High-end Thai property developer PACE Development Corporation PLC., recently announced it had firmed up sales exceeding 420 million baht for 10 luxury condominiums at its Ritz-Carlton branded residences in Bangkok as a result of a 3-day road show conducted in Dubai at the end of April.
The roadshow was the first ever conducted by a Bangkok luxury property developer in Dubai to tap into the Middle East market and European expatriates located there. The Ritz-Carlton branded residences will form part of PACE’s landmark 19 billion baht MahaNakhon mixed-use development rising in the center of the Thai capital.
An artist’s drawing shows the completed MahaNakhon tower and mixed-used development in the Silom/Sathon central business area of Bangkok.
Sorapoj Techakraisri, CEO of PACE Development said, “It was something that no one had done before. But we were confident that the trip to Dubai would attract buyers because the Middle East is very familiar with the Ritz-Carlton brand and they know that it promises the highest specifications and quality, services, and most importantly, first-class upkeep long after a residence is sold.”
Sorapoj said that of the 10 luxury residences sold, seven were larger 2-bedroom residences, and three were 3-bedroom residences.
“Most of the buyers are expatriates interested in investing in Bangkok because of excitement surrounding the approaching ASEAN Economic Community (AEC). They find it reassuring to invest behind the Ritz-Carlton Residences brand and an iconic building in an excellent location, which will become Bangkok’s tallest landmark,” he said.
According to Sorapoj, many buyers are aware of Bangkok’s new rail transportation infrastructure plans and that this has helped boost optimism that Bangkok could become a center and gateway to the region.
“Middle East buyers also favour the luxury, mixed-use concept,” he said. “They know from experience in Dubai that luxury brands located in the mixed-use development also increase the value of residences in the same property.”
A 77-floor pixilated tower (314 meters in height) will form the center-piece of the MahaNakhon mixed-used development and will be the tallest building in the country when completed in 2015. The project will include 200 Ritz-Carlton branded luxury residences and a 159-room boutique hotel. Construction of the 7-storey CUBE Lifestyle and Retail Center, which is also at MahaNakhon, has already topped off and will be open at the end of this year. The CUBE includes some of the most premium names in dining and entertainment, including Vogue Club, Dean & DeLuca’s flagship outlet, as well as L’Atelier de Joël Robuchon, among others.