Kingdom Property has revealed that it will develop a major new beachfront retail project called The Bay in Central Pattaya, Thailand.
The Bay will be phase one of a larger, mixed-use vision that will be developed over the next five years, encompassing hospitality and residential on a 23-rai site stretching from Beach Road to Second Road. The total project value will be THB5 billion.
Construction on phase one will start in November 2014 and will be complete by Q4 2015.
Kingdom Property have been appointed to oversee the development of The Bay on behalf of the owners Beachfront Capital, with financing provided by Krung Thai Bank, one of Thailand’s largest financial institutions.
The Bay now becomes Kingdom Property’s second project on the Eastern Seaboard, following on from the upscale 672-unit Southpoint condominium on Pratumnak Hill. Southpoint will transfer to buyers in the fourth quarter of next year.
The Bay has been designed by RDG Planning & Design, the firm behind the hugely successful Terminal 21 in Asoke, Bangkok, who will create a concept “never previously seen in Pattaya”, according to Kingdom Property Chief Executive Officer, Nigel Cornick.
He said: “It is very exciting to work with RDG, a pioneer in retail design in Thailand. We have significant experience developing property on the Eastern Seaboard over the past decade with Northshore, Northpoint and currently Southpoint projects and we are pleased to contribute to the ongoing rejuvenation of Pattaya.
“We believe in the long-term strength of Pattaya and its development as a major city and as a family destination. The Bay will ideally suit these conditions and will be outstanding as a premium dining and leisure destination when it opens this time next year.”
The Bay will provide 6,800 sqm of retail leasing space over three stories along 100 metres of Beach Road frontage. The generous set back from the main road will allow for an extensive ground floor plaza area of 1,800 sqm that will integrate the retail space with its beachfront location.
Colliers Thailand have been engaged to handle leasing and are already in discussions with a number of leading international brands in addition to successful food and beverage operators in Bangkok looking to spread their footprint to Pattaya and the Eastern Seaboard.
The team of consultants and contractors behind The Bay includes Beaumont Partnership, EEC WSP and Warnes and Associates.
Andrew Batt, International Group Editor of PropertyGuru Group, wrote this story. To contact him about this or other stories email andrew@propertyguru.com.sg
