By Nikki De Guzman:
Thai developer Pace Development is leveraging on the United Arab Emirates’ (UAE) growing appetite for luxury to market its latest project — the Ritz Carlton in Bangkok.
Sorapoj Techakraisri, CEO of PACE Development, said: “This is the first time a Thai property developer has marketed property in the Middle East and we have chosen to promote our development in the UAE because the country is strongly emerging as a global destination for luxury fans.”
The UAE is home to 60 thousand millionaires and is also a major destination for other affluent buyers from around the world.
“Millions of tourists from the UAE and the region visit Thailand every year for tourism, leisure and medical, which makes our campaign in the UAE very relevant as we showcase the luxury we can offer visitors from the region to meet their high end expectations and extend their luxurious lifestyles to Thailand,” noted Techakraisri.
Set for completion in 2015, Ritz Carlton Residences is touted to become a major landmark in Thailand as it is going to be the tallest country’s building at 314 metres tall (77 floors). This tower is part of the major MahaNakhon mixed-use development, which also includes 200 Ritz-Carlton branded luxury residences, the CUBE Lifestyle and Retail Centre and a 159-room Edition hotel.
Pace Development will partner with House of Patels for its selling exercise in Dubai, Abu Dhabi and Gulf Cooperation Council (GCC).
House of Patels Chairman Asgar Patel, said: “The fact that we have already sold 55 percent of Bangkok’s iconic development in UAE has proved the credibility of the investment. The standard of luxury properties in the UAE is so high that investors can quickly spot an investment that’s credible. It’s testimony to the exclusivity and high-end nature of the investment that more than half of the development has already been lapped up by investors with foresight.”
Nikki De Guzman, Junior Reporter at PropertyGuru, wrote this story. To contact her about this or other stories email nikki@allproperty.com.sg
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