Bangkok - Shrugging off political instability and recession, Israel's Fishman Group has chosen Thailand for its first major property investment in Asia, a 18-billion-baht (500-million-dollar) luxury property development in Bangkok, media reports said Thursday.
'We want to enter Asia and chose to do so in Thailand because we believe the country has good potential for long-term investment despite its politcal problems,' Anat Menipaz-Fishman, managing director of the Fishman Group, said.
'And it is cheaper than other Asian countries,' she added, in an interview with The Nation newspaper.
Fishman, through its publicly listed Industrial Building Corp, on Wednesday announced a joint venture with Thailand's Pace Development group to invest 18 billion baht in a luxury 'mixed-use' property project in Bangkok.
The project, on which construction is scheduled to begin in the third quarter 2009 and is expected to be completed in 2013, will include 200 Ritz-Carlton Residences, The Edition Bangkok boutique hotel and a 'luxury lifestyle' retail centre.
The investment comes at a time when the Thai economy has been suffering from more than a year of unprecedented political instability, caused by anti-government street protests, and has entered recession.
Thailand's gross domestic product (GDP) declined 7.1 per cent in the first quarter of 2009, after dipping 4.2 per cent in the last quarter of 2008.
Source: Business news 28 May 2009
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