Thailand real estate developer Kingdom Property has appointed China’s largest real estate agent to represent the company’s Southpoint Pattaya project in the booming mainland Chinese market.
With an expected total of five million Chinese tourists visiting Thailand in 2013 alone, the growing Chinese demand for Thai property is one that Kingdom Property plans to exploit with the appointment of SouFun.
Kingdom Property’s Chief Executive Officer Nigel Cornick said that he was delighted to be working alongside SouFun in a market that offered a good match for high quality property developments.
He said: "SouFun has a formidable track record and is very respected in the market – and we are pleased to have signed a partnership with them to represent us in China and join our established international team," he said.
"China is clearly a market that requires a strong local partner – and in SouFun I believe we have found a company that provides Chinese buyers with a high level of confidence and we expect the market to continue to perform strongly for us.”
Currently the main buying nationality at Southpoint Pattaya is Thai, accounting for 65 percent, followed by Chinese, Japanese and Russian buyers. The development is the first in a pipeline of projects in Pattaya currently valued at an estimated THB20 billion.
Southoint Pattaya is located on a four rai freehold plot, located a short distance south of Bali Hai in Pattaya City, on an elevated site on Pratumnak Hill, offering extensive sea views and within walking distance of the Royal Varuna Yacht Club.
Total sales of the twin-tower development which is located on a four rai freehold plot south of Bali Hai in Pattaya City now stands at more than 60 percent, with the entire Suites Tower sold earlier this year to a local Thai investor who will develop the 224-unit building into internationally-managed serviced residences.
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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