Ocean Property is prepared to spend THB 350 million to improve its Pattaya and Hua Hin resorts, local media reports. The company is looking to build 60 floating marina berths in Pattaya as part of the marina there and will also renovate its hotel in Hua Hin.
The new berths at Ocean Marina Yacht Club are expected to cost THB 100 million with construction set to begin this year. Once completed, the number of berths at the resort, which also includes a hotel and residences, will increase from 385 to 445.
“The new marina berths will be completed in October as we plan to organise the Ocean Marina Pattaya Boat Show 2017 in mid-November. The annual show, in its 6th year, helps boost occupancy at the club to 92 per cent,” tells Ocean Property Managing Director Tirachai Pipitsupaphol to the Bangkok Post.
Ocean Marina Yacht Club is already the largest yacht club in Southeast Asia based on the number of berths and is located in Pattaya’s Na Jomtien area. The increase in berths will bring in more customers who dock there for repairs, maintenance and to use the club’s facilities.
The company also owns the Assara Villa & Suite Hotel in Hua Hin that is set to undergo a THB 250 million transformation. Once the renovation is complete in October, the property will be run by Swiss hotel brand Movenpick.
Ocean Property believes these moves will help it reach THB 500 million in recurring income this year. In addition to the Hua Hun and Pattaya properties, the company also owns the Ocean Tower I and II office buildings in Bangkok as well as a few other hotels in Pattaya.
“Next year recurring income will grow by 20 per cent to THB 600 million, boosted by the expansion of the marina yacht club and the reopening of the Hua Hin hotel in October 2017,” says Tirachai.
Featured Image:www.asaravilla.com
Receive the latest property news on email from Thailand’s No.1 property website here, or read more project reviews
