Kingdom Property has sold 87 units of the company’s debut project Southpoint Pattaya to Hong Kong-based Purple Link Investment Company (PLIC), a sale which represents total space of 3,983sqm in the project.
Total sales of the twin-tower development now stand at over 60 percent, with the entire Suites Tower sold earlier this year to a local Thai investor who will develop the 224-unit building into internationally managed serviced residences. Kingdom Property Chief Executive Officer Nigel Cornick said the latest sale to PLIC was indicative of the re-emergence of the quality-focused Hong Kong market as a property purchasing force in Pattaya.
Kingdom Property CEO Nigel Cornick.
“The Hong Kong market is demanding in terms of build quality and on-schedule project completion. We have a long track record in Thailand for delivering on both, which is one reason why we are a good match,” said Mr Cornick. “Pattaya represents excellent value as an investment given a tourism industry expected to bring 10 million visitors to the destination this year – with China leading overseas arrivals – and a booming manufacturing sector on the Eastern Seaboard driving the economy.”
He added that Pattaya City’s strict new zoning regulations added further value to buyers in Kingdom Property projects as the company’s existing development and land bank were focused on only prime locations on sizeable sites. The regulations, which come into immediate effect, decrease plot ratios from 10:1 to 5:1 and are aimed at reducing the density of buildings in Pattaya and decrease the pressure on city infrastructure. Developers now need a four rai site to build a 30,000sqm condominium while on a two rai plot developers can only build 15,000sqm.
“It is good news for city planning and I welcome the new regulations. It will alarm some projects that are not EIA approved, which total 38% in Pattaya currently, and cut out the 16 floor buildings that have been emerging on one rai sites,” said Mr Cornick. “It will cause a shakeout in the market, of that I am certain, but it will create a playing field and developers who focus on quality and long-term value to buyers will be comfortable with the regulations.”
The main buyer nationality of Southpoint Pattaya units is Thai, accounting for 65 percent, followed by Japanese, Russian and Chinese buyers. The project is on a four rai freehold plot, located a short distance south of Bali Hai in Pattaya City, on an elevated site on Pratumnak Hill, offering extensive sea views and within walking distance of the Royal Varuna Yacht Club.
Unit sizes at Southpoint start from studios of 30sqm with one-bedroom units ranging from 41sqm to 87sqm and two-bedroom units ranging from 61sqm to 97sqm. The condominium includes a dedicated sky deck with an infinity edge lap pool and fitness center along with a landscaped family zone featuring a children’s pool and playground.
For more information visit: www.southpointpattaya.com or call Tel: 038 416 441.