"Dusit Central Park" announced the response to its ultra-luxury residential projects, "Dusit Residences" and "Dusit Parkside," has exceeded expectations with sales reaching 40% due to strong demand from Thai customers who still have high purchasing power, even amid the ongoing COVID-19 pandemic. The company is preparing to organize a roadshow to target countries this year and reports that construction progress is on schedule.

Ms. Ladiat Kowawisarach, CEO of Viman Surya Co., Ltd., which manages the "Dusit Central Park" project, stated that the residential projects "Dusit Residences" and "Dusit Parkside" within the "Dusit Central Park" project have achieved sales of 40% since their launch in August 2021, despite being in the COVID-19 pandemic for nearly 18 months. The project has received positive feedback from Thai customers, particularly High-Net-Worth Individuals (HNWI), who see that the project meets their needs comprehensively.

Ms. Ladiat mentioned that in 2021, this residential project focused primarily on high-net-worth Thai customers, as this group was less affected by the COVID situation. With good responses from the previous year combined with travel restrictions for foreigners in 2021, the company adjusted its sales target to 65% for Thai customers and 35% for foreigners, up from the original target of 60% for Thai and 40% for foreigners.

 

"In terms of marketing strategy, not only do we have a customer base that trusts the Dusit brand, but we also appreciate the cooperation and support from various business partners, which allows us to quickly access the high-end market's end-users. However, our team continues to prioritize foreign customers, planning roadshows to various countries this year, starting with countries in Asia and the Middle East where Dusit has a strong customer base. We believe that as the pandemic situation begins to ease, we will be able to reach this target customer group more easily," Ms. Ladiat stated.

 

Ms. Ladiat further added that aside from the marketing strategies that have supported satisfactory sales in the past, a key factor contributing to the positive response for the "Dusit Residences" and "Dusit Parkside" projects is their distinctive characteristics, which meet the needs of target customers. This includes the project's location in Silom-Rama 4, one of the highest land price areas in Bangkok, opposite Lumpini Park, a large public park. The architectural and interior design by world-class designers perfectly blends the traditional values of Dusit Thani with modern design at international standards. One of the most significant selling points is the unique service philosophy of the Dusit Thani brand, characterized by warm care and attentive service.

 

The residential market in Thailand continues to be affected by the COVID pandemic. In 2021, the number of new projects decreased by 17% from the previous year (according to the Agency for Real Estate Affairs - AREA), while sales expanded closely to 2020, primarily supported by the high-end market that still has purchasing power and government measures to stimulate sales. It is expected that in 2022, the market will not return to pre-COVID growth due to ongoing travel restrictions and the purchasing power of customers who expect to buy for investment purposes.

 

"The COVID situation has caused many investor groups to disappear from the market, especially customers who expect to buy for investment through rental. I believe that the purchasing power of this investor group still exists, but they may not return in the near future. Therefore, focusing on actual living customers is the best answer for this time, especially in ultra-luxury projects where customers must consider carefully and compare several projects. It is our team's important duty to communicate the value and the best experience that our project is ready to offer," Ms. Ladiat stated.

 

In addition to the residential projects, the Dusit Central Park project also includes the Dusit Thani Bangkok Hotel, which will retain the distinctive character of the original building with 259 rooms, a shopping center under the name Central Park covering over 80,000 square meters, and A-grade office buildings, Central Park Offices, spanning 40 floors with a total area of 90,000 square meters.

 

Ms. Ladiat provided details about the construction progress, stating that in September 2021, Viman Surya appointed Riththa Co., Ltd. as the main contractor for the Dusit Central Park project, with construction of the hotel building set to begin in early 2022. Additionally, the foundation construction for the office building, residential building, and shopping center has started. The hotel is expected to be the first part completed in early 2024, while the office building and shopping center will be finished by mid-2024, and the residential project is expected to be completed by mid-2025.