As the world grapples with the impact of the COVID-19 pandemic, the real estate market in Thailand is striving to meet the demands of consumers. Dusit Central Park, a mixed-use project in Bangkok, is leading the way by tapping into the real estate market outlook for 2023.
Like many other industries, the pandemic has had a profound impact on the Thai real estate market. The temporary closure of retail spaces, office vacancies, and uncertainties surrounding expats returning home and selling their condos have all contributed to a drop in property prices and an adverse effect on the Thai economy. However, the Real Estate Information Centre (REIC) of Thailand predicts that the housing market will return to pre-pandemic levels by the end of 2023 due to relaxed mortgage regulations and the country’s opening to foreign tourists, particularly Chinese tourists.
To meet the changing demands of consumers in a post-pandemic era, the 2023 Thailand Real Estate Market Outlook report by CBRE suggests that real estate developers should focus on design details that emphasize comfort, modernity, and increased recreational spaces to improve the quality of life. Additionally, there is a rising demand for environmentally friendly working environments, as well as medium-sized shopping centres that provide additional areas for relaxation, creative recreational areas and facilities, art galleries, pet-friendly parks, and outdoor activities for families.
Mixed-use projects are becoming increasingly popular in Thailand, offering luxury residences, office buildings, 5-star hotels, cinemas, event spaces, educational and childcare resources, complete shops, and services in one-stop destinations. Dusit Central Park, located on the corner of Silom-Rama 4 Road, is a mega real estate project that can attract investment and generate enormous economic value. It is divided into four parts: Dusit Thani Bangkok Hotel, Dusit Residences, Central Park Offices, and Central Park lifestyle centre.
The Roof Park, a 7-Rai floating park located at the heart of the project, is expected to be the main highlight of the project. It is embraced by the four Dusit Central Park buildings and is designed to create a connection between the project and the Silom-Rama 4 area. The concept behind the design of the mixed-use building is to create a connection to the BTS SkyTrain and MRT, with a corner street location that has both traffic and emotion.
The growth trend of the Thai real estate market in 2023 is promising due to the shift in government policies, the growth of the tourism sector, the strategic location, the reasonable pricing, and the designs that meet the lifestyles of modern people. The development of mixed-use projects like Dusit Central Park will help enhance people’s quality of life in terms of social and environmental aspects, stimulate the economy, and revitalize the country after the COVID-19 crisis.
Written by: Supaporn Pholrach (Joom)