What's Happening?
IHG Hotels & Resorts has announced an agreement with CG Capital to develop the InterContinental Residences Bangkok Asoke, marking the company's first standalone branded residences under the InterContinental brand.
The project is set for completion in 2029 and will include 88 residential units. The development will be located on Soi Sukhumvit 16 in the Asoke neighborhood, a central area within Bangkok's Central Business District. The location is known for its proximity to Grade-A office buildings, luxury shopping malls, and upscale dining establishments. The residences will offer a range of two, three, and four-bedroom units, with sizes varying from approximately 139 to 547 square meters. Facilities planned for the property include a 25-meter swimming pool, hot and cold plunge pools, a fully equipped fitness center, a pilates and yoga studio, a private function room with a full pantry, co-working spaces, meeting rooms, a game room, an art room, and a residents' lounge.
Why It's Important?
This project is part of IHG's strategy to expand its presence in the branded residential market, where it currently has over 30 developments either open or in the process of selling properties globally. The InterContinental brand has a significant presence in the East Asia and Pacific region, with 51 hotels, including eight in Thailand. The brand also has 22 properties in the regional pipeline, with three located in Thailand. The collaboration with CG Capital, a subsidiary of Central Group, represents a strategic move for IHG as it continues to explore growth opportunities in the region. Thailand is a leading market for branded residential projects in the Asia Pacific, accounting for 23% of existing activity, according to a JLL report published in June 2024.
