International chain Golden Tulip will brand and operate a 200 unit hotel and mixed use condominium project in Pattaya.
In what will be known as the Golden Tulip Hotel and Residences the project includes six condominium blocks.
Thai development firm Tulip Group (no relation to the chain) is behind the project.
Pattaya's real estate market has continued to surge over the past 12 month, driven by smallish entry-level condos located in high-rise towers.
This year as seen a decided return of large scale overseas investment into Phuket's hospitality and real estate sectors. From New World's multi-billion baht Rosewood luxury resort and villa project on the Patong Headland, to hotel transactions by Singapore's Lum Chang Development and HPL, Malaysia's TA Global Berhad, and the US-based Outrigger Hotels and Resorts.
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At long last the Villa Market which is popular with expats, will be opening up North in the Laguna area next April.
The location will be at the Boat Avenue development in Cherngtalay, which is on the road leading into destination resort Laguna Phuket.
We spoke to Boon Yongsakul who is the developer and he confirmed that a full size Villa Market has been signed.
Construction is underway and the retail area will have over 2,000 square meters of rentable space with 16 shops.
According to Boon expect some other well known eating establishments to be located in the complex.
The Boat Avenue project has been well received in the market already and has been upsized to approximately 25 rai.
The love affair between Thai listed property development firm Sansiri and Phuket real estate buyers looks to continue with the launch a new condominium project The Base Uptown.
Pre-sales of the 311-unit project which is located on the By-Pass Road has been announced for November 3rd and 4th. The promo machine is out in full force with customers receiving an Apple iPhone5.
Pricing for the entry level product starts at THB2.1 million.
Sansiri recently acquired a large land plot in Mai Khao and the industry is buzzing over a launch in the first half of next year for an upmarket product that will start the company's strategy of attracting more foreign buyers.
Leading Thai resort and property market Hua Hin is increasing its focus on attracting a broader range of customers to it's tourism and real estate sector.
One leading project to watch is the THB5 billion Bluport Hua Hin Resort Mall which is a joint venture between The Mall Group and the Proud Group. The latter is the owning company of the nearby InterContinental resort.
It's expected that the entry will have a similar effect that Central Festival has had in Phuket and Pattaya, in terms of being a key demand generator.
While Phuket has enjoyed it's strategic advantages over the past few years in terms of a wide array of international standard retail malls, golf courses, schools, hospitals and marinas, other destinations are rapidly entering the playing field.
Thailand's property market continues to grow higher in the development cycle and projects are increasingly looking for ways to differentiate their projects.
In Hua Hin, Baan Rajprasong's The Energy Condominium is looking to temp buyers off the sidelines with a promise of free management fees.
Under the scheme the project will establish a collective fund of THB630 million co-opted by a one-time contribution by unit owners of the initial years assessment and by the developers.
The fund will be invested into a managed entity by BBK Asset Management and proceeds used to fund owner's management fees.
While promotional material promotes no management fee for life, there is no discussion about what happens if the invested fund does not retain sustainable profitability?
Leading Thai listed property development firm Raimon Land have signaled a potential red flag for buyers in the surging Pattaya property sector.
With nearly 30,000 condominium units expected to complete between now and 2015 a rising tide of projects are being placed on hold.
Gleaning research data from their Condominium Focus Publication which cites off beach and those not offering views as the those seeing slow market absorption rates.
Risk factors tend to be compounded where sufficient pre-sale levels are not hit, resulting in banks unwilling to release construction finance.
The report does sum up that overall market conditions remain vibrant on a broad basis and is continuing to see healthy segmentation between domestic and international buyers.
Asia Pacific is now home to the largest catchment of high-net-worth-individuals (HNWI).
Data from an annual survey by an affiliate of the Royal Bank of Canada pointed to a surge of new millionaires from China, Indonesia and Thailand as key drivers.
One interesting fact is that there are 3.4 million HNWI's in Asia Pacific, but their asset base to invest is below the USD30 million marker.
In terms of the key counties in the region where these individuals are located, these are Greater China, Australia and Japan.
A massive destination tourism project called Million Island on Koh Lan across from Pattaya is garnering a high level of interest in development circles.
The 228 rai site was acquired by listed firm Hemaraj Land and Development for approximately two billion baht.
An initial phase will commence construction next year including a hotel, and marina.
While planning is still underway, plans made public call for multiple hotels, condominiums, restaurants/retail and an aquarium in later stages.
