By Andrew Batt:
Pattaya property developer Tulip Group has announced plans to launch between three and five new projects in the city of Pattaya.
The projects will be standalone hotels, mixed use condominiums, a service apartment and a new corporate head office. The luxury property developer currently has four condominiums and five hotels currently under construction, all targeted towards the mid- to high end luxury sector and this business model is set to continue.
Jason Payne, Vice President of Marketing, said: “Our business model is to build only in prime locations, with our target sector being 4—5-star luxury. Pattaya is already changing considerably and we believe that both local and international property investors, as well those choosing Pattaya as their holiday destination are seeking properties that offer true luxury.”
In recent years Pattaya has seen resurgence in wealthy Thai nationals visiting the area for both holidays and property investment; however local property developers have adopted the business model of offering inexpensive properties in the THB1 million to THB3 million price range – a trend that Tulip does not intend to follow.
“Personally, I am concerned that Pattaya is becoming over crowded with inexpensive projects with thousands of rooms, all offering very nice facilities. Just how cost effective it is to build these projects, or just where all the people will come from to purchase all of these rooms, I just do not know “
Tulip Group is currently working on projects with Centara Hotels & Resorts, Park Plaza Hotels Europe and Golden Tulip Hotels & Resorts, and the developer claims that they will be bringing even more 5-star brands to Pattaya.
Payne added:“We are currently in negotiation with a number of luxury brands, all of whom seem very excited about Pattaya and its future, we hope to announce some very positive news about our new projects with these brands in the near future.”
Andrew Batt, International Group Editor of PropertyGuru, wrote this story. To contact him about this or other stories email andrew@allproperty.com.sg
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