Malaysian billionaire glove makers buy Armani/Casa condo

Founders became billionaires during the pandemic

Miami /
Feb.February 16, 2021 01:30 PM
Stanley Thai and the unit at Residences by Armani/Casa (Twitter, Zoltan Present at Luxhunters)

Stanley Thai and the unit at Residences by Armani/Casa (Twitter, Zoltan Present at Luxhunters)

The owners of one of the world’s largest producers of rubber gloves, who became billionaires during the pandemic, acquired a luxury condo in Sunny Isles Beach.

The joint venture between Related Group and Dezer Development sold unit 4800 at the Residences by Armani/Casa to Kim S. Thai and Bee G. Tan, property records show. Stanley Thai Kim Sim and Cheryl Tan Bee Geok founded Supermax Corp., a latex glove company based in Malaysia.

The couple founded Supermax in 1987 and it has become one of the largest rubber glove makers in the world. Thai’s net worth reached an estimated $1 billion during the pandemic, according to the Hindustan Times, citing the Bloomberg Billionaires Index.

Residences by Armani/Casa, a 56-story, 308-unit tower at 18975 Collins Avenue, was completed in late 2019. It marked the first Armani/Casa-branded building in the U.S.

MV Group USA, led by Manny Varas, built out the 3,438-square-foot unit, which has interiors designed by Giorgio Armani. It has four bedrooms, five bathrooms and one half-bath, according to property records.

The tower was designed by César Pelli, the internationally known architect who created the Adrienne Arsht Center for the Performing Arts in Miami. The developers broke ground in 2016 and secured a $305 million construction loan from Wells Fargo and the Blackstone Group, which they paid off last year.

Units at Armani/Casa range from 1,350 square feet to 4,700 square feet.

Related and Dezer, which also built Hyde Midtown, are teaming up on the development of an Intracoastal-to-ocean property in Hillsboro Beach.






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