Magnolia Quality Development Corporation (MQDC) announced they will team up with Chinese developer Greenland Holding Group to build a THB30 billion residential project in Pattaya. The development is scheduled to launch sometime in 2016.
The project will be a mixed-use development with condo buildings, hotels, serviced residences and retail space, MQDC chief executive Thippaporn Ahriyavraromp said. The project will be situated on a 40 rai plot of land in Pattaya’s Na Jomtien area.
The project was originally scheduled to launch this year but was pushed back as the developer redesigned the master plan. The redesigning was necessary to avoid obstructed views from a high-rise building that is being built next to the proposed development.
This project is just one of many MQDC is working on at the moment. The developer recently announced The Residences at Mandarin Oriental Bangkok, a THB9 billion project will launch later this month. The project has already seen 30 units worth over THB1 billion booked. The company is hoping to record further sales at an upcoming roadshow in Hong Kong.
Demand in the luxury residential segment has remained strong despite some buyers feeling a slight impact from Thailand’s sluggish economy, MQDC managing director Thanawan Chaiwatana noted. “There were a lot of projects in the luxury segment launched this year, which created a variety of products for buyers to choose,” he added.
MQDC is developing two other luxury projects in Bangkok. Magnolias Ratchadamri Boulevard is a leasehold condo project on Ratchadamri Road near the Ratchaprasong intersection. The project is 80 percent sold and will have a total of 316 units worth THB5.5 billion. Magnolias Waterfront Residences is the company’s other project under construction. The luxury condo will be located next to The Residences at Mandarin Oriental and has already sold out.
