Pattaya - February 2008
Pattaya luxury proving popular
Local experts say the resort city
has turned a corner
by Tim Coxon -
Thailand Property Report
Luxury high-end property in Pattaya in the US$ 1-2
million (30-60 million Baht) range is being snapped up by
discerning investors, keen to take advantage of the
relatively low prices for pre-build investments. The
preferred properties offer a tropical, internal-external
lifestyle with large, open terraces, expansive living
quarters, large European kitchens, swimming pools and
gardens.
Those more attracted by high-end, buy-to-let, investment
properties are increasingly being drawn to the three most
prominent hi-rise condominium projects such as Ocean 1
Tower, Spinnaker and Northpoint. CBRE’s James Pitchon says
the criteria for most buyers is right project, right
location, and unique selling points.
According to Raimon Land, in 1H 2006, the luxury sector
represented 56% of the total 2.5 billion Baht (US$ 65
million) revenue generated by the Pattaya condominium
sector and the average price of luxury condominiums was 91
380 Baht per sq.m. (US$ 2 400). Local experts say that
rental potential is excellent, with tourism on the
increase and Pattaya being the strategic centre of the
industrial Eastern Seaboard.
CB Richard Ellis say that as of Q3 2007, there were 17
luxury villa projects with prices ranging from 6.8 to 60
million Baht being marketed in Pattaya. More than half of
these are located on Jomtien Beach. But more villa
projects are expanding to Na Jomtien, Ban Amphur and Bang
Saray to the east, and Mapbrachan Lake to the west of
Sukhumvit Road, due to increased land prices. These three
areas, along with chic Wong Amat Beach, offer increasingly
appealing investment opportunities.
A projection by David Thomas of Eastern Seaboard
International, who represent properties in all of these
areas, is that the Pattaya and Jomtien will become
something like Australia’s Gold Coast, while Na Jomtien,
Baan Amphur and Bang Saray will resemble the French
Riviera in the future.
Four major market spurs will be the completion of the
fast-rail link with a station on Siam Country Club Road
that will particularly benefit Mapbrachan, and the
proposed construction of a Disneyland-like resort and spa
called “The Beaches”, in Bang Saray. The project will
incorporate a water-theme park, man-made private beaches,
a km-long boardwalk lined with shops and restaurants and
villas over the water. There will also be a six-star hotel
and a state-of-the-art convention centre. The other two
incentives will be the fantasy-inspiring floating complex
with a hotel, market, garden, lagoon and shopping mall
behind Jomtien Beach and Oliver Stone’s massive movie
studio “Ollywood” just outside Pattaya, destined to become
the largest studio outside Hollywood.
What do you get in Pattaya for US$ 1-2 million?
Sailors might choose the Ocean Portofino condo with 4
beds, 4 baths, 315 sq.m. at 42. 5 million Baht. Whereas
equestrian-golfers might favour Horseshoe Point with 5
beds, 833 sq.m at 30 million Baht.
Alternatively, if penthouses are your preference, the
duplex penthouse in Sri Racha, offers 924 sq.m at 30
million, while in Ocean 1 Tower the prices are similarly
high, but negotiable. As a pre-build investment, you might
go for a 339 sq.m. penthouse in The Spinnaker, White Sands
Beach at 49.5 million Baht or perhaps a condo in Ocean 1,
like one buyer, James Harrison, a UK investment banker,
who cited his reasons for buying as “the good reputation
and proven record of professionalism of the developers,
Siam Best Enterprises”. He also said having just sold one
of his flats in Central London for £1 million, his budget
was up to 60 million Baht for a buy-to-let property, but
he preferred the 2-bedroom condo at nearly 30 million.
Another high-end choice is View Talay Villas, marketed by
their real estate arm, Pattaya Properties. One villa
located in the development is priced at 55 million Baht.
Located in an exclusive area of Jomtien, it has 3
bedrooms, 3 ensuite bathrooms, an open-plan living area
with study, games room, large swimming pool and spa,
double garage, large garden, large laundry, and a home
theatre on 1170 sq.m. John Pace, the UK buyer explained
his choice. “I looked at several residential estates and
my priorities were outstanding luxury, location, privacy
and high security,” he said. “View Talay Villas was simply
superior in all respects, especially security and absolute
peace of mind for my family’s well being.”
According to Pattaya Properties’ MD, Michael Suttie,
Jomtien still represents the best location with its beach,
amenities and potential. For innovative design, a good
choice there may be a 4 bed, 6 bathroom villa with garden,
sala, swimming pool, Euro kitchen at 30 million Baht. At
Palm Oasis, prices range from 9-32 million Baht. In this a
highly unique, ultra-modern development, a two storey
house with the newest, cutting-edge technology.
Indoor-outdoor living, 4 beds, 4 baths, large garden,
swimming pool, jacuzzi, roof garden, retails at 28
million, or slightly over 32 million if you buy a double
plot.
Further along the bay, a villa near Wong Amat Beach with
1590 sq.m of living space set in a tropical garden, with
pool, private beach, fish pools with waterfalls
surrounding 1/2 the house costs 44 million Baht. While a
double-apartment in beach-fronting Ocean Edge’s low-rise
condominium project at nearby Krating Bay will set you
back over 40 million Baht, with terraced swimming pool and
home theatre.
Bang Saray also has examples of unashamed elegant luxury.
A 4-bedroom, 5-bathroom villa, on 12 Rai of land in an
ornamental garden with fruit trees, a fish-stocked lake
with island and stream costs 42 million. Bang Saray also
has several high-end estates such as Baan Talay with 3-5
bedroomed American-style houses going for between 15-120
million Baht and Talay Sawan with its Thai-style villas
and prices topping 50 million Baht.
Finally, at the true high-end, costing around 60 million
Baht for the house alone, the summer retreat of Barry
Humphrey, the UK development entrepreneur, who comes to
Thailand for six months of the year, is being built by the
Planpac Group. Their preferred concept is an ultra-modern,
contemporary style, using glass, iron, satin-chrome, and
brass with stainless-steel fittings and fixtures, such as
door handles, balustrades and light fittings. The house is
fully landscaped, with a bold, ultra-contemporary
appearance, wide open-plan design and 70% glass. Barry
Humphrey says he chose Thailand “for its ambiance, climate
and the geniality of its citizens.”
These are just a few examples of Pattaya‘s $1 million+
opportunities. A true sign that one of Thailand's top
package holiday destinations is now heading for the high
life.
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