Pattaya’s burgeoning property sector was given a further boost last month with the official opening of the Seven Seas Condominium Jomtien – a 2.5 billion baht mega resort style project being developed on Chaiyapruek Road in Jomtien.
A well attended and lavish party that attracted potential investors and a relative who’s who of local real estate luminaries, plus Deputy Mayor Ronakit Ekasingh, followed a press conference at the Centara Grand Mirage Beach Resort on Saturday, Nov. 10 to unveil the development to the Pattaya media and public and give the project owners an opportunity to announce their presence on the Pattaya property scene.
The developer of the Seven Seas Condo Resort is Universal Group Thailand, a subsidiary of the Universal Group based in India, which was established in 1972. This manufacturing, trading, hospitality and construction conglomerate has businesses throughout Asia, the Middle East and Africa with a combined annual turnover in excess of US$300 million. The property development arm has completed 20 projects in the region so far but Seven Seas is their first real-estate venture in Thailand.
An artist’s impression of the Seven Seas Jomtien Condominium.
“This is a planned and carefully calculated move by Universal Group to enter the vibrant property market of Pattaya and Thailand,” said Sonia Punjabi, CEO of Universal Seven Seas, at the press conference. “This is a niche condominium lifestyle project and Jomtien was the only location in the city we could build a themed project on the massive scale of Seven Seas.”
Sonia Punjabi (5th left) and Rajesh Punjabi (6th left) pose with fellow directors, sponsors and VIP’s on stage to welcome party attendees at the launch of Seven Seas.
But why did the company choose Pattaya for their first development in Thailand?
“Pattaya has got everything for everybody. It’s the closest tourist destination to Bangkok airport and also the most happening tourist destination in Asia,” replied Rajesh Punjabi, Managing Director of Universal Group Thailand. “Our study shows that tourists all spend at least 2 nights in Pattaya when they visit here. Holiday homes in Pattaya are becoming more and more popular for these people who live hectic lives and want to come here regularly to spend a few days by the sea in a tourist friendly town,” he added.
Located on a land plot of over 15 rai at the intersection of Chaiyapruek Road and Jomtien Second Road, and just 350 meters away from the beach, Seven Seas Condominium will encompass eight low rise buildings totaling approx. 1400 units, surrounding seven distinct but interconnected lagoon swimming pools, each with its own themed paradise island location: Easter Island, Mystery Island, Madagascar, Seychelles, Bahamas, Bora Bora and Hawaii. These islands will incorporate a wealth of facilities including artificial beaches, a club house, a fitness centre, Jacuzzis, and a pirate ship with water slides.
A lucky winners goes home with one of a host of top prizes given away on the evening.
Individual units range in size from a 27sqm studio, a 36.5sqm one-bedroom apartment and a 73sqm two-bedroom/two-bathroom apartment. The modular design of the project enables buyers to combine units to form larger living spaces. Prices start from just THB 999,000 for a studio and THB 1,299,000 for the one-bedroom apartments. All units come with an inclusive furniture package featuring Samsung branded electrical appliances.
“Seven Seas will offer residents a world away from their every day worries and we believe this is the largest development project in Pattaya and will have something for everyone,” said Sonia Punjabi.
Construction of the Seven Seas Condominium Jomtien is due to begin next year with a completion date of 2015. The showroom is already open at the project site and contains examples of all three room sizes for viewing.
The company advised that over 140 units had already been sold as of last month, mainly to Thai buyers from Bangkok, but they expect the uptake in Pattaya to be brisk once investors see the quality of the product being offered.
Party-goers view a scale model of the Seven Seas project.
Although this is Universal’s first toe in the water in Thailand, the group has big plans for further real estate developments in the kingdom with Pattaya being their main focus of attention.
“For the future we have acquired two more land plots in Pattaya – one for another themed resort, but with a totally different design concept to Seven Seas, and on the other we plan to build a three star hotel on Pratunmak Hill. Both of these new projects will be announced in the coming months,” said Rajesh Punjabi.
Seven Seas Condominium is being marketed in Thailand by the Silvermover company and finance for the project is already in place following a tie up with LH Bank. For more information, go to www.sevenseascondo.com.