Khmer Times’ May Kunmakara sits down with Marc Begassat, managing director of King Power Mahanakhon, an iconic mixed-used skyscraper in Bangkok, Thailand. Mr Begassat discusses Bangkok’s crowded real estate sector as well as his plans to attract Cambodian buyers.
KT: First, tell me about King Power Mahanakhon. Why is it such an important building within Bangkok’s real estate sector?
Mr Begassat: King Power Mahanakhon is an iconic landmark and one of the tallest buildings in Thailand, located in the heart of Bangkok’s central business district. As a mixed-use property, the building is also home to The Ritz-Carlton Residences Bangkok, King Power Duty-Free and Retail, Mahanakhon SkyWalk (Thailand’s highest observation deck) and Mahanakhon Bangkok SkyBar (Thailand’s highest restaurant and bar).
Soon King Power Mahanakhon will also be home to the world’s first Orient Express hotel, along with signature dining destinations such as Mott32 and Mahanathi by David Thompson.
KT: Tell us about Bangkok’s real estate sector. What properties are in the highest demand?
Mr Begassat: For the downtown condominium market, the demand continues to expand. The target customers are end-users and long-term investors in the upper-tier segment, both Thai and foreigners. Buyers are typically more focused on product differentiation and the value-added proposition of the project.
Property buyers who are interested in The Ritz-Carlton Residences are attracted to the opportunity to own a freehold, branded residence within a prime and prestigious location. In addition to that, it is a truly unique opportunity to own a residence within an iconic landmark that combines exceptional hospitality, award-winning cuisine, and world-class attractions.
KT: Cambodia’s construction and property sectors have boomed in recent years. Many condo and apartment projects are mushrooming around the country, particularly in the capital. Do you think King Power Mahanakhon will consider partnerships with investors here?
Mr Begassat: At King Power Mahanakhon, the investment opportunities within our mixed-use property include a hotel, retail shops, and world-class at tractions. If there are any additional opportunities for future investment and partnerships, we remain open to exploring them.
KT: Every year, more and more Cambodians visit Thailand. Do you have a strategy to attract Cambodian buyers?
Mr Begassat: Cambodian buyers have expressed interest in the project and we look forward to welcoming interested buyers to our brand-new show units. Exclusive privileges for purchasers include a King Power Crown membership, cash vouchers worth 50,000 baht of catering services from Pullman Bangkok King Power Hotel, and two Premier League Football tickets at King Power Stadium, Leicester City, England.
As one of Southeast Asia’s economic hubs, Bangkok’s real estate market is one of the most attractive spots for living and conducting business activities in Thailand. Apart from investment options, last year, there were over 1.2 million Cambodians that visited Thailand to travel or to seek world-class medical healthcare and a top-notch lifestyle.