Tourist police during the arrest of the 40-year-old British woman teaching tantric yoga, at a restaurant on Koh Phangan in Surat Thani on Tuesday. (Photo supplied)
A British woman was arrested on Koh Phangan while teaching tantric yoga and “sacred sexuality” and charged with working illegally.
Police said the woman, 40, known on social media as Maria Sky, was arrested on Tuesday while teaching foreign couples about tantric yoga – a kind of yoga from India – at a local restaurant.
She was charged with working illegally as a yoga teacher, even though she has a permit to work as a customer relations manager for an accommodation firm, police said.
The woman charged each student 400 baht for a basic course and 7,440 baht per couple for an advanced course. In an advertisement, she introduced her courses as relating to “sacred sexuality”.
Police were clamping down on foreigners who offer sex-related yoga courses on Koh Phangan because they affected the tourism image of Thailand.
In March police arrested a Polish YouTuber who gave introductory courses on tantric yoga on this tourist island.
A view of Bangkok from the roof park at Dusit Central Park. Land prices in Bangkok’s central business district continued to rise despite a sluggish overall market. (Photo: Wisuttipong Rodpai)
Despite a 41% plunge in the total value of land transactions nationwide — the lowest in 15 years and occurring during an economic slowdown — land prices in Bangkok’s central business district (CBD) continued to climb, with Sukhumvit recording the sharpest increase at 10%.
According to property consultancy Colliers Thailand, while the economy lost momentum, land values in Bangkok keep rising, reflecting owners’ confidence in the long-term appreciation of their assets.
“Landlords in the capital, particularly in CBD areas, still view their land as highly valuable,” said Phattarachai Taweewong, research and communication director at Colliers Thailand. “We have not seen any indication of price reductions.”
He said some plots in prime downtown locations are now priced at more than 4 million baht per square wah, yet they continue to draw strong interest from developers eager to secure rare freehold sites within the city’s core.
SOUGHT-AFTER AREAS
A record-breaking transaction recently occurred on Sarasin Road, where SET-listed developer Sansiri acquired a plot for 3.9 million baht per sq w — the highest price recorded in Thailand.
Following that deal, asking prices in nearby areas such as Wireless Road climbed to 4 million baht per sq w, highlighting renewed confidence in Bangkok’s most coveted zones.
Chidlom has become the second-most expensive area, with asking prices at around 3.2 million baht per sq w after a transaction took place last year priced at 3 million baht per sq w.
The neighbouring Ploenchit area also remains in demand, with offers nearing 3 million baht per sq w, supported by limited supply and sustained interest from luxury developers.
In the Sukhumvit area, land prices have been rising by around 10% annually, with most plots along the main road offered at 2.5-2.9 million baht per sq w. The latest record was set by a Thong Lor plot that recently changed ownership at 2.86 million baht per sq w.
Property consultancy CBRE Thailand recently reported the average asking prices of freehold, off-plan condo units in the high-end segments in Central Lumpini and Sukhumvit converged once again in the second quarter of 2025 after a five-year period during which prices in Central Lumpini significantly outpaced those in Sukhumvit.
In 2014, prices in the two areas were relatively close, at 210,000 and 175,000 baht per sq metre, respectively.
Between 2020 and 2022, Central Lumpini surged ahead to 480,000 baht per sq m, while Sukhumvit trailed at 250,000 baht per sq m.
However, by the second quarter of 2025 prices had realigned, averaging 368,571 baht per sq m in Central Lumpini and 366,000 baht per sq m in Sukhumvit.
“Sukhumvit remains Bangkok’s most sought-after address among expatriates, accounting for 65% of total demand, compared with 18% in Silom-Sathon and just 9% in Central Lumpini and Siam,” said Artitaya Kasemlawan, head of residential sales-project at CBRE Thailand.
Mr Phattarachai of Colliers added that although some developers have offloaded undeveloped plots in various locations, these sites have still drawn strong interest from other developers.
“Several deals were successfully closed last year at relatively high prices,” he said.
Prime land in Bangkok’s CBD continues to attract major developers, though most high-value deals take time to conclude due to complex negotiations and due diligence, said Mr Phattarachai.
The more active transactions this year have shifted towards the city fringe and along extended mass transit lines, where land costs are lower and development focuses on affordable condos and low-rise projects.
