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New MahaNakhon project is targeting the ultra luxury market
The presentation was not short of superlatives to introduce PACE’s new project. MahaNakhon was launched as an ultra luxury development project set to be, not Thailand, but Asia’s newest landmark. MahaNakhon should already sound familiar to your ears, because it is part of Bangkok name in Thai : Krung Thep Mahanakhon or กรุงเทพมหานคร.
MahaNakhon is expected to be the highest building in the City of Angels, even taller than the 305-metre high Baiyoke Tower II.
Ultra luxury, and the privilege to live in Asia new landmark will come at a price : 250.000 baht per square meter will be the average tag price to snap one of the 200 residences under the brand of Ritz Carlton Residences. People who purchase units in the MahaNakhon residence will get to sign a 30-year lease and will be given the opportunity to renew the lease twice by another 30 years each time. Facts and figuresDeveloper: Joint Venture: PACE Development Co., Ltd. and Industrial Buildings Corporation Public Company Ltd.
Location: Narathiwas Ratchanakarin Road, between Silom and Sathorn Roads, Bangkok, Thailand
• Type of development: Mixed-use including Residences
• Hotel brand: Bangkok Edition Hotel by Ian Schrager (operated by Marriott International Hotel and Retail
• Residences brand: Ritz-Carlton Residences, Bangkok Lifestyle retail center: Ultra luxury lifestyle retail center (area: approx. 10,000 sq.m.)
• Project area: Approx. 9 rai (14,950 sq. m.)
• Residential saleable area: Approx. 60% of total project GFA (with 20% for hotel and 20% for retail center)
• Residential average price: 250,000 THB per sq.m. (US$ 7,100 per sq.m.)
• No. of residential unit: Approx. 200 units
• Unit types: 2 – 5 bedrooms
• Residential presale period: June 2009
• Construction commencement: Q3 2009
• Residential show unit opening: Q4 2009
• Retail center completion: December 2011
• Hotel completion: December 2012
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