Dusit Thani’s plans to revamp its current hotel site into a mixed-use development now have the approval of the company’s shareholders, reports local media. They gave the THB 36.7 billion project the green light and construction on the new development could begin as early as July.
The new complex will replace the 47 year old Dusit Thani hotel which sits at Saladaeng intersection in Bangkok’s CBD. Dusit Thani will partner with Central Pattana to redevelop the 23-rai land plot with the new project expected to include a hotel as well as a residential building, an office building and a shopping centre. With the approval of the shareholders now in place, the project can move forward.
“The development will start on a newly acquired plot on Rama IV Road adjacent to the old location of the hotel to speed up the construction of the new Dusit Thani Bangkok Hotel,” says Suphajee Suthumpun, Group Chief Executive of Dusit Thani, to The Nation.
The plans call for the old hotel to remain open until 2018 while the new hotel is being built. This will help minimise the closure time. The new hotel will likely be completed by 2021 with the entire project scheduled to be finished by 2024. The company is hoping the location of the project will help ensure its success.
“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,” says Suphajee.
The redevelopment of the site will likely hurt Dusit Thani’s profitability in the short term, but the impact on the company won’t take too large. Dusit Thani has several new projects in the works and recently signed a joint venture deal to open new properties in Japan.
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