Company has launched a charm offensive to attract Middle East investors into owning a part of its latest project, closer to home, in Bangkok – Dusit Central Park.
Dusit Thani’s hotel has been an iconic statement on Dubai’s Sheikh Zayed Road for 20 years.
Known throughout the Middle East and North Africa, with a total of eight further properties in the UAE, Qatar, Oman and Egypt, the brand has been hosting residents and visitors alike with its traditional Thai hospitality. Three more, in the UAE, Bahrain and Saudi Arabia are at the pre-opening stage.
And now the company has launched a charm offensive to entice Middle East investors into owning a part of its latest project, closer to home, in Bangkok – Dusit Central Park.
La-ead Kovavisaruch, chief investment officer of Dusit International, who has been showcasing the project to potential investors at Expo 2020 Dubai, told Arabian Business: “If you’re talking about wealthy people, if they want to invest in a second home, or invest in a property, they tend to go to Europe. Very little come to South East Asia.
“I hope that coming here, we can build and bring the attractiveness of Thai people and Thai property to the Middle East investors and high net worth people. So they can think about Thailand as a place to invest, to have a second home, to generate some sort of assets ROI.”
Set on 3.7 hectares in the centre of Bangkok, on land formerly occupied by the Dusit Thani Bangkok Hotel, the AED4.7 billion ($1.38bn) development will include two 69-storey branded residences – Dusit Residences and Dusit Parkside – plus as high-end retail mall, five-star hotel and Grade A office tower.
Dusit Residences will comprise 160 ultra-luxurious units, located on the 30th to 69th floors, ranging in size from 120-750 square metres. While Dusit Parkside will feature 246 smart and stylish units, ranging in size from 55-115 square metres and located on the 9th to 29th floors.
Kovavisaruch said: “This will become another icon in Bangkok.”
Pre-Covid rental yields in Bangkok, particularly for condominiums in upscale residential areas, ranged from 4-5 percent, although some smaller apartments have been known to yield around 5.6 percent, while larger apartments as much as 6 percent.
The project is also very much geared towards sustainability. Every unit will face onto the city’s renowned Lumpini Park – which has been compared to Central Park in New York, or London’s Hyde Park. There will also be a roof park and an 11,200 square metre sky garden that drops 20 metres to the seventh floor.
“Everything we are doing in our project is taking into account sustainability,” said Kovavisaruch.
The UAE and Thailand have enjoyed diplomatic relations for over 45 years. The country is Thailand’s largest export market in the MENA region, followed by Saudi Arabia, Turkey, Egypt and Israel.
“We hope that by opening the door and giving the background to Thailand and the return on investment information, then people will come over and see the country,” said Kovavisaruch.
(Except for the headline, this story has not been edited by The Finance World staff and is published from a syndicated feed.)
