Israeli, Thai Firms to Build Bangkok's Tallest Tower

The 310-meter project is due for completion in 2012, and is the biggest investment in Asia for Israeli firm IBC.

A joint Israeli-Thai venture unveiled Thursday plans to build Bangkok's tallest tower.

Thailand's Pace Development Co and Israel's Industrial Buildings Corp Ltd. (IBC) unveiled the $410 million joint venture to build a 77-storey, multipurpose high-rise in central Bangkok.

The 310-meter Mananakhon project, which will be the tallest building in the Thai capital, housing 200 luxury residential units, a 150-room five-star hotel and a shopping mall, is due for completion in late 2012, the companies said.

According to IBC's chief executive, Dalit Braun, the investment is the biggest in Asia for her company, Israel's biggest property and infrastructure developer.

Pace and IBC respectively hold 50.1 percent and 49.9 percent in the venture, the largest property project in Bangkok in more than a decade, Pace's chief executive, Surapoj Techakraisri, told reporters.

Mahanakhon's residential units, priced from $900,000 to $8.8 million, are being sold on 99-year leasehold terms.