Thailand real estate developer Kingdom Property announced today it
has amassed a project portfolio on the Eastern Seaboard with an
approximate value of THB20 billion in just one year since launching its
first project, Southpoint Pattaya.
The twin tower development on
Pratumnak hill in south Pattaya is already 60 percent sold, with one
tower purchased by a Thai investor who will develop it as
internationally-branded services residences, and a further 87 units sold
in the other tower to Hong Kong-based Purple Link Investment Company.
Construction has started and it will be completed in 2015.
In
north Pattaya, Kingdom Property is poised to launch a new luxury
condominium project of about 50 storeys on a 8,000 sqm absolute
beachfront site in the upscale Wongamat Beach area for which is recently
launched a competition called "Name It! Tag It!".
The
competition offers participants return business class tickets for two
and a five-night stay at the newly refurbished five-star Sheraton Mirage
Resort & Spa in Surfers Paradise, Australia to the winner who comes
up with a name and tagline befitting the luxury project.
Furthermore,
in central Pattaya, Kingdom are developing a major retail, hospitality
and residential complex on a 23 rai plot that stretches between Beach
Road and Second Road, which is valued at over THB15 billion. It will be
called The Bay.
Kingdom Property Chief Executive Officer Nigel
Cornick, who was responsible for projects such as The River and 185
Rajadamri in Bangkok, and Northpoint and Northshore in Pattaya, said
that the Eastern Seaboard offered great opportunities to experienced
developers.
"We are very confident about the future of Pattaya.
It has the biggest tourism industry outside of Bangkok, a booming
industrial sector in the Eastern Seaboard and massive infrastructure
projects like the high-speed train in the pipeline. These combine to
drive a strong economy.
"So the demand for quality real estate is
there whether for investment, lifestyle or rental. We have also seen
new city planning initiatives come into place, which will greatly
benefit the city, as well as the re-emergence of a luxury market.
"This
is driven by Thai buyers who have the means and understand the
long-term strengths of the destinatio as it matures, and supported by
Chinese, Japanese and Russian buyers."
Andrew Batt, International Group Editor of PropertyGuru Group, wrote
this story. To contact him about this or other stories email andrew@propertyguru.com.sg
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