MahaNakhon's troubles continue.
Positioning Magazine, one of Thailand’s leading business magazines, reports that the duty-free giant King Power has bought much of MahaNakhon Tower—currently the tallest building in Thailand—from its financially struggling developer Pace Development Corporation Plc.
According to the Bangkok Post reports the sale price at over B10 billion.
Pace Development is known for their high-end, multi-million real estate businesses like the Saladaeng Residences Condominium project (worth B2.5 billion), MahaSamutr Country Club & Luxury Villas in Hua Hin (worth B4 billion), and Nimit Langsuan (B8 billion).
They also own the New York-born deli chain Dean and DeLuca, which they bought for US$140 million in 2014.
On top of selling the MahaNakhon building, Pace has also sold an 87-rai piece of land in Japan for almost B600 million to Richforest International Investments, after having bought it in 2016 for B529 million, according to Positioning.
Meanwhile, MahaNakhon's public businesses, including the much-anticipated Edition Hotel, remain yet to open.
The property held its official launch party in Aug 2016, during a grand eventy headlined by Pharrell Williams.