A glittering horizon of skyscrapers is the calling card for a metropolitan city. When we think of cities, truly happening cities where the movers and shakers are always on the go, what comes to mind?
New York City, Seoul, Taipei, Hong Kong, Mumbai, Toronto, and, of course, Bangkok are just some of the cities with skyscrapers built to touch the gates of heaven. Reflecting against the harsh daylight, they sparkle.
In the evenings, they gleam in tandem with the street and traffic lights below. The lives lived inside these buildings are glossy. They are full of trendy people doing tasteful things. At least, that’s what we’d like to believe.
Maybe that’s why these mammoth-sized buildings are often crammed into the central business districts (CBDs) of a city or in a core “downtown” area.
After all, that is where you’ll find the dreamers and earners. But what about the people behind these monuments of ambition? Do they realise they’re shaping the very face of a city? Bangkok is one such skyscraper hub, ranking 13th worldwide for over 225 buildings surpassing 150 metres.
Masala spoke to Vorathep Srikuruwal, one such real estate developer making his mark on Bangkok’s skyline.
Tell us about your journey.
I am the grandson of the late Jaspal Singh Srikuruwal. He was a visionary who turned a small textile shop into one of the biggest fabric houses in Sampheng. Alongside the fabric house, he also built a shopping centre, ATM Department Store.
He was a man who had built everything from scratch.
I began working at the age of 18 after completing my high school diploma. My father steered me to Sampheng, and I was taught to handle the purchase of grey fabric from China.
During my time at Assumption University (AU), I pursued a BBA in Hotel Management. When I was not learning, I was spending my time at my family’s factory in Samut Prakan, where we owned a dyeing and printing factory.
In 2007, I founded Apollo Asset Co., Ltd. Apollo Asset is a real estate development and advisory firm based in Bangkok, focusing on Bangkok’s CBD development and the structuring of market opportunities, mainly land and hotels.
We work closely with the owners and developers to turn their plots into something that possesses strong, long-term value. Rather than a singular transaction, my focus and hope is to build sustainable value and establish long-term partnerships with my clients.
You mentioned you and your family worked in fabric imports. What sparked your interest in real estate?
My passion for real estate development began in the year 1994. I was accompanying my father to see his development. It was one of the first steel structure buildings in Thailand, located on Sathorn Road.
It was a 33-storey building. Quite tall back in those days! I was 14 at the time and likened the structure to the Legos I once played with.
Our family built this development and sold it in 1996, shortly before the Tom Yum Koong Crisis. I remember being amazed by the construction, and it was the starting point for my interest in real estate development.
I, too, hoped that I could one day be able to build something myself.
The real estate market is constantly evolving. How has your development strategy changed accordingly?
In the past, I think we would build something with the end goal of selling it or renting it out to clients. Today, we work more closely with clients to understand what they really need and want.
If I can make a comparison, it would be the sizing of jeans. In the old days, there were a limited number of sizes, running from 26 to 32 inches or something along those lines.
These days, jean sizes can go all the way up to 50 to fit the clientele who might need them. So, I think we look to the market and cater to the clients’ needs rather than building a portfolio from which they can choose the closest fit.
That is the concept I use these days when it comes to development.
You worked in fabrics prior to real estate. Is there something you learned while working with fabrics that you apply to real estate?
My dad taught me that you need to understand the materials of the fabric when working in the fabric business. You need to touch the fabric, you need to feel the material, to be able to understand what we’re selling and who we are selling it to.
Applying it to real estate, you actually need to be present at the build-site. You need to understand what you are offering the clients and customers.
In your career, what is one challenge that stands out to you the most? What was the lesson from it?
I think one of the key challenges in my career was navigating market uncertainty when developing a long-term project. In real estate development, you often make decisions years in advance.
What we are building today will likely be completed in the next two to three years. It is quite challenging if the trends change.
For example, before COVID, the smaller units for condominiums might have been more popular, but after COVID, things have changed. People have decided they need more space inside their own units; some may work from home, others need space for their hobbies.
These are the challenges we need to forecast.
What is the inspiration behind your VOQUE developments?
I started VOQUE 16 in 2009, which was my first project. The reason for starting it was quite simple: I saw a demand in the market.
The price at the time was THB 120,000–150,000 per square metre. I saw potential in the plots that, after calculating the feasibility, I would be able to fix a price at THB 80,000–85,000 per square metre.
If I could find the right plot and the right location, which I did with VOQUE 16, I knew we would be able to build something really well.
Is there a reason you chose the name VOQUE for your properties?
In the beginning, I had thought of the name Vogue, like the publication. We chose a ‘q’ because we wanted our own brand identity and because we did not want to be mistaken for the magazine.
The ‘Q’ in VOQUE stands for quality. However, the two concepts, between Vogue with a ‘g’ and VOQUE with a ‘q’, align very well—they are both for trendy people.
Family is often the foundation of structure in our lives. What does your support system look like?
I was quite fortunate to be raised by caring and supportive parents who always looked after me and gave me a strong foundation in life. I am also quite blessed to have my wife, Pam, who takes good care of me and of our two boys, Vince and Vik.
This care helps me in terms of leaving the house and going to work every day. Additionally, my sister Roslin and my brother-in-law, Mongkol, have been a source of emotional strength and encouragement to me.
I would say my support system is deeply rooted in my family.
In 20 years, when people walk through your developments, what would you like them to take away from them?
If I get the chance to build another skyscraper, I think I would like to build something enduring whilst utilising sustainable materials. If the water in the building can be reused, or if the glass panes do not reflect the heat outside, this is the sort of construction I would like to achieve.
When you aren’t developing properties, what are we most likely to find you doing?
I love to run! I just completed my second marathon in Buriram recently. I believe marathons help train you for life. Just like in marathons, the finish line has to be earned.
Over the years, I’ve developed Apollo Asset into a one-stop real estate investment and development firm, managed high-stakes projects across Bangkok, Hua Hin, Khao Yai, Koh Samui, and Phuket, and closed high-profile deals.
While building dreams from the ground up, I, along with my wife, also raised two incredible kids. Here are the three lessons I have learned from marathon training.
First, endurance is key. The real “race” begins once you’re in the thick of it. Real estate is no different. Many jump in, but few are built to survive the woes.
Second, planning is your superpower. No runner successfully completes a marathon without a game plan.
It’s the same in real estate; “lucky” deals are often the best-prepared ones.
And finally, build with trusted associates. Your circle determines your speed and stamina.
At the end of the day, we are all running towards a finish line.