26 Jul Summer Hill aims to brighten up Bangkok
Boutique Corporation Public Company Limited is entering Bangkok’s sprawling mixed-use property sector, even as a potential supply gut lingers on the horizon, with increasingly more developers proposing integrated lodging, shopping and working solutions.
But despite Bangkok’s overzealous developmental plans, Prab Thakal, president and group chief executive of Boutique Corporation, said that its latest project, Summer Hill, will not contribute to the oversupply of mixed-use property due to a lack of competition in the area.
The first stage of Summer Hill worth 250 million baht, to open its doors in December this year, will boast a long frontage design that faces Sukhumvit Road, and a main entrance a few steps from Phra Khanong BTS station.
The mixed-use development will include a lifestyle mall and an office building, which is expected to boost the property’s foot traffic.
Mr Prab acknowledged that the mixed-used sector is booming. Summer Hill is one of many mixed-use properties that will launch in Bangkok within the next three years.
With rising demand in the Phra Khanong area from nearby schools, office buildings and residential units, Summer Hill is intended to meet that need with 28 shops and restaurants, a supermarket and a co-working space among its facilities.
Mr Prab said the company hopes to attract the 9,500 condominium dwellers in the Phra Khanong residential area, two-thirds of whom are Thai, as well as the parents of nearby St Andrews International School.
Rental rates for mall tenants will start at 1,100 baht per square metre.
Boutique Corporation developed eight hospitality properties around Thailand and one lifestyle mall in Sukhumvit area. In addition to the upcoming Summer Hill project, the company plans to open one more hotel in 2017.
Rain Hill, a similar project launched by Boutique Corporation in 2012, has served as a popular shopping and dining destination for the surrounding Japanese expat community in Watthana district. Summer Hill will be Boutique Corporation’s latest addition to its lifestyle mall developments.
Foundations for the second phase of the development — a six-storey office building — have been laid, and further construction will resume soon.
While the project is slated to officially open in December 2017, its adjacent office sector is set to open in 2018. The lifestyle centre is targeted to have a 70% occupancy rate by the time of its grand opening.
Source: Bangkok Post