Boutique Corporation confirms sale of Citadines Sukhumvit 23 to Bhiraj Buri
Cements its position as the pioneer of the Build-Operate-Sell model
Bangkok, Thailand, 22 November 2021 – Property developer Boutique Corporation Public Company Limited (“Boutique”) has announced the sale of one of its prime investments, Citadines Sukhumvit 23 Bangkok to leading property and office developer, Bhiraj Buri Co., Ltd. (“Bhiraj Buri”), effective as of 22 November 2021.
Following Boutique’s entry into the Market for Alternative Investment (mai) on 14 November 2019, the sale of Citadines Sukhumvit 23, a joint venture with The Ascott Limited, a wholly-owned lodging business of CapitaLand in Singapore, marks one of Boutique’s most accomplished asset sales to date. The sale also reinforces the company’s viability as a leader of the Build, Operate and Sell (BOS) model in Thailand, following the successful sale of Summer Hill and Summer Hub Offices in mid-2019. The business model focuses on seeking opportunities and adding value to land via Boutique’s multi-faceted developments that range from hotels, serviced apartments, commercial retail, and office buildings.
Mr. Prab Thakral, President and Group CEO of Boutique Corporation Public Company Limited said: “The sale of Citadines Sukhumvit 23 Bangkok, situated in the heart of bustling Sukhumvit, is a testament to the success of our BOS model. We work best by foreseeing market trends and bringing value to up-and-coming land, as we foresaw the need for quality hotel and serviced apartment in the main Sukhumvit area.”
Located at the heart of Sukhumvit area, Citadines Sukhumvit 23 Bangkok is the ideal residence for both executive and leisure travellers in the Thai capital. The property is surrounded by an array of popular shopping malls, entertainment outlets, as well as Thai and international restaurants and office buildings. It is also an easy commute to the Asok Skytrain Station and the Sukhumvit Subway Station.
“The BOS model allows Boutique to remain agile despite these unprecedented times, with a quick turnover of cashflow through an asset sale that is executed within one to five years of project completion. Moving forward, we are confident that the BOS model will continue to garner interest for our business and investors, with a consumer-centric focus of offering lifestyle and accommodations to areas with untapped demand,” Prab added.
The proceeds received from the sale will be reinvested into the business for future investments and asset developments which will be structured in a private equity style business model where Family Offices and Private Fund investors co-invest with Boutique to participate in projects in accordance with the BOS model. This will work towards the unified goal of asset maximization for Boutique’s investors and shareholders.
Boutique Corporation PCL. currently have a total of 2124 keys of hospitality projects under operation, development and revenue management with a total of approximately 140,000 sq.m gross floor area, which includes one commercial property, Summer Point, and one commercial property currently under development in Charoenkrung, Cove Hill, and further properties managed and operated by Boutique for third parties. The hospitality properties include branded properties such as Novotel Chiangmai Nimman Journeyhub, Citadines Sukhumvit 8 Bangkok, Citadines Sukhumvit 11 Bangkok, Citadines Sukhumvit 16 Bangkok, Oakwood Residence Sukhumvit 24 Bangkok, Oakwood Hotel Journeyhub Phuket, and Oakwood Hotel Journeyhub Pattaya. The group is also expanding its hospitality development platform across Thailand, with a focus on prime Sukhumvit areas, Phuket and Chiang Mai.
Citadines Sukhumvit 23 Bangkok
Lobby and Reception Desk | Citadines Sukhumvit 23 Bangkok
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