By Shabnam Muzammil:
A businessman from the United Arab Emirates (UAE) has invested US$27.2 million (THB789.9 million) in a project to build Thailand’s tallest tower — the 77-storey MahaNakhon.
Upon completion, the project will stand at a height of 314 metres. It will also look like a spiralling glass tower but will retain its cube-like shape.
According to Asgar Patel, Chairman of the House of Patels Group, the US$640 million (THB18. 6 billion) tower in Bangkok is set to be completed in 2015.
“Thailand’s economy expanded rapidly in the fourth quarter of the last financial year, with the government reporting GDP growth of 18.9 percent compared to the previous year,” he said.
“Besides, Thailand has a large middle class population who are gaining wealth that will support future developments. A road is proposed from Calcutta through Burma into Thailand and when ASEAN is formed, Thailand would be the heart of Asia. So, it is logical to invest in this growing economy.”
Apart from retail and residences, one of the tower’s most notable features is the 194-unit The Ritz-Carlton Residences, where units will be priced from US$1 million (THB29 million), making it one of Bangkok’s most expensive condominiums.
Shabnam Muzammil, Senior Journalist at PropertyGuru, wrote this story. To contact her about this or other stories email shabnam@allproperty.com.sg
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