UAE firm in tallest Thai tower

UAE-based House of Patels Group has invested Dh100 million in Thailand’s tallest tower, said a press statement released today.

Asgar Patel, Chairman of the House of Patels Group, expects the project to be valued at Dh2.25 billion ($640 million) on completion 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. Again, Singapore & Hong kong are both saturated and out-priced and have hardly any land mass left. A road is proposed from Calcutta through Burma into Thailand and when ASEAN is formed, Thailand would be the heart of Asia. China, India and Japan are investing in Thailand.  So, it is logical to invest in this growing economy,” said Patel, explaining the reasoning behind investing in Thailand. The House of Patels Group has acquired the project’s marketing and sales rights for India and the GCC.

WSP Reality, a House of Patels' company, had organized a 2-day Roadshow to promote the project, in what is dubbed the ‘first opportunity to invest in a Thai landmark residential property directly from the developer’.

Designed to fit into the Thai landscape with a pixelated façade this development will have the unique 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 (1,030 feet) and 77 floors. Featuring hotel, retail and residences, 194 units of The Ritz-Carlton Residences Bangkok are priced starting from approximately $1 million, making it one of the most expensive condominiums in Bangkok.

Patel also mentioned that they would soon be launching a marketing campaign in the UAE to promote investment in this tower.

Follow Emirates 24|7 on Google News.