The highly anticipated MahaNakhon development just increased its attractiveness to ultra-rich foreign buyers by increasing sale prices and changing property ownership of the plot from leasehold to freehold. This building is a draw for foreigners because of the generous ownership quota they can meet, which can be up to 84% of the 200 condo units for sale. Of the sold units, 60% have already been bought by foreigners.
Anyone who has already purchased a property under a leasehold has the option to continue that agreement or switch to freehold. For the remaining properties still unsold, prospective customers looking to purchase will need to dish out anywhere between 45 and 270 million baht.
Located near Chong Nonsi skytrain station, the 314-metre-high MahaNakhon will consist of 200 luxury condo units under the name of The Ritz-Carlton Residences Bangkok, as well as another 159 rooms within the Bangkok Edition Hotel. It will also be home to the lifestyle mall, Cube.
As the building is expected to become Thailand’s tallest, it was already a draw for investors looking for luxury properties in the heart of Bangkok. Currently one of the most expensive properties in Bangkok, this land acquisition increased the project value even further, by 2 billion baht, while simultaneously increasing sales prices from 12-15%.