According to the Bank of Thailand, the total value of land and building transfers nationwide in the first seven months of 2025 tallied 404 billion baht, down 41% from 689 billion year-on-year.
This marks the lowest level of national land transactions since 2010, as sluggish economic conditions and weak purchasing power weigh heavily on both developers and buyers.
In the Sathon area, land prices also climbed significantly following high-profile sales. The sale of the Australian Embassy compound averaged 1.45 million baht per sq w, but later transactions pushed prices above 2 million baht.
As a result, asking prices in Sathon have reached around 2.5 million baht per sq w, reflecting the ongoing scarcity of prime development land.
CHALLENGES AHEAD
Mr Phattarachai warned that persistently high land costs could pose a challenge for developers, as land remains the largest component of total project expenses.
“If land prices continue to rise without moderation, it will inevitably push up housing prices,” he said. “This could make new units increasingly unaffordable for consumers.”
Soaring land values have also lengthened the negotiation and decision-making process for buyers, said Mr Phattarachai.
Many landlords now recognise that prime plots can continue to appreciate, prompting them to delay sales.
As a result, more landlords are turning to new income-generating models instead of outright sales.
Many have begun exploring leasehold arrangements or joint venture partnerships with developers to monetise land while retaining ownership, he said.
“For genuine prime land, owners now expect prices to rise by more than 10% annually,” said Mr Phattarachai. “This has led to growing hesitation among landlords to sell.”
Colliers expects asking prices for land in Bangkok’s CBD to continue climbing through 2026, as prime landowners show no sign of lowering prices.
“When land prices rise, they tend to increase across the board,” he said. “There has never been a period when we saw a broad-based decline in CBD land values.”
The sustained surge in land prices will continue to pressure developers’ margins and consumer affordability, a situation that warrants close monitoring, said Mr Phattarachai.
“Developers will have to absorb higher costs, which directly affect project prices,” he said. “Ultimately, consumers will face higher home prices that may exceed what the market can bear.”
SIMPLY IRRESISTABLE
Colliers observed that many prime plots remain unsold, as potential buyers take longer to evaluate deals they perceive as overpriced.
However, some developers have resumed buying, confident that well-located land will still generate strong returns after development.
“Even when asking prices appear high, certain developers see long-term potential,” Mr Phattarachai said. “They are willing to buy because they anticipate robust profitability once the projects are completed.”
He said developer interest in land acquisition remains strong this year, particularly for sites suitable for mixed-use and residential projects.
Meanwhile, some developers continue to list non-core land holdings for sale, reflecting a more selective and strategic approach to land banking.
Mr Phattarachai said this dual trend — selective purchases of prime plots and divestment of non-strategic sites — will define the Bangkok land market in the near term.
“Land will remain a critical asset class,” he said. “Even with fewer overall transactions, the appetite for high-potential plots in Bangkok is unlikely to fade.”
An artist’s impression of iPlearn, Pruksa Real Estate’s new apartment-for-rent venture.
SET-listed housing developer Pruksa Holding has diversified into the apartment-for-rent business to secure recurring income amid a sluggish residential market, targeting a rental yield of 6-8%.
Piya Prayong, chief executive of Inno Home Construction Co (IHC), a subsidiary of Pruksa, said the company aims to increase its proportion of recurring income from rental housing under the new “iPlern” brand, with rents starting from 2,000 baht a month.
“We plan to invest about 100 million baht in the fourth quarter of this year to launch the first five iPlern projects in Rangsit, Lam Luk Ka and Bo Win — locations surrounded by factories and universities,” he said.
These projects are expected to generate about 1 million baht in annual recurring rental income, providing additional cash flow during the housing market downturn.
In the first half of 2025, Pruksa reported total revenue of 6.94 billion baht, down 30% from the same period last year, with about 74% deriving from residential sales. Net profit plunged 76% year-on-year to 90 million baht.
He said the apartment rental market in Thailand remains promising, with around 745,000 units worth around 27 billion baht, expanding about 3% annually.
The market enjoys an average occupancy rate of 90%, driven mainly by Gen Z renters, particularly students and first jobbers.
To capture this growing segment, IHC plans to redevelop Pruksa’s existing land previously allocated for townhouse and condo projects into apartment complexes in high-demand locations, such as industrial zones and university districts.
