Thai luxury property developer Boutique Corp files for IPO

Construction News
Image of Rain Hill from Boutique Corp website
Image of Rain Hill from Boutique Corp website

Thailand’s asset developer Boutique Corporation has submitted the first filing to the Securities and Exchange Commission to raise funds by selling 167 million shares, representing 32.94 per cent holding, in an initial public offering (IPO).

After launching its first serviced residence in 2004, Boutique Corp has evolved into developing high-quality serviced residences in premium sites. It has forayed into retail property by launching Rain Hill community space on Sukhumvit Road, which features retail outlets and restaurants.

The company cites that it will use the proceeds from IPO to develop more projects and increase its working capital.

Currently, it is wholly owned by the Thakral family, which will hold around 67 per cent after the IPO. The company has appointed KT Zmico securities as financial advisor and lead underwriter.

Boutique Corp has formed a joint venture with Anahola Ltd and CNK Holdings to develop a 200-room hotel project in Phuket, which is expected to start operation in the second quarter of 2017. Boutique holds 35.1 per cent in this project.

Besides, it has co-invested with other partners to acquire two properties in Pattaya and Phuket.

It has made a 51:49 joint venture with Anahola Ltd to renovate a 76-room serviced apartment to be a 100-room hotel, which will be launched in the second or third quarter next year.

Meanwhile, it has co-invested with four investors to renovate a villa project in Phuket and resell it by the end of this year. It holds 26.42 per cent in this project.