As Pattaya bounces back again to become a hot spot for condominium buyers, this leading beach destination is attracting foreign and Thai investors, including international celebrities who have chosen Thailand as the place for their holiday home. The latest newcomer to Pattaya is Jimmy White, one of the world’s snooker legends, winning a total of 23 professional titles and competing in the finals of six snooker World Championships who has recently purchased a holiday home in Pattaya.
Jimmy White, a frequent visitor to Thailand and Pattaya, purchased a unit at The Palm Wongamat Beach, a newly launched luxury beachfront condominium project in Pattaya.
“The choice was easy, I bought in the best location. After a lot of research and hunting for a holiday home, The Palm met all my requirements. Wongamat is one of my favourite beaches in Pattaya and The Palm’s beachfront location is ideal. I can enjoy excellent sea views from my unit, the facilities are extensive and the price is right,” said Jimmy.
Located on a 5-rai headland site on Wongamat beach, The Palm Wongamat Beach is a luxury beachfront condominium project developed by Nova Group. Comprising 544 units set in two high-rise towers, the THB-3.2-billion project takes full advantage of its prime site with all units featuring direct sea views.
Almost 70% of the units at The Palm Wongamat Beach have been sold, despite pre-sales beginning only six months ago. Out of total units sold, over 65% of the buyers at The Palm Wongamat Beach are foreign and 35% are Thai end-users and investors. The sales performance at The Palm Wongamat Beach indicates there is strong foreign demand in Pattaya driven mainly by non-resident Europeans, particularly Russians who are looking to purchase affordable luxury holiday homes.
There is also a significant portion of Thais who have purchased for a combination of a holiday home and as an investment, with several purchasing multiple units as the project is perceived as offering value for money. The Palm Wongamat Beach has also recently completed an en bloc transaction of 80 units to a Hong Kong investor.
The 2-bedroom units which appeal to families, as well as the 1-bedroom units have been popular amongst purchasers and have nearly sold out since the initial pre-sale in late December 2010.
The project’s success has been underpinned by its ideal beachfront location on one of Pattaya’s best beaches and up-market areas and the right pricing. Aside from high quality specifications and attention to detail, the project also offers flexibility in terms of unit layout by offering combined units, catering to end-users with larger unit requirements. Purchase of combined units has been popular amongst existing purchasers. Offering unique combined layouts is possible because of the highly efficient unit layouts for the typical units which range from 32 sq.m. to 96 sq.m.
The three show units are currently under construction and are due for completion in early August 2011. Despite not having a completed show unit, the project has had considerable sales success. With over THB 30 million invested to build the show units, CB Richard Ellis (CBRE), the project’s sole agent, expects to close sales for the remaining units and for those who have purchased, they will also be able to experience the quality of the finished product.
The Pattaya market has clearly emerged stronger with clear signs of a market rebound. In CBRE’s view, Pattaya’s strategic location will continue to be a key driver for growth in tourism and its property market. It is the closest beachside town to Bangkok and is just over an hour’s drive, it has all the amenities one wants – shopping, good food, quality five-star hotels and properties, golf courses, and beaches. These factors combined makes Pattaya well positioned for further growth. (Press Release)