Thiland's first Ritz-Carlton Residences is planned for construction in Bangkok, and upon completion will be part of the tallest building in the nation. The estimated cost per square meter is placed at 250,000 baht, or 8,000 US dollars, which would price some units in the range of millions. With around 200 residences planned within the mixed-use MahaNakhon Pavilion currently in construction, other facilities within the property will include an Edition Hotel with over 150 guestrooms, and the CUBE Lifestyle and Retail Centre with shopping and dining accommodations.
Ironically, the residences are designed not so much to accommodate local residents, but to meet the standards of potential foreign buyers from the United Arab Emirates. The CEO of Pace Development, who is in charge of the project, has expressed his recognition of the prominent support that the UAE has been showing Thailand, as millions visit the country each year and have shown interest in investing in properties and businesses. As the extreme oil wealth within the UAE begins to trickle out beyond its boundaries, developers are hoping that some of the nation's several thousand millionaires will choose to purchase real estate in Thailand. While the MahaNakhon and the Ritz residences will be a great attraction to be boasted on the global stage, it is unclear as to the specific gains to be experienced by Thai natives and residents.
[via Bornrich]
