Vimarn unfazed by rising rates

Vimarn Suriya Co, the developer of the luxury mixed-use Dusit Central Park project, is not concerned by rising interest rates and the strong baht, as its branded residential project primarily targets affluent Thai buyers.
Chief executive La-ead Kovavisaruch said high interest rates for mortgages had less impact on buyers in the luxury segment compared to those in the mass market.
“Residential demand in the luxury segment remains strong, while supply, particularly in prime areas, is very limited,” she said.
At present, 80% of The Residences at Dusit Central Park, worth 11.5 billion baht, have been sold. The project is expected to achieve 85% by the end of the year.
It will have a total of 406 units, ranging from 55 square metres and priced at an average of 380,000-390,000 baht per sq m.
Seven units will be penthouses, including six units measuring 450 sq m and one unit measuring 900 sq m. Two units measuring 450 sq m and the 900-sq-m unit are still available.
“The 900-sq-m penthouse will be sold with customisation options, allowing the buyer to decide on the number of bedrooms,” said Ms La-ead.
“We are currently selecting a luxury brand to co-market the unit.”
She said the strong baht recently would not impact the project’s sales, as the majority of buyers (80%) are Thais.
“The baht has fluctuated between 32-37 baht per US dollar over the past 2-3 years. Therefore, the current strong rate hasn’t affected our project,” said Ms La-ead.
“Most importantly, our main customer base is Thai, so the baht value doesn’t impact us as much as it does foreign buyers.”
She said the company expects this project to be sold out by 2025, with construction slated for completion by the end of that year.