Vimarn Suriya Co, the developer behind the luxury mixed-use Dusit Central Park project, remains unfazed by rising interest rates and a strengthening baht, as the branded residential development primarily targets affluent Thai buyers.

 

CEO La-ead Kovavisaruch noted that elevated mortgage rates have a minimal effect on luxury homebuyers compared to those in the mass market.

 

“Demand in the luxury segment remains robust, while supply, particularly in prime locations, is quite limited,” she commented.

 

Currently, 80% of The Residences at Dusit Central Park, valued at 11.5 billion baht, have been sold. The company anticipates reaching 85% by year-end.

 

The project comprises 406 units, starting at 55 square meters, with an average price of 380,000-390,000 baht per square meter.

 

There will be seven penthouses, including six units of 450 square meters and one expansive 900-square-meter unit. Two 450-square-meter penthouses and the 900-square-meter unit are still available.

 

“The 900-square-meter penthouse offers customization options, allowing buyers to tailor the number of bedrooms,” said Ms. La-ead.

 

“We are in the process of selecting a luxury brand to collaborate on marketing this unit.”

 

She added that the recent strength of the baht would not affect sales, as 80% of buyers are Thai nationals.

 

“The baht has fluctuated between 32 and 37 baht to the US dollar over the last two to three years, so the current rate hasn’t impacted our project,” said Ms. La-ead.

 

“Our key customer base is Thai, which means currency fluctuations affect us less compared to foreign buyers.”

 

The company expects the project to be fully sold by 2025, with construction scheduled for completion by the end of that year.

 

Source: Bangkok Post

 

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