An artist's rendition of the Dusit Central Park mixed-use project, an investment between Dusit Thani and Central Pattana. (Photo from www.dusitcentralpark.com)

Hotelier Dusit Thani and mall operator Central Pattana are investing 36.7 billion baht in a mixed-use project in Bangkok's central business district of Silom, the companies said in a statement.

Dusit Thani will hold 60% of the development through a separate company, with Central Pattana holding the remainder.

The 440,000-sq m Dusit Central Park will be located on a 23-rai plot at a corner of Silom Road and Rama IV Road where  Dusit Thani Bangkok Hotel was built. The hotel closed its doors early this year after 47 years to pave the way for the development.

The plot belongs to the Crown Property Bureau and Dusit renewed the leasehold contract for 30 years in 2017, with a grace period of seven years and the right to renew the lease for another 30 years.  

The project will have a leasehold of 67 years in total, Dusit CEO Suphajee Suthumpun told reporters. 

The project consists of a 39-storey, 250-room hotel, a 69-storey residential building, a 49-storey office building and a nine-storey mall. It is expected to be completed in 2024. 

Shares of Dusit (DTC) jumped 2.86% to 10.80 baht in trade worth 2.6 million baht while CPN shares rose 2.05% to 74.75 in trade worth 637.3 million baht at 3.19pm on Monday.