The unfinished 34-storey hotel on the corner of Sukhumvit soi 27 in Bangkok has been sold for 2.5 billion baht, property consultant JLL announced.
The land was owned by SET-listed Principal Capital Plc. The board of directors gave notice of its sale to the Stock Exchange of Thailand on May 13.
The company said its subsidiary Bangkok Management Co was given approval to sell the two blocks of land and the 34-storey hotel structure, known as S27, on main Sukhumvit Road to Carlton Hotel Bangkok Co. (continues below)
The unfinished hotel on Sukhumvit soi 27 in Bangkok.
The 2.5-billion-baht transaction comprises about 2.5 rai of land and the unfinished hotel structure, which has a valid construction permit.
Carlton Hotel Bangkok, a fully owned Thai 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.
According to JLL, the transaction was completed at the end of May.
Beginning as the Crowne Plaza, announced in 2003 by Grande Asset Development Co, the project stalled in 2008 during the global financial crisis. The property has since been dormant, but did change hands in 2013 with its purchase by Bangkok Management Co.