Dusit Thani shareholders back Bt36 bn investment for Bangkok development
Shareholders of Dusit Thani Pcl have approved an investment of Bt36 billion in a mixed-use development project that will start in July.
Developed in partnership with Central Pattana Pcl, the project will be constructed on a plot between Silom and Rama IV roads – the site of the company's flagship hotel, Dusit Thani Bangkok.
The development will comprise a hotel, a residential building, offices and retail space on 23 rai.
Approval for the investment in the project, which is worth Bt36.7 billion, was granted at the annual general meeting of Shareholders on April 27.
At the meeting, the company said its business performance would remain buoyant during development of the project thanks to a prudential financial structure that allows the company to gain returns from the investment in the early stages of its development.
In preparation for construction of the new hotel, the development will start on land adjacent to Dusit Thani Bangkok, next to Rama IV Road, that houses derelict buildings. Meanwhile, the Dusit Thani Bangkok will continue its full operations until mid-2018. The new hotel is expected to be completed in 2021, with completion of the whole project by 2024.