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Local builder Pace Development and its partner IBC (Industrial Building Corp), a subsidiary of Israel's Fishman Group, said the project aimed to "deliver an architecture befitting Bangkok's place among Asia's great cities".

On completion in 2012, it will house the Ritz Carlton Residences, where the smallest 125-square-metre units will sell for Bt30 million.

The monolithic structure and a second building with a plaza are the brainchild of renowned designer Ole Scherer, best known for his prestigious CCTV Tower in Beijing, with its "loops" signifying the many linkages that form China's state communications giant.

Scherer, a partner of the OMA architecture firm, holds great affection for Bangkok, having spent more than half a year in the city in 1999 on a campaign for an architectural exhibition called "Cities on the Move".

"Bangkok is a city where the past, present and future come together", he said. "Its old waterfront settlements, colonial buildings and skyscrapers coexist as one."

"Bangkok is very chaotic, intense, yet it is one of the most beautiful cities I have visited - because of its sharp contrasts," he said. |"I have the fantasy that 500 years in the future, many cities will look like Bangkok."

His view is reminiscent of Ridley Scott's sci-fi film "Blade Runner".

Bangkok has "dome towers, elephant buildings, robot buildings and even UFO-buildings," he observed.

"To make MahaNakon unique, we decided on a slim monolithic form."

"A monolith itself is dull, it doesn't give or take from the environment. So we decided to excavate the building," he said, gouging out large sections of the building at various points.

"By doing that we can achieve an amazing range of structures, like massive terraced gardens in many sections, floating rooms and spaces in the air."

Pace Development chief executive Surapoj Techakraisri said: "The firm has kept its promise to make MahaNakon a landmark."

Referring to the plaza section of the compound, which aims to draw in people with its opulent gardens, open restaurants and facilities for outdoor events, Surapoj said: "We wanted to build something that will enhance the stature of the Thai capital as well as give something back to its citizens."

The hotel component of the complex - called The Edition - will be operated by the Marriott chain.

While MahaNakon is IBC's first Thai project, it should not be the last, said CEO Dalit Braun.

And while Vietnam and India look promising, Thailand is an easier market to invest in, she said.

Braun first visited Thailand 20 years ago and has never ceased to be surprised at the many improvements she has seen over the years.