In 2026, the company expects to ramp up investment to 2 billion baht to develop 100 additional projects nationwide.
By 2029, IHC aims to operate 316 apartment projects, generating around 640 million baht in annual rental income and holding total assets worth 6.3 billion baht.
The firm plans to later divest these assets into a real estate investment trust (REIT) to fund future expansion.
“Our focus next year will be on major university areas across Thailand, such as Bangkok University and Kasetsart University,” Mr Piya said. The projects will target students (40%), factory workers (35%) and first jobbers (25%).
Rental rates will vary by location and room size, starting from 21 square metres. Apartments near universities are set with 4,000–5,000 baht a month, compared with condos at 7,000–10,000 baht.
Units near industrial zones will start from 2,000–3,000 baht, while those in city centres will command 8,000–10,000 baht a month.
Mr Piya said IHC aims to capture a lower purchasing segment than that of condos to avoid direct competition with Pruksa’s flagship Plum Condo brand, with the monthly rate of 7,000–8,000 baht.
In the longer term, IHC plans to introduce a hybrid “Plern” model combining apartments and affordable condos within the same development — though in separate buildings — with condo prices starting from 600,000 to 700,000 baht.
IHC projects an internal rate of return of 13–15% and an annual yield of 8–10% from its apartment portfolio.
Police, local officials and rescuers gather at Nai Thon beach to resume the search for a missing Russian tourist on Tuesday. His body was found late in the afternoon. (Photo: Thalang district office)
The body of a Russian man who went missing after being swept out to sea by strong waves off Nai Thon Beach on Monday was found on Tuesday evening.
Police received a report of a foreign tourist drowning at the beach at 10.14am on Monday.
Police rushed to the scene and found a Russian woman, identified only as Elizaveta, a friend of the missing man.
She told police that Dmitri Zakutskii, 31, was swimming with friends at around 9am on Monday when a large wave suddenly struck, pulling him out to sea.
Rescue workers, divers and lifeguards searched for the man using jet skis. However, they were unable to find him.
The search resumed on Tuesday and the body was recovered at 5.30pm. It was handed over to authorities for post-mortem procedures.
The district chief expressed his condolences to the victim’s family, urging all tourists to follow lifeguards’ safety warnings and avoid swimming during rough sea conditions.
The ultra-luxury condo market in Bangkok is expected to keep growing, driven by steady demand from wealthy buyers and foreign investors. (Photo: Kanana Katharangsiporn)
Despite the global economic slowdown, Bangkok’s ultra-luxury condo market continues to grow, fuelled by sustained demand from Thailand’s wealthy elite and foreign investors, according to property consultancy Colliers Thailand.
Phattarachai Taweewong, research and communication director at Colliers Thailand, said top-end condos serve as both investment assets and status symbols, offering wealth preservation and long-term capital appreciation.
“Ultra-luxury units are concentrated in prime zones, such as Thong Lor–Phrom Phong–Ekkamai, Wireless–Lang Suan–Lumpini, Sathorn and the Chao Phraya River area, where demand from both local and international buyers remains strong,” he said.
GLOBAL BRANDS RAISE THE BAR
New developments increasingly feature partnerships with global hospitality and design names, such as Aman and Porsche Design, redefining Bangkok’s upper tier.
Large units, often ranging from 300 to over 1,000 square metres, cater to end-users and multi-generational living.
This focus on genuine buyers has helped to maintain stability despite volatile global conditions, said Mr Phattarachai.
The Porsche Design Tower Bangkok set a record last year at 1 million baht per sq m, with penthouses fetching more than 1.4 billion baht each, standing among Asia’s highest prices.
While the mainstream condo sector remains soft, the top segment continues to attract deep-pocketed buyers from Thailand and abroad.
Many view Bangkok as a safe haven comparable with Singapore, Hong Kong and Dubai.
MORE PLAYERS JOIN THE RACE
Mr Phattarachai said Bangkok’s luxury market is evolving into a regional hub. Units priced between 500 million and 1 billion baht continue to sell steadily, supported by both end-user and investment demand.
Listed developers including Sansiri, SC Asset Corporation, Noble Development, Quality Houses, Proud Real Estate and Ananda Development are increasing their presence in the segment. Several new projects are planned for 2026.
