(Add details of the project)
BANGKOK, April 1 (Reuters) - Thai hotelier Dusit Thani PCL and mall operator Central Pattana PCL on Monday said they plan to invest 36.7 billion baht ($1.16 billion) in a mixed-use property development in Bangkok’s central business district.
Dusit Thani will hold 60 percent of the development through a separate company, with Central Pattana holding the remainder.
The project, dubbed Dusit Central Park, will be developed on land owned by the Crown Property Bureau (CPB) where Dusit Thani’s flagship hotel - one of Bangkok’s first - has been located for over 50 years. It will have a leasehold of 67 years, Dusit Chief Executive Suphajee Suthumpun told reporters.
Dusit Central Park will cover 440,000 square metres and include a hotel as well as residential, retail and office space.
The hotel, retail and office space are scheduled to be operational in 2023 with the entire project completed in 2024.
The project will compete with nearby mixed-use development One Bangkok, a venture of billionaire Charoen Sirivadhanabhakdi’s Frasers Property Ltd and TCC Assets, which is scheduled to begin operations in 2020.
Suphajee said Dusit Central Park’s location at the intersection of Bangkok’s main roads and mass transit lines makes it unique.
$1 = 31.6900 baht Reporting by Chayut Setboonsarng; Writing by Panu Wongcha-um; Editing by Muralikumar Anantharaman and Christopher Cushing