Dusit Estate remains optimistic about growth in the luxury and branded residence segment amid a property sector slowdown caused by the Middle East war and the rising cost of living, as it plans more projects next to Dusit hotels in the pipeline.
La-ead Kovavisaruch, managing director of Dusit Estate, the property development arm of SET-listed Dusit Thani, said the property sector slowed even before the war started, but the premium segment, which is the company's focus, has not been affected in terms of demand.
The company's latest project is Dusit Ajara Hua Hin, a branded residence with 96 units worth 2 billion baht, offering a 60-year leasehold contract with an additional 30-year extension. This project is located on a 20-rai plot next to the Dusit Thani Hua Hin hotel.
Ms La-ead said Dusit Thani has many land banks available for property development in Thailand, including in southern provinces.
The company plans to adopt this model to develop premium residential projects close to its hotels to synergise services, tailoring suitable concepts for each site.
Dusit Ajara Hua Hin received environmental impact assessment approval and construction is set to begin by the end of this year. The company set a sales target of 20-30% for 2026.
She said property supply in Hua Hin remains limited, particularly new condo developments. The area would benefit from improving infrastructure, such as the M8 motorway and Hua Hin airport development, noted Ms La-ead.
La-ead Kovavisaruch, managing director of Dusit Estate
In addition to proximity to Bangkok, Hua Hin also offers international schools, hospitals, golf courses and cultural heritage sites.
Potential buyers are those seeking long-term stays, including Thai families and long-stay European buyers, particularly from Germany and Switzerland, which are major markets for Hua Hin, she said.
Dusit Ajara Hua Hin comprises seven low-rise buildings, one clubhouse, and parking spaces for all units.
Units range from one bedroom spanning 66 square metres, priced at 14 million baht, to a four-bedroom penthouse occupying 300 sq m, priced at 63 million baht. The average price of 210,000 baht per sq m matches the market average for branded residences, said Ms La-ead.
Dusit Estate also provides property management services, renting out units on behalf of owners. Current rental yields range between 7-9%, in line with data collected by CBRE Thailand, she said.
