the Thai economy for 18 months. The residential project met with a warm reception from Thai customers who were high-net-worth individuals (HNWIs). It’s proven to meet the target group’s needs in every way.

Ms. La-ead says that the residential project is targeted at chiefly Thai high-net-worth customers because they face minimal impact from the health crisis. Due to the positive response and the travel restrictions affecting international arrivals over the past year, the company has readjusted its target group to include 65 percent Thais and 35 percent foreigners as opposed to the original makeup of 60 percent Thais and 40 percent overseas customers.

“In terms of marketing strategy, not only do we benefit from our solid customer base that stays loyal to the Dusit brand, but we also continue to thrive on collaborations and support from our diverse business partners, all enabling us to quickly access the upscale segment of our customers who are considered end-users. However, our team places no less importance on international customers as well. We are planning roadshows overseas for this year, starting with countries in Asia, then the Middle East where the Dusit brand boasts a strong customer base. I believe when the pandemic finally eases, we’d be able to access our target group easily,” she says.

Ms. La-ead adds that apart from the effective marketing drive responsible for satisfactory sales, another important factor behind the positive feedback on the residential project is its outstanding attributes that readily satisfy the target customers’ needs. Standing opposite large Lumpini Park, the project is located right at the intersection of Silom and Rama IV Roads, Thailand’s most expensive piece of real estate. Its architecture and interior design are by world-class designers. The overall design is a fusion of Dusit Thani’s original heritage and modern design that meets international standards. One of the most important selling points is a service philosophy that represents the identity of the Dusit Thani brand and revolves around the warmth of hospitality and excellent service with a heart.

Thailand’s property market continues to be rattled by the pandemic, with the number of new property projects declining by 17 percent in 2021 [according to the Agency for Real Estate Affairs (AREA)]. However, sales in 2021 were closely comparable to those in 2020 thanks to the positive factors such as increased demand from upscale customers with high purchasing power and the Thai government’s economic stimulus measures to spur business activity. The company forecasts in 2022 the property market won’t return to pre-pandemic levels due to travel restrictions and the current state of consumer spending power among those interested in investing in real estate.

“Due to the Covid-19 pandemic, various groups of investors have been wiped out from the property market, especially the buy-to-let ones. The purchasing power of this group is still there but unlikely to be restored to their former state anytime soon. Therefore, we place importance on customers interested in buying luxury residences for move-in. That’s the best solution right now. With a property development like this one, thoughtful consideration is central to every decision to purchase and potential buyers like to draw comparisons with other projects. So, it’s our team’s duty to communicate the interesting facts about the project to those interested so that they understand the value and the kind of exceptional residential experience that Dusit Central Park has to offer,” says Ms. La-ead

Besides the residential project, Dusit Central Park is comprised of the Dusit Thani Bangkok Hotel in a new look but with the same unique architectural design of the old legendary hotel with 259 guest rooms; the Central Park shopping centre spanning 80,000 square metres; and Central Park Offices, a grade-A 40-storey office tower with floor plans occupying 90,000 sq. m.

On the progress of construction work, Ms. La-ead says that last September Vimarn Suriya Company Limited appointed RITTA Co., Ltd. as the main contractor of Dusit Central Park. RITTA will commence construction of the Dusit Thani Bangkok Hotel in early 2022. Besides, work has begun on the construction of pile foundations of the office tower, the residential building and the shopping centre. It is estimated that the first phase of the project – the Dusit Thani Bangkok Hotel – will be ready for opening by mid 2024, with the final phase – the residential project – planned to be complete by mid 2025.

About Dusit Central Park
Dusit Central Park is a property development project arising from a joint venture between Dusit Thani Public Company Limited and Central Pattana Public Company Limited. This 46 billion baht project is set on a 23-rai plot at the corner of Silom Road directly opposite Lumpini Park. Situated in a prime location at the core of Bangkok’s central business district, the project is comprised of a hotel, a residential building, an office building and a retail centre. The project hosts a Roof Park – a rooftop botanical garden covering an area of 7-rai designated as a lush, green public space. The project is currently under construction and due for opening in 2025.