Coming off its fifth consecutive award for best condominium in the East, Pattaya’s Riviera Group has secured 570 million baht in construction financing for their Ocean Drive project in Jomtien Beach.
Riviera founder and CEO Winston Gale said the loan from Siam Commercial Bank “is testimony to their confidence in the Riviera Group.” In a relationship spanning 11 years, the bank has provided 3.8 billion baht for construction of five high-rise projects.
Ocean Drive, unveiled in March, is “bright and fun for new generations,” Winston said, with different styles representing uniqueness and confidence in modern design that is passionate, sexy and luxurious.
Construction currently has reached the 28th of its planned 43 floors. It is scheduled for completion at the end of 2022.
Gale said 80 percent of units already have sold out.
The loan from SCB, he said, gives buyers confidence that their investment is secure. But he admitted such financing wasn’t easy to obtain given the recession and pandemic-related plunge in the property market.
Restrictions and stricter criteria have been imposed by lenders, especially for high-rise projects, Gale said.