The famous Dusit Thani Hotel Bangkok has been demolished, giving way to an exciting new complex known as Dusit Central Park. This ambitious mixed-use project aims to redefine the urban landscape, offering a harmonious combination of hotel rooms, rented offices, a shopping mall and a charming rooftop park. The first phase of this grandiose project, the hotel, which is due to open its doors to the public in June 2024, will be an important milestone in this remarkable project of the city's revival. Subsequently, in 2025, it is planned to launch an office lease and a shopping center, which promises a bright and dynamic place for both visitors and residents.
As for the other components that are planned in the complex, the opening of a building with offices for rent and a shopping center is planned by 2025, and 2 buildings with apartments under different brands, namely Dusit Residences and Dusit Parkside, are planned to gradually begin transferring at the end of 2025. By the end of 2023, sales will be 70-75% from both Thai and foreign customers. The share of current customers is 85% Thais and 15% foreigners from China, Hong Kong, Myanmar, Japan, USA and Europe. The goal is to increase the share of foreign customers to 35%, as previously expected.
At the same time, it was found that the trend of foreigners buying condominiums in Thailand after the COVID-19 era has changed, deviating from investing to buying for long-term residence, especially in the Chinese, Russian and European markets.
Foreigners come to travel for medical services and to study in international schools. There are more than 100 international schools in Bangkok alone. Tuition is 30-40% cheaper than in Singapore, which is a commercial argument that can convince foreigners to buy residences in the Dusit Central Park project.