Kingdom Property’s first condominium development in Pattaya has taken a major step forward following the securing of project financing from Krung Thai Bank Public Company Limited.
The new condominium development will be called Southpoint Pattaya and will be built on a four rai freehold plot in the Pratumnak area, an increasingly popular location just south of Bali Hai in Pattaya City, an area currently undergoing a major transformation including the development of a new marina.
(L-R) Kingdom Property Business Development Director Veera Sirirosjarus and Chief Executive Officer Nigel J. Cornick pose for a photo with Krung Thai Bank Senior Executive Vice President Corporate Banking Group 1, Jaree Wuthisanti and Senior Vice President – Acting Director Corporate Banking Sector 2 Corporate Banking Group 1, Roengchit Sujarit.
The project, which will be opening for pre sales in the third quarter of 2012, will have a project value of THB2 billion with completion scheduled for 2015.
Kingdom Property Chief Executive Officer Nigel Cornick said he was delighted to secure the funding through Thailand’s largest financial institution, an important element for the success of the development as it clearly demonstrated the financial viability of the project to buyers and investors.
“In granting this financing Krung Thai Bank has demonstrated their faith in Kingdom Property’s management and as a developer with the skills and experience required to deliver a condominium project of this magnitude,” said Mr. Cornick.
Krung Thai Bank Senior Executive Vice President Corporate Banking Group 1, Jaree Wuthisanti, said the bank was confident the project would be a success given the strong fundamentals of the destination and the developer.
“We have tremendous confidence in Pattaya and the Eastern Seaboard as an area of significant growth – and we believe that Kingdom Property has all the executive skills and expertise to make the very most of the buoyant market and build a high quality condominium,” said Ms Jaree.
Nigel Cornick said he recognised the huge potential growth opportunities for real estate development in Pattaya as early as 2004, in particular quality condominium projects in prime locations. This resulted in the development of Northshore and Northpoint, regarded as two of the leading developments in the city.
“It was therefore a natural decision to focus on Pattaya for Kingdom Property’s first project. In selecting the Pratumnak area for Southpoint we recognize the significant opportunity for quality development in a location just minutes from Pattaya’s city centre,” said Mr. Cornick.
“It is already a popular destination with western tourists due to its quiet, private and ‘green’ surrounds, as well as its close proximity to the Bali Hai beach and Royal Varuna Yacht Club,” he added.