SET-listed Central Pattana (CPN) is aiming for annual growth of more than 10% in the office rental business over a five-year period, following the completion of Central Park Offices at the Dusit Central Park mixed-use project next year.
Naparat Sriwanvit, chief finance, accounting and risk management officer, said the new office project, located on the corner of Rama IV and Silom roads, will continue the company's vision of retail-led mixed-use project development.
"Office buildings that connect to shopping centres create a robust ecosystem that fulfils the lifestyle needs of users," she said. "Retail components can help boost office occupancy. At our CentralWorld Offices, the occupancy rate has reached 95%."
Scheduled to open in the second quarter of 2025, Central Park Offices, in which CPN holds a 100% stake, will feature a 43-storey tower with a total lettable area of 60,000 square metres of Grade A office space.
It is one of the components of Dusit Central Park, a luxury mixed-use project worth 46 billion baht located on a 23-rai plot which includes Dusit Thani Hotel, which is set to open in the third quarter of this year.
There are also 399 units of super luxury residences at Dusit Residences and the eight-storey Central Park retail tower. These two components will also be ready next year.
CPN holds a 30% stake in the hotel and residential project, and an 85% stake in the retail project, with the remainder held by Dusit Thani Plc.
Pictured from left are Kunayudh Dej-udom, head of business development strategy at CPN, Ms Naparat, and Nattakit Tangpoonsinthana, CPN's chief marketing officer.
"Central Park Offices is located in a prime area with walkable proximity and seamless integration," Ms Naparat said. "We will also add an At Work co-working space to the project to meet the rising demand for flexible work spaces."
Target groups will include productivity-oriented new generations, tenants seeking office spaces with green and well-being certifications, health enthusiasts and after-hours networkers.
CPN currently has 10 office buildings in Bangkok, with a total lettable area of 350,000 sq m and a cumulative annual growth rate of 8%.
As of the end of the first quarter of 2024, the overall occupancy rate stood at roughly 86%.
According to property consultant CBRE Thailand, the average rent for Grade A office space in the central business district is set to remain stable at 1,125 baht per sq m per month throughout this year.