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Rise and Fall of SKYY9 Centre Bangkok: A 7 Billion Baht Transformation Tale

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Once upon a time, in the bustling heart of Bangkok, there stood a hulking edifice that witnessed the rise and fall of fortunes—a building that seemed to have nine lives, just like its name suggested. The SKYY9 Centre, positioned grandly on Rama IX Road, became a symbol of ambition and loss during the 1997 “Tom Yam Kung” financial crisis. This was a time when the Southeast Asian markets were caught in economic turbulence, leaving many developments like SKYY9 as skeletal reminders of dreams gone awry.

Initially, the building belonged to a property developer who, unfortunately, found themselves sinking into the quicksand of non-performing loans. Like a hot potato, ownership of the building bounced from hand to hand, eventually landing with Bangkok Commercial Asset Management Plc. In an almost cinematic twist of fate, the SKYY9 Centre was given a new lease on life when it was sold to a consortium of companies with visions of grandeur, particularly in department store operations. The deal was sealed at the tidy sum of 1 billion baht, and the building underwent a Cinderella-like transformation, emerging as the newly christened I.C.E. Tower.

As fate would have it, the I.C.E. Tower was destined for yet another metamorphosis. In 2020, the building’s fate took a turn when Cas Capital (Thailand) laid claim to it. Like an artist with a fresh canvas, they embarked on a renovation journey, unveiling a revitalized structure aptly named Cas Centre. The transformation was nothing short of miraculous—its value soared to an impressive 2.2 billion baht, while the plot it proudly stood upon was appraised at a hefty 1.5 billion baht, a true testament to its prime location and renewed potential.

The saga of SKYY9 did not conclude there. By 2022, in yet another chapter of its continuing story, a consortium of private companies swooped in, acquiring the building. The social security office (SSO) ventured into the scene, establishing a private equity trust with a robust investment of approximately 9.4 billion baht. It appeared that they were not just driven by domestic ambition, as about 3 billion baht was earmarked for overseas ventures.

The remaining 6.9 billion baht was strategically invested within Thailand, specifically in the acquisition of the former SKYY9, now in the hands of SSO’s private equity trust. Interestingly, a company by the name of AGRE 101 was responsible for the sale of the building to them.

Today, the SKYY9 Centre remains a hive of activity, with about 45% of its space rented out. Tenants have already laid claim to some 25%, with high hopes that the remaining 20% will be bustling with new occupants by year-end. According to the latest insights from the DDproperty website, SKYY9 is more than just an architectural marvel—it’s also a sound business opportunity. As of March 10, the rental rate was a competitive 600 baht per square meter, making it a tantalizing prospect for businesses ready to plant their flag in Bangkok’s vibrant landscape.

30 Comments

  1. Anupong March 12, 2025

    I’m amazed at how buildings like SKYY9 go through so many transformations. It’s like they’re alive!

    • Somsak23 March 12, 2025

      That’s capitalism for you. Profit dictates resurrection, not sentiment.

      • PloyP March 12, 2025

        But isn’t it better to see a structure being used rather than abandoned and decaying?

        • Anupong March 12, 2025

          Absolutely, PloyP! But it makes me wonder if there’s a point where enough is enough.

  2. GlobalInvestor March 12, 2025

    Doesn’t this just whip up suspicions of speculative bubbles? Such price hikes seem fishy.

    • EconExpert March 12, 2025

      While skepticism is healthy, the economic climate has matured since the 1997 crisis.

      • GlobalInvestor March 12, 2025

        Sure, but how many times must we trust before we find ourselves another bubble burst?

  3. Maya Than March 12, 2025

    Honestly, Bangkok needs to embrace these transformations; we can’t let prime land fester.

    • Joe J March 12, 2025

      Agreed, but at what social cost? Gentrification is a real issue.

      • Maya Than March 12, 2025

        Gentrification is a concern, but redevelopment sparks progress and opportunity.

      • YoungGun March 12, 2025

        Yeah, but only for those who can afford skyrocketing prices.

  4. Suriya K. March 12, 2025

    Romanticisms aside, SKYY9’s story is just a classic tale of capitalism leveraging urban landscapes.

  5. Realist75 March 12, 2025

    Isn’t it more about real estate speculation rather than genuine development?

    • FinanceGeek March 12, 2025

      Real estate seems to thrive on such cyclical speculations, for better or worse.

      • Realist75 March 12, 2025

        Definitely ‘worse’ for the common man who’s priced out of living spaces.

    • BKKlover March 12, 2025

      But bis speculation doesn’t eliminate the fact SKYY9 now actually offers viable business space.

  6. Jenni l March 12, 2025

    The social security office getting involved is reassuring somehow; government stakes imply stability.

    • DoubtingThomas March 12, 2025

      Or it means bureaucracy and slow progress. Government and agility are opposites.

  7. Wanderlust_Wan March 12, 2025

    I find it fascinating the ebbs and flows of such a city’s landmarks echo its economic history.

  8. ProfChai March 12, 2025

    Economists should study SKYY9 as a case in resource allocation and urban reinvention.

    • Mathis March 13, 2025

      Meanwhile, architecture students should take notes on adaptive reuse. It’s an evolving landscape.

  9. BangkokBard March 13, 2025

    Ah, SKYY9’s tale is like a modern-day epic narrative, heartening and heartbreaking at once.

  10. Aliyah V. March 13, 2025

    It’s interesting that foreign investments in the building would go overseas. Why not local?

  11. JazminW March 13, 2025

    I hope they maintain historical elements in these renovations, preserving cultural heritage.

  12. Dara91 March 13, 2025

    SKYY9 represents resilience of Thai markets. Despite setbacks, Thailand rises again!

    • TacticalInvestor March 13, 2025

      Let’s hope this isn’t the hubris phase before another crisis hits.

    • GrowthGuru March 13, 2025

      Acknowledging risks while capitalizing on potential is the name of the game.

  13. Paul D. March 13, 2025

    From ghost building to cash cow, SKYY9’s story is a beacon of how markets never truly die.

    • Bhumibol82 March 13, 2025

      It’s also a reminder: one can always rebound with the right investments.

    • Anupong March 13, 2025

      Indeed, Paul, the real dynamic is understanding timing, not just investment.

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