Among them are Sansiri’s project on Sarasin Road, Ananda’s luxury tower on Rama IV Road, and an 11-unit condo on Sukhumvit Road.
A joint venture between City Realty and Hong Kong’s Swire Properties also reflects long-term confidence.
Private and family-owned firms are entering the ultra-luxury market, introducing greater design diversity.
New players include CG Capital of the Chirathivat family, 1.6 Development of the Chearavanont family, Nailert Group, and Swiss-backed Helvetic Thai.
“Their boutique projects emphasise architectural identity, privacy and craftsmanship, adding variety to a sector long dominated by listed developers,” Mr Phattarachai said.
STEADY MOMENTUM
Units priced above 300,000 baht per sq m remain limited in supply but resilient in performance. Only 6,600 units, worth about 205 billion baht, have been launched in the past decade.
After the pandemic slump, this segment saw a rebound in 2024 with nearly 1,000 new units. Colliers expects momentum to continue, with more than 1,000 units forecast in 2025–26, mainly from large developers.
Three projects will headline in late 2025: Still Sukhumvit by SC and Tokyo Tatemono; InterContinental Residences Bangkok Asoke by CG Capital; and Upper House and The Wireless Residences by City Dynamic.
CORE LOCATIONS DOMINATE
Over 80% of ultra-luxury supply sits in central districts, including Sukhumvit, Thong Lor, Chidlom and Sathorn, where proximity to mass transit, dining, retail and healthcare sustains strong prices.
Riverside projects such as Banyan Tree Riverside and The Residences at Mandarin Oriental Bangkok cater to buyers seeking privacy and scenic value.
Emerging areas like Ekkamai and Phrom Phong offer more affordable entry points.
However, the Wireless–Chidlom–Ploenchit corridor remains Bangkok’s “golden mile,” anchored by projects like 98 Wireless and Sindhorn Residence.
Land prices have surpassed 4 million baht per sq wah, underscoring scarcity and sustained investor demand.
A visitor examines deals at the House and Condo show in May 2024. Three real estate associations have asked the next government to extend the lease period for residential properties from 30 years to 60 years, as a new generation of potential homebuyers can no longer afford to purchase them. (Photo: Varuth Hirunyatheb)
Three real estate associations have asked the next government to extend the lease period for residential properties from 30 years to 60 years, as a new generation of potential homebuyers can no longer afford to purchase them.
Prasert Taedullayasatit, president of the Thai Condominium Association, said extending the leasehold period would enable tenants to obtain mortgages covering up to 100% of the property value, compared with the current 60-70%.
“For many people who cannot afford to buy a home, long-term leasing is a practical alternative,” he said.
“However, most do not have sufficient savings to secure financing for long leases.”
Mr Prasert said the current 30-year lease term, which typically can be renewed for another 30 years, does not qualify for mortgages as easily as a single 60-year lease. A 60-year lease offers security comparable to freehold ownership, he said.
This proposal is in addition to several others already submitted to the current government led by Prime Minister Anutin Charnvirakul.
As the Anutin administration is focusing on cost-of-living issues and is expected to dissolve parliament early next year, the associations plan to submit this request to the next government, said Mr Prasert.
“The proposal to extend the lease period could be considered controversial and politically sensitive. It may affect voter sentiment, so the current government is unlikely to act on it before the election,” he said.
“This proposal would be more appropriate for the next, more stable administration to consider.”
Other proposals previously submitted to the government include expanding the eligibility for reduced transfer and mortgage fees beyond residential units priced up to 7 million baht, allowing all price levels but with the fee waiver capped at the first 7 million baht of the property’s value, said Sunthorn Sathaporn, president of the Housing Business Association.
The associations also urged policymakers to cut the policy interest rate by 0.25-0.5 percentage points, extending the reduction to real lending rates in order to strengthen purchasing power.
In addition, the groups recommended the government provide mortgage guarantees to help homebuyers access financing and reduce rejection rates.
To ease the financial burden on the public, the associations also advised a 50% reduction in land and building taxes for 1-2 years.
The two associations and the Thai Real Estate Association are holding the House & Condo Expo at Queen Sirikit National Convention Center until Nov 2, featuring more than 1,000 projects nationwide worth over 700 billion baht from 150 developers. The organisers expect 4 billion baht in sales from the four-day event.
