Lightshow at Bangkok's new tallest building (VideoUpdate)

Lightshow at Bangkok's new tallest building (VideoUpdate)

Scenes from last night lightshow. THAWEECHAI THAWATPAKORN
Scenes from last night lightshow. THAWEECHAI THAWATPAKORN

MahaNakhon, the tallest building of Thailand, was officially launched with lights and sounds shows in Bangkok on Monday night.

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Tuesday morning update

A more distant view. PATTARACHAI PREECHAPANICH

Thailand's tallest building inaugurated

MahaNakhon, the tallest building of Thailand, was officially launched with lights and sounds shows in Bangkok on Monday night.

Lights were beamed onto the 314-metre-tall structure and skywards from the building as its developer Pace Development Corp was celebrating the 18-billion-baht project on Naradhiwas Rajanagarindra Road in Silom area.

Monday's story

ENTERTAINMENT, REAL ESTATE & BUSINESS

Lightshow at Bangkok's new tallest building

Kanana Katharangsiporn

At 77-floors the MahaNakhon skyscraper is now Bangkok's tallest building.

To celebrate, an impressive lightshow will shower the building in light Monday night at 7:30pm and 8:25pm.

An eye-catching test run Sunday could be seen from as far away as Phra Ram IV Road by those happening to be walking outside around 9 to 10 at night.

Prizes will be awarded for the best photos posted to social media.

WHAT IS INSIDE THE SKYSCRAPER?

The gigantic skyscraper has a hotel, retail space, bars, restaurants and an observation deck.

Exclusive condominiums under the management of Ritz-Carlton Residences start at 40 million baht. There are 200 units in the building. 

MahaNakhon, a uniquely designed mixed-use skyscraper, contains several assets of the proposed REIT.

PART OF SKYSCRAPER TO BE SOLD FOR 10 BILLION BAHT

SET-listed Pace Development Corporation built the project and plans to sell the hotel, retail space and observation deck for more than 13 billion baht to a real estate investment trust (REIT) in the next few years.

The estimated values are 8 billion baht for the observation deck, 4 billion for the Bangkok Edition Hotel and 1.5 billion for the retail space dubbed Cube.


DEVELOPER DIVERSIFYING INTO OTHER BUSINESSES

"Our revenue base in the near future will mainly come from non-residential business at 70%," said chief financial officer (CFO) of Pace Natha Kittiaksorn.

"We may consider setting up a conglomerate or moving to other sectors like food and drinks in which the price-to-earnings ratio (P/E ratio) is much higher than in the property sector."

By the year 2020, Pace expects to have 30 billion baht in overall revenue, including 15 billion from Dean & DeLuca, 10 billion from property development and 5 billion from the Bangkok Edition Hotel, Cube mall and observation deck at MahaNakhon.

(Source: Google Maps)


In the first half of the year, Pace recorded consolidated revenue of 3.2 billion baht, more than double the year-ago figure of 1.56 billion baht.

The company posted a net loss of 573 million baht, narrowing a year-earlier loss of 904 million.

Of total revenue in the first six months, 1 billion baht was from property development (including unit transfers at MahaNakhon), and the rest was from Dean & DeLuca.

Income from retail space, the hotel and the observation deck will start in 2017.

In the fourth quarter of this year, Pace will launch a luxury condo project worth 2.8 billion baht on Narathiwat Ratchanakharin Road.

The high-rise building will house just 36 units, all of them duplex units sized from 400 square metres.

A duplex or duplex apartment refers to a single apartment spread over two floors connected by a staircase.

US GOURMET FOOD BRAND

Pace acquired the US gourmet food brand Dean & DeLuca including 11 outlets in the US as well as its global business for US$140 million in 2014.

The company now has 52 branches of Dean & DeLuca, comprising 12 in the US, five in Thailand and 35 elsewhere, under a licensing contract that generated 2.2 billion baht in the first-half revenue, accounting for 70% of the company's total revenue.

Plans call for adding 50 branches in the US next year at a cost of US$30 million, with financing from Siam Commercial Bank.

Pace wants 300 Dean & DeLuca branches operating worldwide in 2019. By 2020, the brand is forecast to generate 15 billion baht in revenue for the company.

(Source: Facebook)


http://www.bangkokpost.com/business/news/1064552/pace-eyes-reit-to-consolidate-b13bn-in-assets

http://www.khaosodenglish.com/news/bangkok/2016/08/28/standing-tallest-mahanakhon-celebrates-completion-monday-light-shows/

