S27, one of the last dormant construction projects in Bangkok, was recently sold and construction on the development could soon resume, according to JLL. Originally launched to be a Crowne Plaza-branded property in 2003, work on the development came to halt during the global financial crisis of 2008.
The deal came to fruition after the board of directors of Principal Capital Public Company Limited granted an approval to its subsidiary, Bangkok Management, Ltd., to sell two plots of land, including the 34-storey hotel structure, on main Sukhumvit Road, according to filings on the Stock Exchange of Thailand.
Carlton Hotel Bangkok, a subsidiary of Singapore’s Carlton hotel brand, agreed to acquire the project for THB 2.5 billion. The property is known as S27 and can be found at the corner of Sukhumvit Soi 27. In addition to the unfinished hotel structure, which has a valid construction permit, the site includes 2 rai, and 34.3 sq. wah of land.
The deal for the site took place in May, according to JLL who was the exclusive advisor to the seller. The site is one of a few notable unfinished buildings found in Bangkok. The most famous is the Sathorn Unique Tower, a luxury condo project that was 80 per cent complete when construction on the development stopped. The project was one of many to be hurt by the 1997 Asian financial crisis and currently remains unfinished.
The S27 site was announced in 2003 by Grande Asset Development who was going to open it as a Crowne Plaza hotel. However, their efforts were stopped in 2008 when the global financial crisis hit and made it difficult to obtain the needed funding. Little to no activity has taken place at the site for nearly a decade. In 2013, Bangkok Management purchased the site and structure, but did not do any work to it during the 4 years it was under its watch.
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