Thailand's Tallest Building Rises
In spite of the current challenges facing the property market and frayed economic climate the 77 story MahaNakhon project on Bangkok's Sathorn Road. Located near to the Infinity and new W hotel project between Golden Land and the Middle East group, this new development represents a similar venture with Thailand's Pace Development and Israel's Industrial Building Corporation.
The MahaNakhon which will be Thailand's tallest building will house an Edition Hotel, which is Marriott's new hip venture with legendary design hotel icon Ian Schrager, along with Ritz-Carlton luxury managed residences and condominiums targeting sales prices between 200,000 to 300,000 baht per square meter. This pricing looks to eclipse the former high just down Sathorn at the Sukhothai Residences. Project completion is pegged by 2012 at a total development cost of THB 5 billion.
Luxury Bangkok real estate looks to be headed the mixed use way with the recent Sukhothai and Metropolitan projects coming after existing hotels were up and running and now the St.Regis by Bill Heineke's Minor Group. Most of these developers rather focus on the value comparisons of Bangkok versus key Asian gateways such as Hong Kong and Singapore along with North America and Europe; while for the most part ignoring what has been a flat real estate market domestically. The results are yet to be in on the latest offering but in terms of blind ambition the peg certainly has been taken up a step.