Dusit Thani Plc has extended its lease over the land where its iconic hotel stands at the intersection of Silom and Rama IV roads for another 30 years, with right of further renewal.
The new contracts signed with the Crown Property Bureau cover a larger section of land than the previous lease, extending it from about 15 rai to almost 24 rai.
Suphajee Suthumpun, Dusit's group chief executive officer, said the company has partnered with Central Pattana to create a mixed-use real estate development on the land. The project is valued around 36.7 billion baht.
The project will feature a hotel, residences, retail areas and office space, with a large green space.
“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,” she said.
Details of the development would be announced as soon as they were finalised, probably before the middle of the year, according to the statement.