UAE businessman invests $27m in Thai tower

  • Share via facebook
  • Tweet this
  • Bookmark and Share

A UAE-based businessman has invested AED100m ($27.2m) in a project to build the MahaNakhon, Thailand's tallest tower.

In a statement, Asgar Patel, chairman of the House of Patels Group, said the AED2.25bn ($640m) project in Bangkok is expected 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 per cent compared to the previous year," said Patel whose firm has interests in real estate, financial services, transport and logistics.

"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," added Patel, explaining the reasoning behind investing in Thailand.

He said the House of Patels Group has acquired the project's marketing and sales rights for India and the GCC.

The development will have the appearance of a glass curtain - walled square towers with a cuboid-surfaced spiral, sculpted into the side of the building.

Upon its expected completion in 2015 it will be the tallest building in Thailand at 314 metres with 77 floors.

Featuring hotel, retail and residences, 194 units of The Ritz-Carlton Residences Bangkok are priced starting from approximately $1m, making it one of the most expensive condominiums in Bangkok.

Patel said that he would soon be launching a marketing campaign in the UAE to promote investment in the tower.

Related:
Join the Discussion

Disclaimer:The view expressed here by our readers are not necessarily shared by Arabian Business, its employees, sponsors or its advertisers.

Please post responsibly. Commenter Rules

  • No comments yet, be the first!

Enter the words above: Enter the numbers you hear:

All comments are subject to approval before appearing

Further reading

Features & Analysis
Time to invest?

Time to invest?

Foreign investors are seeing Qatar as an ideal place to purchase...

1
Heading for a correction?

Heading for a correction?

Property prices may have held relatively steady in Lebanon during...

1
Emaar's 'city of the future' explained

Emaar's 'city of the future' explained

The Iraqi city of Erbil is aiming to build on Dubai’s rapid march...

1
Most Discussed
  • 54
    Three UAE women attacked with hammer at London hotel

    I really feel that Arabian Business.Com should now close this comments page. This should be all about sympathy for the families not what it is/has turned... more

    Wednesday, 16 April 2014 1:06 PM - Adrienne
  • 51
    Why Dubai isn't a plastic city

    What is definitely not a plastic city. The Arabs have a culture dating back to several centuries. 50 years back Dubai was just a fishing village. Today... more

    Tuesday, 8 April 2014 3:49 PM - P. MADHUSUDAN
  • 48
    DMCC boss Ahmed Bin Sulayem entertains Robert Mugabe in Dubai

    @fga ''However today, simply because he decided to dispossess a few white farmers of their land and redistribute to the poorer indigenous blacks'' more

    Sunday, 13 April 2014 3:02 PM - Matt Williams