https://www.facebook.com/MahaNakhonBKK/

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Vocabulary

  • accounting for (verb): being -
  • acquire: to get; to obtain - ได้มาซึ่ง
  • as well as: also -
  • award: a prize or a sum of money that is given to someone following an official decision - รางวัล
  • base: to use an idea, a fact, a situation, etc. as the point from which something can be developed - วางรากฐาน
  • beam : to send out a beam of light, or an electrical or radio signal, etc - ลำแสง  คลื่น
  • branch: an office or shop representing a large company or organisation in a particular area - สาขา
  • brand: a type of product made by a particular company - ตรา, ยี่ห้อ
  • celebrate: to do something enjoyable in order to show that an occasion or event is special - ฉลอง
  • comprising: consisting of - ประกอบด้วย
  • condominium (noun): an apartment building or group of houses in which each flat/apartment/house is owned by the person living in it but the shared areas are owned by everyone together - คอนโดมิเนียม
  • conglomerate: a large company formed by joining together different firms - กลุ่มบริษัทในเครือ
  • connect: to join together two or more things - เชื่อมต่อ
  • consider: to give careful thought to something before making a decision - พิจารณา
  • consolidated: the accounting numbers and reports that combine all the companies that a company owns - รวมเป็นหนึ่ง
  • contract: an official written agreement - สัญญา
  • development: the process of using an area of land, especially to make a profit by building on it, etc - การพัฒนา
  • duplex: a duplex or duplex apartment refers to a maisonette, a single dwelling unit spread over two floors connected by an indoor staircase.[3] Similarly, a triplex apartment refers to an apartment spread out over three floors. These properties can be quite expensive and include the most expensive property in Manhattan as of 2006 (according to Forbes Magazine), a triplex atop The Pierre hotel. In this context, an apartment locating on one floor only may be called a simplex. (Source: Wikipedia) -
  • elsewhere: another place or other places - ที่อื่น
  • estimated: thought to be a particular amount, size, etc. based on a guess or the best information available - ประมาณการ
  • exclusive (adj): limited to a particular person, group or thing and not shared with others - แต่ผู้เดียว
  • expect (verb): to think or believe that something will happen or that somebody will do something - คาด, คาดว่า, คาดการณ์
  • eye-catching: very surprising and nice to see -
  • figure: a number representing a particular amount, especially one given in official information - ตัวเลข, จำนวนเลข
  • finance: to provide money for something - จัดหาเงินทุนให้
  • forecast: a statement about what will happen in the future based on information available now - การพยากรณ์, การคาดการณ์
  • generate: to produce - ผลิต, ก่อให้เกิด
  • gigantic: extremely large - มหึมา ใหญ่โต
  • global: throughout the world - ทั่วโลก
  • happen (verb): to do or be something by chance, i.e., not by planning ahead - เกิดขึ้นโดยบังเอิญ, บังเอิญเกิดขึ้น
  • impressive: something that people admire because it is very good, very large or shows great skill - ซึ่งน่าประทับใจ
  • inaugurate: to put something into use or action officially - เริ่มเป็นทางการ
  • license (verb): to obtain an official document that gives someone permission to do or use something - ได้รับใบอนุญาต
  • management: the act or skill of dealing with people or situations in a successful way - การจัดการ
  • management: the people who run and control a business or similar organisation - คณะผู้บริหาร
  • narrow: to make less wide - ทำให้แคบลง
  • observation: the process of watching someone or something carefully, in order to find something out - การสังเกต
  • observation deck: a place on top of a tall building where people can go to see the good view -
  • outlet (noun): a shop or place where a particular product is sold - ร้านขายสินค้า, ร้านขายสินค้าจากโรงงาน
  • overall (adj): total; including all the things or people that are involved in a particular situation; general - ทั้งหมด, โดยทั่วไป
  • price-to-earnings (P/E) ratio (noun): the ratio of a company's current share price compared to its per-share earnings: Market Value per Share / Earnings per Share (EPS), A high price-to-earnings ratio usually means that higher earnings growth in the future is expected, also called: price-earnings ratio, P/E ratio, price multiple, earnings multiple - อัตราส่วนราคาตลาดต่อกำไรสุทธิ
  • prize: money or trophy given to someone who wins a competition - รางวัล
  • project: a planned piece of work that is designed to find information about something, to produce something new, or to improve something - โครงการ
  • property: a building or buildings and the surrounding land - อสังหาริมทรัพย์
  • quarter (noun): three months of the year on the official calendar of the government or companies - ไตรมาส
  • ratio (noun): the relationship between two numbers or amounts, one number over another number, proportion, fraction - อัตราส่วน, สัดส่วน, อัตราเปรียบเทียบ
  • residence: a place where someone lives - ที่พำนัก ที่อาศัย
  • retail: to sell directly to the public for their own use - ขายปลีก
  • revenue: income from taxes or business activities - รายได้
  • sector: a part of a country’s economy or business activity - ภาคเศรษฐกิจของประเทศ
  • SET-listed: a public company, i.e., a company that offers its shares to the public on the Stock Exchange of Thailand (SET) - บริษัทมหาชน
  • setting up: creating something or starting it - ตั้งขึ้น
  • shower (verb): to give somebody a lot of something ให้อย่างมากมาย - ให้อย่างมากมาย
  • skyscraper: a very tall building containing offices or flats - ตึกสูงมาก
  • social media: the use of web-based and mobile technologies to turn communication into an interactive dialogue, e.g., Facebook, Twitter, etc. - เครือข่ายสังคมออนไลน์
  • space: an area or a place that is empty or that can be moved about freely - ที่ว่าง
  • spread: to gradually affect or cover a larger area - แพร่กระจายไปทั่ว
  • staircase: many steps that a person can walk up on - บันไดทอดหนึ่ง
  • unit: one office or building or group of people - หนึ่งหน่วย
  • value: how much something is worth in money or other goods for which it can be exchanged - มูลค่า
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