Dubai group invests in Bangkok tower
A Dubai-based business group has invested $27 million in Thailand’s tallest tower, MahaNakhon, currently under construction in Bangkok’s business district Sathorn and slated to open in 2015.
House of Patels, an investment group with interests in real estate, financial services, transport and logistics, said it is going to launch a marketing campaign in the UAE in April 2013 to promote investment in the tower whose value is expected to grow fast due to strong demand, according to a report in Dubai’s Gulf News newspaper.
MahaNakhon is a luxury mixed-use skyscraper that will become the tallest building in Bangkok at 314 metres and 77 floors and surpass the current tallest tower Baiyoke Tower II.
The tower will feature a hotel, retail space and residences. 194 units of The Ritz-Carlton Residences inside the building are priced between $1,000,000 to 11,000,000, making it one of the most expensive condominiums in Bangkok. The project is expected to be valued at $640 million at completion.
“The square metre price for condominiums and apartments in the tower will be above 200,000 baht [$6,450], which makes the tower super-luxury, Sorapoj Techakraisri, CEO of Mahanakhon’s developer Pace Development, told Inside Investor in an earlier interview.
“In this segment there are currently only three projects in Thailand with less than 500 units, and we see strong demand for it. If you compare these prices, they are still 3 to 4 times cheaper than in Singapore and 5 to 6 times cheaper than in Hong Kong for comparable developments,” he added.Pace Development is planning an IPO in the second quarter of 2013 to finance new projects in Bangkok and Hua Hin.
House of Patels is owned by Indian businessman Asghar Patel, who made his money with courier services, air freight, finance, foreign exchange and the fast-growing money remittance business via the Wall Street Exchange in the UAE, which he sold to Emirates Post in 2012.
A Dubai-based business group has invested $27 million in Thailand's tallest tower, MahaNakhon, currently under construction in Bangkok's business district Sathorn and slated to open in 2015. House of Patels, an investment group with interests in real estate, financial services, transport and logistics, said it is going to launch a marketing campaign in the UAE in April 2013 to promote investment in the tower whose value is expected to grow fast due to strong demand, according to a report in Dubai's Gulf News newspaper. MahaNakhon is a luxury mixed-use skyscraper that will become the tallest building in Bangkok at 314...
A Dubai-based business group has invested $27 million in Thailand’s tallest tower, MahaNakhon, currently under construction in Bangkok’s business district Sathorn and slated to open in 2015.
House of Patels, an investment group with interests in real estate, financial services, transport and logistics, said it is going to launch a marketing campaign in the UAE in April 2013 to promote investment in the tower whose value is expected to grow fast due to strong demand, according to a report in Dubai’s Gulf News newspaper.
MahaNakhon is a luxury mixed-use skyscraper that will become the tallest building in Bangkok at 314 metres and 77 floors and surpass the current tallest tower Baiyoke Tower II.
The tower will feature a hotel, retail space and residences. 194 units of The Ritz-Carlton Residences inside the building are priced between $1,000,000 to 11,000,000, making it one of the most expensive condominiums in Bangkok. The project is expected to be valued at $640 million at completion.
“The square metre price for condominiums and apartments in the tower will be above 200,000 baht [$6,450], which makes the tower super-luxury, Sorapoj Techakraisri, CEO of Mahanakhon’s developer Pace Development, told Inside Investor in an earlier interview.
“In this segment there are currently only three projects in Thailand with less than 500 units, and we see strong demand for it. If you compare these prices, they are still 3 to 4 times cheaper than in Singapore and 5 to 6 times cheaper than in Hong Kong for comparable developments,” he added.Pace Development is planning an IPO in the second quarter of 2013 to finance new projects in Bangkok and Hua Hin.
House of Patels is owned by Indian businessman Asghar Patel, who made his money with courier services, air freight, finance, foreign exchange and the fast-growing money remittance business via the Wall Street Exchange in the UAE, which he sold to Emirates Post in 2012.
