Asgar Patel says $640m MahaNakhon project is expected to be completed in 2015
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.