By Andrew Batt:
Prolific Pattaya property developer Tulip Group has revealed it is pulling out residential property projects to focus solely on standalone hotels.
For the past three years the company has focused on branded residences, including Centara Avenue Residence & Suites, Waterfront Suites & Residences and Centara Grand Residence Pattaya. These mixed-use developments have proved very useful for the company, according to Vice President Jason Payne.
He said: “Hotel development has always been a priority for us, and we have seen this as our core business. Branded residences were an ideal opportunity to bring something different to the market, with the focus being on building only in prime locations – whether in central locations or direct beachfront.
He added: “For the last 12 months we have had concerns that the Pattaya property market is becoming overcrowded and congested, and after taking advice from our bankers and financial advisers, this has led us to the decision that we will only be developing hotels for the immediate future as this is a more sensible business decision.”
Tulip Group is set to open a super luxury five-star Centara Grand on the prestigious Phratanmak Hill area in August, and it is currently in talks with three international operators to bring a further 3-5 luxury hotels to Pattaya.
Payne added: “Construction of our current projects will continue as planned and we are fully committed to delivering world-class properties to our buyers. We remain very positive about these condominiums as well as the onsite hotels, but all projects in planning or not officially launched will now be put on hold so we can fully focus on expanding our hotel portfolio.”
Tulip Group has four condominiums and five hotels currently under construction, and the group expects its hotel portfolio to grow to around 15 properties within the next five years.
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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