The Ritz-Carlton Roadshow: Taking Thai Property Abroad
Recently PACE Development took The Ritz-Carlton Residences, Bangkok on a roadshow abroad, taking the iconic residences to The Ritz-Carlton Hotel, Hong Kong and The Ritz-Carlton Hotel, Singapore. PACE CEO Sorapoj Techakraisri explained, “PACE Development has already seen real interest in overseas buyers in the luxury property in Bangkok which is why we made this investment in a roadshow. A surge in interest in luxury Thai property from well-to-do Hong Kong investors is being driven by a lift in optimism about the overall political and economic environment in Thailand.”
Showing the property first using the Presidential Suite of the world’s tallest hotel in Hong Kong, then a week later taking the development to Singapore, interest proved strong, with 18 residence sales recorded over the 5 days spent abroad. Relative to prices in both markets, the pricing for the Residences at MahaNakhon remains very attractive, and the buyers choosing to purchase at the Roadshow were also able to sample the quality of The Ritz-Carlton properties for finishing and also service, both key components of the finished residences. Many foreign purchasers felt the property management of the Residences was a major reason to buy, ensuring the long term value of their purchase while also providing access to all the services of a hotel.
With construction already underway and strong foreign sales starting to return, The Ritz-Carlton Residences also attracted strong coverage in Thai business news, following the success of the roadshow event, one of the first such sales activities by a Thai property developer following the recent elections in July 2011.