CG Capital Advisory, the private equity arm of Central Group, plans to invest over 5 billion baht to develop five hotels in Phuket and Samui, alongside the launch of the InterContinental Residences Bangkok Asoke, a 5.5-billion-baht condominium project.
Phoom Chirathivat, managing partner and co-head of CG Capital, said that one of the hotels will be in Samui, while the remaining four will be in Phuket, with one featuring a water park.
“From our initial investment budget of 10 billion baht, we have so far committed 8.5 billion baht in equity across seven projects since our establishment last year,” he said. “The remaining 1.5 billion baht will be allocated to one or two additional projects.”
One of the upcoming investments, to be made within the next 18 months, will be a branded residence project in Bangkok, developed on a leasehold plot.
Of the seven committed projects, two are branded residences in Phuket and Bangkok. The Phuket development, The Standard Residences Phuket Bang Tao, was launched last year and has achieved 85% sales, with Thai buyers accounting for 60% of total units sold.
The Bangkok project, InterContinental Residences Bangkok Asoke, valued at 5.5 billion baht, will be on a 1.5-rai plot on Sukhumvit Soi 16. It will be the world’s first standalone InterContinental-branded residence.
The development will feature a 32-storey tower with 88 units, ranging from two-bedroom units of 139 square metres to a duplex penthouse of 547 sq m, priced between 40.8 and 245 million baht, or an average of 350,000 baht per sq m.
An artist’s rendition of InterContinental Residences Bangkok Asoke on Sukhumvit Soi 16.
According to property consultancy CBRE Thailand, Thailand led the Asia-Pacific region and ranked fourth globally, following the United States, United Arab Emirates (UAE) and Mexico, in terms of the number of branded residences as of the fourth quarter of 2024.
In Bangkok, which ranked seventh among global cities, there are 11 branded residence projects, comprising nine five-star hotel-branded and two non-hotel developments.
“However, only three of the hotel-branded residences are freehold, and they have recorded very strong sales, with 93% sold and just 33 units remaining on the market,” said Artitaya Kasemlawan, head of residential sales projects at CBRE Thailand.
She said super-luxury and branded residence condos in downtown Bangkok generate an average rental yield of 4.8% a year, with the highest yields reaching 7.9%, while Grade-A serviced apartments in Sukhumvit enjoy rental growth of 8.5%.
“Sukhumvit remains Bangkok’s most sought-after address for expatriates, accounting for 65% of demand, compared with 18% for Silom–Sathorn and only 9% for Central Lumpini and Siam,” she added.
She said the average asking price of freehold, future off-plan units in the high-end and above segments in Central Lumpini and Sukhumvit around 2014 were roughly 210,000 and 175,000 baht per sq m, respectively.
During 2020–2022, Central Lumpini surged ahead, reaching 480,000 baht per sq m, while Sukhumvit stood at 250,000 baht per sq m.
By the second quarter of 2025, prices stood at 368,571 baht per sq m for Central Lumpini and 366,000 baht per sq m for Sukhumvit.
