Arab Businessman Backs up the Construction of Thailand's Tallest Tower
The ambitious plan of constructing Thailand’s tallest building – the MahaNakhon – will now be actualized with the assistance of Asgar Patel. The Chairman of the House of Patels Group has invested US $ 27.2 million or THB 789.9 million to complete the 77-storey skyscraper, which will cost US $640 million or THB 18.6 billion in total.
Started in June 2011, the 314-meter MahaNakhon based in the Silom/Sathorn business district is set to be completed in 2015. By then it will decorate the Thai skyline with its cube-shaped base and spiralled glass tower. Once construction is through, MahaNakhon will take over the ‘tallest tower’ record in Thailand, which currently belongs to the Baiyoke Tower II. Based in Ratchathewi, the Baiyoke II Tower measures 304 meters, which is 10 meters shorter than the estimated height of the MahaNakhon. MahaNakhon, which is slated to be a sanctuary for residents and shoppers, will play home to the posh Ritz-Carlton Residences.
The dwelling, which will feature 194 units, will be sold at US $1 million or THB 29 million per unit. Despite the cost, 50% of the units have already been pre-sold. 60% of the amount came from foreign investors like Patel, while 40% stemmed from local investors. The MahaNakhon’s most posh asset is its 2-storey penthouse, which has a floor area of 1500 square meters. It will be sold in the market for THB 480 million. With these costs, the MahaNakhon will assume the title of the most expensive condominium in all of Thailand. Apart from living amenities, the MahaNakhon will also feature a 7-storey infrastructure named ‘The Cube,’ and a plaza square to be named after the building. In terms of accessibility, the MahaNakhon will be connected to two train stations: the Silom Line of the BTS Skytrain and the Bangkok station of BRT.
Thailand’s promising economy is just one of the things that motivated Patel to invest in the MahaNakhon project. To wit, he was impressed with the country’s wealth, which escalated rapidly in the fourth quarter of 2012. The GDP boom of almost 19% also influenced his decision to invest in the tower. Apart from these impressive numbers, Patel has a lot of other reasons why he decided to invest in Thai properties. For one, the country plays home to a huge middle-class population growing their finances – which Patel sees as the supporter of up and coming infrastructures such as the MahaNakhon. Pending projects, such as the road traversing Calcutta, Burma and Thailand, and the formation of ASEAN are the other indicators that prodded Patel to invest in the MahaNakhon. With these events, Patel is most likely to finance other projects in the future.
More From the Middle East
Apart from Patel, more and more Middle Eastern investors have declared their interest in Asia, specifically Thailand, according to Sorapoj Techakrais, CEO of Pace Development PLC. In fact, Pace’s Dubai roadshow paved the way for the selling of three units for a total of THB 140 million, despite being advertised just a week before the event. With these events, it sure looks like the future is bright for MahaNakhon and its middle eastern investors.