The finishing touches are being put in place at the 77-story MahaNakhon tower, Bangkok’s tallest building, and the first residents will start moving in throughout September. In addition to the 209 Ritz-Carlton Residences, the development will also feature a five-star Edition Hotel by Marriott International, boutique shops and several restaurants.
The project is the brainchild of Pace Development CEO Sorapoj Techakraisri who told Forbes Asia that he believes that Bangkok is on the verge of a metamorphosis despite Thailand’s struggling economy. His vision for Bangkok is that as a hub for the Mekong region of Southeast Asia that brings in affluent expatriates who will require luxurious amenities.
“It’s almost like a new market coming out,” Sorapoj told Forbes Asia. “Wealthier people have more to spend, and they are willing to spend. That’s what we see.”
MahaNakhon is just one project being built by Pace that will cater to this predicted new class of expats. MahaSamutr, a country club and villa development in Hua Hin, offers an impressive number of upscale amenities including a state-of-the-art crystal lagoon. These projects have helped usher in the era of superluxury in Bangkok.
“Before these projects, this level of superluxury did not exist in Thailand. Now it does.” Andrew Gulbrandson, head of research and consulting at Jones Lang LaSalle, explained. “No other developer had shot that high before.”
Pace’s MahaNakon has inspired the superluxury segment in Bangkok with several Thai developers including Four Seasons, Sansiri, Mandarin Oriental and St. Regis entering this segment of the property market. Property agents told Forbes Asia that as many as 2,400 superluxury units could come online in Bangkok by 2019.
However, it is not just expats who are attracted to these units. Aliwassa Pathnadabutr, managing director at CBRE Thailand, stated that most buyers happen to be locals. Thailand’s younger generation is attracted to new freehold condos with two or three bedrooms as opposed to the larger housing complexes they grew up in.
This article originally appeared on DDproperty.com on 13 July 2016.