An artist’s impression of Peylaa Phuket. The development comprises Peylaa Phuket Autograph Collection Residences, valued at 4 billion baht, an Autograph hotel worth 1.5 billion baht, and four commercial shophouses, each priced at 30 million baht.
Property firm Capstone Asset Co is capitalising on momentum in Phuket and the emerging Phangnga market, with plans to develop a Marriott-branded residence and hotel in Phuket, a resort in Natai, and provide advisory services for a mixed-use project in Khao Lak.
Chief executive Titiwat Kuvijitsuwan said Phuket is not only a tourism destination, but also an attractive location for residential and rental investment, drawing short-stay travellers, long vacation tourists and working professionals.
“The Phuket residential market is substantial,” he said. “Long-term stays are rising, driven by executives, business owners, remote workers and those planning to spend their retirement in Phuket.”
While Phuket remains appealing for residential development, competition has intensified as the market has matured, requiring developers to offer unique and differentiated products rather than relying solely on prime locations, said Mr Titiwat.
Following the company’s development of Tonson One Residence in Bangkok, where the condo market has slowed, Capstone earlier this month signed an agreement with Marriott International to bring the Autograph Collection brand to its first project in Phuket.
Peylaa Phuket Autograph Collection Residences will be the first Autograph Collection Residences location in Asia-Pacific and the 15th worldwide, with Marriott managing long-stay rentals for investment buyers.
“Marriott is a global brand that helps us reach buyers worldwide,” he said. “Its standards, from design to construction, provide long-term confidence, assuring buyers and investors that the brand will enhance value and credibility.”
One of Marriott’s requirements, which sets it apart from typical condos, is the installation of sprinklers in every unit in addition to smoke detectors, as well as strategically placed WiFi routers to prevent signal dead zones.
“Marriott selecting us as a partner is a strong endorsement,” said Mr Titiwat. “They choose developers with a strong capital base, solid reputation and proven financial track record. We must maintain healthy cash flow and net worth at all times.”
The branded residence is to form part of Peylaa Phuket, a mixed-use development on a 12.6-rai plot in the Bang Tao area.
The branded residence component, worth 4 billion baht, occupies 10 rai and features 400 units.
Unit sizes range from one-bedroom units of 45 square metres to two-bedroom units of 83–86 sq m.
All units will be fully furnished, with prices starting from 7.2 million baht, averaging 170,000 baht per sq m.
The project will be launched next month, with the company expecting to sell 70-80% of the units before completion in 2027.
There will also be a 126-room hotel worth 1.5 billion baht operated by Marriott under the Autograph brand and four shophouses priced at 30 million baht each.
Capstone has begun construction of a 150-room hotel on a 23-rai beachfront plot on Natai Beach in Phangnga, with an investment of more than 2 billion baht. The project is scheduled for completion in 2027.
The company is also providing advisory services to a landlord owning 1,500 rai in Khao Lak, Phangnga, for the development of a mixed-use project named Matalay.
The project will feature six hotels, an international school, a convention and exhibition centre, a wellness centre, a camping area, and a surf village and school.
SCX Corporation, the recurring-income asset management arm of SET-listed developer SC Asset Corporation, plans to invest 2 billion baht to develop a second hotel in Pattaya, and is seeking a joint venture partner for the project.
Rachod Nantakwang, chief executive of SCX, said the hotel will be developed on a leasehold plot in Pattaya city, with the company working on a high-rise tower design.
“Recurring-income assets are capital-intensive,” he said. “We plan to co-invest with partners for all projects of that type, and eventually exit by selling the asset to a real estate investment trust [REIT].”
For hotels, the optimal time for a REIT sale is after three years of operation, once occupancy reaches around 80%, while warehouses typically mature for sale within a year as occupancy fills faster, said Mr Rachod.
The new Pattaya hotel will be announced next year and is scheduled for completion between 2029 and 2030, he said.
The company’s first hotel, The Standard Pattaya Na Jomtien, opened on Tuesday and is a joint venture with SET-listed contractor Syntec Construction, which holds a 55% stake, with a total investment of 1.3 billion baht. SCX holds a 45% stake.
The 161-room property is located on a beachfront leasehold plot under a 30-year contract.
