Luxury real estate developer Kingdom Property recently announced it had amassed a project portfolio on the Eastern Seaboard with an approximate value of THB20 billion in just one year since launching its first project, Southpoint Pattaya.
The twin tower development on Pratumnak hill in south Pattaya is already 60 percent sold, with one tower purchased by a Thai investor who will develop it as internationally-branded services residences, and a further 87 units sold in the other tower to Hong Kong-based Purple Link Investment Company. Construction has started and it will be completed in 2015.
Name It! Tag it!: Kingdom Property CEO Nigel Cornick (pictured) recently announced an innovative naming competition for the company’s next project in Pattaya.
In north Pattaya, Kingdom Property are poised to launch a new luxury condominium project of about 50 stories on a 8,000 square metre absolute beachfront site in the upscale Wongamat Beach area for which it recently launched a competition called “Name It! Tag It!”.
The competition offers participants return business-class tickets for two and a five-night stay at the newly refurbished five-star Sheraton Mirage Resort & Spa in Surfers Paradise, Australia to the winner who comes up with a name and tagline befitting the luxury project.
Furthermore, in central Pattaya, Kingdom are developing a major retail, hospitality and residential complex on a 23 rai plot that stretches between Beach Road and Second Road, which is valued at over THB15 billion. It will be called The Bay.
Kingdom Property Chief Executive Officer Nigel Cornick, who was responsible for projects such as The River and 185 Rajadamri in Bangkok, and Northpoint and Northshore in Pattaya, said the Eastern Seaboard offered great opportunities to experienced developers.
“We are very confident about the future of Pattaya. It has the biggest tourism industry outside of Bangkok, a booming industrial sector in the Eastern Seaboard and massive infrastructure projects like the high-speed train in the pipeline. These combine to drive a strong economy.
“So the demand for quality real estate is there whether for investment, lifestyle or rental. We have also seen new city planning initiatives come into place, which will greatly benefit the city, as well as the re-emergence of a luxury market.
“This is driven by Thai buyers who have the means and understand the long-term strengths of the destination as it matures, and supported by Chinese, Japanese and Russian buyers.”
Tourism Authority of Thailand year-to-date figures for January to August show an 88% rise in mainland China arrivals totaling 3.2 million of which a large proportion go to Pattaya. Russian visitor arrivals grew 37% over the same period also, with the two markets combining to represent 25% of total arrivals to Thailand so far this year.
Kingdom’s Southpoint condominium project in south Pattaya is already 60 percent sold.
Kingdom Property recently signed an agreement with NYSE listed company SouFun, the largest real estate agency in China to manage its business there and present its projects to the five million Chinese visitors expected to come to Thailand by the end of 2013.
“SouFun have a formidable track record and are 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,” Mr. Cornick said.
“It 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,” he added.