Dusit Thani extends lease on prime Bangkok city-centre plot
Dusit Thani Public Company Limited, one of Thailand’s foremost hotel and property development companies, today announced it has signed an agreement with the Crown Property Bureau to continue leasing the plot of land at the intersection of Silom Road and Rama 4, and on which the Dusit Thani Bangkok is built.
The lease will be extended by 30 years with the right to extend for another 30 years. Dusit Thani Public Company Limited, together with its partner, Central Pattana Public Company Limited (CPN), will further elevate Dusit Thani Bangkok’s standing as one of the world’s renowned hotels, as well as build a landmark mixed-use real estate development that features a hotel, residences, retail areas and office spaces, with a large green space.
Mr Chanin Donavanik, Vice Chairman & Chairman of the Executive Committee, Dusit Public Company Limited, said, “Built in 1970, Dusit Thani Bangkok was the very first iconic landmark of modern Bangkok. It has been a prominent feature of Bangkok’s skyline for almost half a century and symbolised the beginning of the city’s transformation into one of the world’s greatest metropolises in the era of globalization. As a leading hotel in Thailand for almost 48 years, today Dusit Thani dedicates itself to bringing to life a world-class development which will strengthen its image as a renowned Thai brand that has been internationally recognised for more than 65 years.”
Mrs. Suphajee Suthumpun, Group Chief Executive Officer, Dusit Thani Public Company Limited, said “Dusit Thani has been granted the rights to extend the lease agreement with an additional plot of almost 24 rai. We plan to elevate the Dusit Thani Bangkok and, in partnership with Central Pattana PCL, create a mixed-use real estate development of international standard with an estimated project value of around Bht 36,700 million (approximately USD1.05 billion).
“This project will build on our unique Thai heritage, which has long been synonymous with Dusit Thani, combined with international standards, while utilising space in the area to its full potential. It will be a new icon of Bangkok’s new era the same way the iconic Dusit Thani Bangkok made history 47 years ago.
“Our goal is to develop a project that benefits both tourists and the general public. This land lies right at the epicentre of the metropolis in the heart of the business and retail district, as well as at the intersection of multiple mass transit systems such as the BTS and the MRT. The area also houses a number of high-end residences. It is also adjacent to Lumpini Park, one of Bangkok’s most significant and popular public parks.
“This is a rare opportunity. Thanks to combined reputations and capabilities of our partnership with Central Pattana, we are determined to create an icon that embodies gracious Thai heritage with international standards at the epicentre of Bangkok. We hope that this project will exemplify the talents of Thai people and the strength of Thailand’s hospitality business, as well as real estate development and retail industries, and ultimately make Bangkok a hub of high-end tourism and shopping, therefore enhancing Thailand’s reputation to the world,” she said.
Planning for the project is currently being undertaken and details of the development will be announced as soon as they are finalised before the middle of the year.