The Standard Pattaya Na Jomtien features a ballroom and meeting facilities, targeting 70% independent travellers and 30% corporate guests.
“The tourism market has evolved,” said Mr Rachod. “Travellers now seek unique and stylish hotels rather than traditional ones. The Standard Pattaya is enjoying over 91% occupancy on weekends through the end of the year.
“Although Chinese travellers have been slower to return, Pattaya continues to attract visitors from Europe, Malaysia and Singapore. When Chinese tourists come back, they may be fewer in number but spend more, which aligns with our target market.”
He said Phuket and Bangkok are SCX’s next target destinations, with plans for 2-3 more hotels, each with at least 200 rooms.
Projects could be greenfield and also brownfield, with developments completed faster.
The parent firm SC also holds a plot in Hua Hin, but will wait for road construction to finish before developing a hotel there. Chiang Mai, however, is not on the company’s radar.
Mr Rachod said SCX will co-invest with a partner in VOCO Bangkok Siam, a new 350-room hotel in the Siam area, with a 2.2-billion-baht investment, scheduled to open by 2029.
The hotel will be SCX’s fourth, following the 78-room YANH Ratchawat, wholly owned by SCX and opened in 2023, and the 306-room Kromo Bangkok, Curio Collection by Hilton, opened last month in a joint venture with Japanese property firm Daiwa House.
“This year, 17–18% of SC’s revenue is expected to come from SCX, faster than projected, with a 2030 target of 25% –half from hotels, half from warehouses and offices,” he said.
SCX Corporation, the recurring-income asset management arm of SET-listed developer SC Asset Corporation, plans to invest 2 billion baht to develop a second hotel in Pattaya, and is seeking a joint venture partner for the project.
Rachod Nantakwang, chief executive of SCX, said the hotel will be developed on a leasehold plot in Pattaya city, with the company working on a high-rise tower design.
“Recurring-income assets are capital-intensive,” he said. “We plan to co-invest with partners for all projects of that type, and eventually exit by selling the asset to a real estate investment trust [REIT].”
For hotels, the optimal time for a REIT sale is after three years of operation, once occupancy reaches around 80%, while warehouses typically mature for sale within a year as occupancy fills faster, said Mr Rachod.
The new Pattaya hotel will be announced next year and is scheduled for completion between 2029 and 2030, he said.
The company’s first hotel, The Standard Pattaya Na Jomtien, opened on Tuesday and is a joint venture with SET-listed contractor Syntec Construction, which holds a 55% stake, with a total investment of 1.3 billion baht. SCX holds a 45% stake.
The 161-room property is located on a beachfront leasehold plot under a 30-year contract.
The Standard Pattaya Na Jomtien features a ballroom and meeting facilities, targeting 70% independent travellers and 30% corporate guests.
“The tourism market has evolved,” said Mr Rachod. “Travellers now seek unique and stylish hotels rather than traditional ones. The Standard Pattaya is enjoying over 91% occupancy on weekends through the end of the year.
“Although Chinese travellers have been slower to return, Pattaya continues to attract visitors from Europe, Malaysia and Singapore. When Chinese tourists come back, they may be fewer in number but spend more, which aligns with our target market.”
He said Phuket and Bangkok are SCX’s next target destinations, with plans for 2-3 more hotels, each with at least 200 rooms.
Projects could be greenfield and also brownfield, with developments completed faster.
The parent firm SC also holds a plot in Hua Hin, but will wait for road construction to finish before developing a hotel there. Chiang Mai, however, is not on the company’s radar.
Mr Rachod said SCX will co-invest with a partner in VOCO Bangkok Siam, a new 350-room hotel in the Siam area, with a 2.2-billion-baht investment, scheduled to open by 2029.
The hotel will be SCX’s fourth, following the 78-room YANH Ratchawat, wholly owned by SCX and opened in 2023, and the 306-room Kromo Bangkok, Curio Collection by Hilton, opened last month in a joint venture with Japanese property firm Daiwa House.
“This year, 17–18% of SC’s revenue is expected to come from SCX, faster than projected, with a 2030 target of 25% –half from hotels, half from warehouses and offices,” he said.
Mr Phoom said one of the planned hotels will be located in Samui, while the other four will be located in Phuket. (Photo supplied)
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.
