By Shabnam Muzammil:
Property developers are eyeing buyers from the Middle East as their new customer target for luxury residential projects in Bangkok.
“The investors from Middle East countries, who are not only Middle Eastern people but also foreign investors with business in the Middle East, especially in Dubai, are interested in expanding their investment in Asia including Thailand,” said Sorapoj Techakraisri, CEO of Pace Development Corporation.
Banking on robust demand from the Middle East, Pace Development hosted a roadshow in Dubai last weekend, with more than 120 attendees expressing interest in investing in luxury residences in Bangkok.
“When we decided to take a roadshow to Dubai, we advertised in Dubai’s newspaper one week before the roadshow, which succeeded in selling three units worth a total of Bt140 million. This shows the demand for luxury residences in Bangkok from Dubai’s investors and that the Middle East market is still strong,” he added.
From this event, Pace Development expects sales of Bt300 million to Bt450 million, which is part of its 2013 pre-sales target of Bt2 billion from the Ritz-Carlton Residences project.
Set for completion in 2015, Ritz-Carlton Residences has sold 50 percent of its Bt12 billion value.
Asgar Patel, who owns a business in Dubai, noted that he decided to purchase a Bt480 million condominium at Ritz-Carlton Residences on Sathorn Road due to Thailand’s investment potential, environment and hospitality.
“We invested in it to be our second home and are also interested in buying other projects, especially the projects in Hua Hin, managed by Pace Development Corporation, which developed Ritz-Carlton Residences,” he added.
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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