Dusit expects to set a new price record for leasehold residences in Bangkok's central business district (CBD) with a 900-square-metre penthouse after selling 75% of its 406 total units.
La-ead Kovavisaruch, chief executive of Vimarn Suriya, developer of Dusit Central Park, said after the pandemic, its two residential properties -- Dusit Residences and Dusit Parkside -- attracted buyers from various countries as China faced a severe economic downturn from the outbreak.
As the average price of premium residences in Bangkok remains 30% lower than residences in Singapore, foreign buyers are still interested in properties here, she said.
The company has sold about 300 units, with Thai buyers representing 75%. Among the foreign purchasers, the source markets are China, Hong Kong, Taiwan, South Korea, Japan, Indonesia, Malaysia, Myanmar and Laos.
Other source markets include Saudi Arabia, Israel, the UK, the US and Germany.
Ms La-ead, who is also chief investment officer of Dusit Central Park, said its residential projects also feature seven penthouses, with several already sold.
She said with not many leasehold projects in the CBD, its prime location at the intersection of two main roads and near two mass transit stations should allow the project to upgrade prices to an average of 350,000 baht per sq m.
Ms La-ead said it is possible its largest penthouse, sized 900 sq m, will be the most expensive leasehold unit in the CBD.
Dusit Central Park is a mixed-use development worth 46 billion baht. The project includes the 257-room Dusit Thani Hotel, slated to open in the second half of 2024, Central Park Retail, which spans 80,000 sq m, and Central Park Offices, which occupies 90,000 sq m. All are slated to open in 2025.
Vimarn Suriya was co-founded by SET-listed Dusit Thani and Central Pattana with a ratio of 70:30.
The 23-acre plot was leased from Crown Property Bureau for a maximum of 60 years, excluding the construction period.
The length of ownership for its residential units is 60 years, while the company expects to start transferring to buyers by the end of 2025, said Ms La-ead.
