Duty Free Giant To Buy Bangkok’s Tallest Building

By Chayanit Itthipongmaetee, Staff Reporter

 

 

BANGKOK — A retail juggernaut will take possession of the nation’s tallest skyscraper and put its name on it in a deal valued at over 10 billion baht.

 

King Power CEO Aiyawatt Srivaddhanaprabha said Tuesday that his company has already invested 14 billion baht in acquiring key assets of the 77-floor MahaNakhon building in the Sathon area from Pace Development, including its observation deck and MahaNakhon Cube lifestyle center.

 

Full story: http://www.khaosodenglish.com/news/business/2018/04/11/duty-free-giant-to-buy-bangkoks-tallest-building/

 

-- © Copyright Khaosod English 2018-04-11

Just goes to show what having a monopoly can do for you.

I thought the condo's in the building were being sold already for a long time. How can they buy the whole building?

1 minute ago, Thian said:

I thought the condo's in the building were being sold already for a long time. How can they buy the whole building?

I'm not sure they're buying the entire building, just major retail parts of it.

The OP title is misleading, they are buying what is left over because the developer is going bust.

1 hour ago, kotsak said:

The OP title is misleading, they are buying what is left over because the developer is going bust.

A while ago a forummember posted here that he went to that building with his friend to buy some condo's but the salesgirl wouldn't help them or wasn't even there at all.

 

And now they're going bankrupt?? Amazing Thailand...

5 hours ago, Thian said:

A while ago a forummember posted here that he went to that building with his friend to buy some condo's but the salesgirl wouldn't help them or wasn't even there at all.

 

And now they're going bankrupt?? Amazing Thailand...

Deary deary me.

Property developer goes bust.

Thank god it never happens anywhere else but thailand

This sounds like a new tourist stop for the Chinese. Visit the tallest building for a selfie and buy duty less fake products while your there. 

17 hours ago, Wiggy said:

Just goes to show what having a monopoly can do for you.

Yes, the income stream  allows the company to show its lenders that  it can support the mortgage payments it will have once it borrows the money needed to purchase the property.

Transferred from Pace Development to King Power Mahanakorn - both entities backed by the same owners - from one pocket to another.

A bit of a head-scratcher for me. They had already invested 14 billion and now another

10 billion to close/finish the acquisition. This with most or at least a big chunk of the

condos sold. Seems like an awful lot of money for a little retail space and possibly a

few condos. 

It must be worth something to them. They can now call it “King Power Tower”! 

 Duty Free Giant To Buy Bangkok’s Tallest Building

Maybe he intends to remove the floors and ceilings and sleep standing up.

19 hours ago, Expatthailover said:

Deary deary me.

Property developer goes bust.

Thank god it never happens anywhere else but thailand

 

This is a forum about Thailand. Perhaps you weren't aware of that. And it's not even a thread about the developers going bust.

King Power is a big scam operation. And foreigners fall for it because they look legit.