By Andrew Batt:
Kingdom Property, the company headed by former Raimon Land boss Nigel Cornick, has launched its first project in Pattaya with news of significant investor interest.
“We are already very close to selling the whole of the smaller tower to a single Thai investor which will be good, because it will allow us to apply a lot more foreign ownership into the main tower,” Cornick said during the project launch at the Royal Varuna Yacht Club.
Investment in Pattaya property is showing no signs of slowing, and with it a large number of developers have been bringing new projects to the market.
Cornick isn’t worried. He said: “If you analyse the competition you will find that most of it tends to be low rise and it tends to be in locations that I would consider to be secondary.”
Foreign investment in the project is expected to come from various nationalities. Cornick is optimistic about potential investors from Korea and Singapore, with both countries beginning to once again show interest in Thai property investment. He noted that the Russian market remains the largest at the moment.
Kingdom Property’s Marketing Manager, Irina Breslavtseva, explaining Pattaya’s appeal to Russian tourists, said: “Most Russians do not speak English, so they really appreciate coming to an area where the local people make an effort to speak Russian and write signs, menus and directions in Cyrillic. Pattaya is now a familiar tourist hot spot for Russians, so many see the area as a convenient, accommodating holiday destination where they can be comfortable and are likely to meet other people.”
Construction of Southpoint is expected to start in December with the focus of the project being studios and one-bedroom units. Cornick added that if a demand for two-bedroom units was seen, studio units will be merged in order to meet that demand.
Get daily property news in Thai and English straight to your Inbox from Thailand’s number one property website. Subscribe today for free.