Forbes

20 | FORBES ASIA JULY 2016

A

nnounce plans for Bangkok’s tallest building in the depths of a
financial crisis. Persist through violent street protests and a mili-
tary coup. Target wealthy foreigners who would pay millions for
an apartment. People thought Sorapoj Techakraisri was crazy.
That he was only in his 30s added to the skepticism.
But the 77-story MahaNakhon tower is finally nearing completion, and in
September its first residents will be moving in. Located in the upmarket Silom/
Sathorn district, the tower boasts a pixelated facade that shimmers like a glass
curtain and twists like a spiral—effects that are created by virtue of every floor
being different. It has already collected a bevy of awards and a spot on maps
of the world’s most notable architectural sites. By far the largest skyscraper on
the skyline, MahaNakhon will contain 209 Ritz-Carlton Residences, ranging
in price from $1.4 million to $10 million; a five-star Edition Hotel by Marriott
International; and flashy boutiques and restaurants.
Even bolder than Techakraisri’s $600 million bet on MahaNakhon—a
name that comes from the Thai word for Bangkok—is his vision for the city.
He believes that Bangkok is on the verge of a metamorphosis, even as the Thai
economy continues to struggle. He sees Bangkok as an alternative to Singapore
as a hub for the Mekong region of Southeast Asia, drawing a wave of rich expa-
triates who will require the amenities that MahaNakhon promises. “It’s almost
like a new market coming out,” he says. “Wealthier people have more to spend,
and they are willing to spend. That’s what we see.”
Techakraisri’s company, Pace Development, is also catering to this predicted
new class of expats with the MahaSamutr, a country club and villa development
200 kilometers outside Bangkok in the seaside town of Hua Hin. “What we are
doing is very different from the rest of the market here,” he says. “Before these
projects, this level of superluxury did not exist in Thailand. Now it does.” Says
Andrew Gulbrandson at Jones Lang LaSalle, “No other developer had shot that
high before.” In fact, he thinks, Pace will cement its position as Bangkok’s lead-
ing luxury developer once owners begin to move into MahaNakhon.
Smartly dressed in black and white, Techakraisri, 38, flashes a confident

Risky

Business

Bangkok’s tallest skyscraper is almost

ready to open. It’s Sorapoj Techakraisri’s

$600 million gamble that a wave of rich

expats is about to arrive.

BY JANE A. PETERSON

FORBES ASIA

THAI REAL ESTATE PLAY

TIM PELLING FOR FORBES