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News Release

Bangkok

PRINC Resolves to Sell Prime Unfinished Hotel Development Site in Downtown Bangkok


Bangkok 8 June 2017 – S27, one of the last dormant construction projects in Bangkok from past financial crises, has recently changed hands and is likely to resume construction soon.

 

According to filings to the Stock Exchange of Thailand on 13 May 2017, the board of directors of Principal Capital Public Company Limited (PRINC) granted an approval to its subsidiary, Bangkok Management Co., Ltd.,  to sell two plots of land with a 34-storey hotel structure on main Sukhumvit Road. Sold to Carlton Hotel Bangkok Co., Ltd., for THB 2.5 billion, the property, known as S27, is located at the corner of Sukhumvit Soi 27. It comprises 2 rai, 2 ngarn and 34.3 square wah of land and an unfinished hotel structure with a valid construction permit.

 

Carlton Hotel Bangkok, a Thai company that is a fully controlled subsidiary of Singapore's Carlton Bangkok Investment Pte. Ltd, has been granted a Board of Investment promotion allowing it the right to hold land title in Thailand.

 

The transaction was completed at the end of May. Jones Lang LaSalle (Thailand) Limited, JLL, was the exclusive advisor to the seller.

 

Beginning as a Crowne Plaza, announced in 2003 by Grande Asset Development Co., Ltd., the project stalled in 2008 following the Global Financial Crisis. The property had since been dormant with the exception of having changed hands in 2013 to Bangkok Management Co., Ltd., a subsidiary of Principal Capital Public Company Limited.

 

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About JLL

JLL (NYSE: JLL) is a professional services and investment management firm offering specialized real estate services to clients seeking increased value by owning, occupying and investing in real estate. With around 300 corporate offices and a global workforce of more than 77,000, JLL operates in over 80 countries.

 

JLL's Hotels & Hospitality Group has completed more transactions than any other hotels and hospitality real estate advisor over the last five years, totalling more than $68 billion worldwide. Between negotiating the world's most extraordinary, enticing, and profitable property deals, the group's 350-strong global team also closed more than 4,400 advisory, valuation and asset management assignments.

 

For more information, please contact:

Winai Jaiton

Marketing & Communications

Jones Lang LaSalle (Thailand) Limited

t: +66 (0)2 624 6400 | f: +66 (0)2 679 6519

winai.jaiton@ap.jll.com

www.jll.co.th