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Horseshoe Point takes two top awards
Bangkok’s high-end condo developers targeting niche market
Horseshoe Point takes two top awards
The Thailand Property Awards 2009
Horseshoe Point won ‘The Best Villa Development (Eastern
Seaboard)’ and ‘Green Development’ awards for its ‘The Village at Horseshoe
Point’ housing project during the recently held annual Thailand Property Awards
Sopitpongstorn (left), the Managing Director of Horseshoe Point Co., Ltd accepts
the Best Villa Development (Eastern Seaboard) award from the head of the judging
panel, Clayton Wade.
The awards presentation, held at a lavish five-star gala dinner night at the
Grand Hyatt Erawan Bangkok on Saturday, November 7, started with the Signity
Thailand Green Development Award being handed out. Three highly commended
developments were in the running for this prize; Horseshoe Point by Horseshoe
Point Co. Ltd., Soneva Kiri by Six Senses Resorts, and West Sands Phuket. After
a few suspenseful moments, Jate Sopitpongstorn, the Managing Director of
Horseshoe Point Co., Ltd. was the first winner to be called on to the stage and
received the award from Florian Baptist Gypser, architecture and design from
The awards presentation then continued until it reached ‘The Best Villa
Development (Eastern Seaboard)’ nominations in which Horseshoe Point was once
again facing tough competition from Talay Sawan, and View Talay Marina. Jate was
then called up again for the second time of the evening to receive the award
that was presented by Clayton Wade, Managing Director of Premier Homes Real
Estate Co.,Ltd., Premier Land and Development Co.,Ltd and the head of the
Eastern Seaboard judging panel at the Thailand Property Awards 2009.
The judging panel of the Eastern Seaboard also included Pongstorn Sangruchi, the
owner and developer of the Eastern Seaboard’s beachfront condominium known as
the Golden Sands and the beachfront housing developments Blue Lagoon and Baan
Dhewaran. Somnuek Tanthathoedtham, the Deputy Managing Director of Thailand’s
renowned N.C. Group of companies was also one of the judges.
The panel admitted that it was not easy to make the final decision as the other
two nominations were also outstanding projects. Each had their own strengths and
weaknesses but the decision was made on the three main criteria of this
category: 1. Design/Concept (functionality, green initiatives/innovation,
amenities). 2. Value for Money (suitability of location, pricing), and 3.
Marketing/Construction (quality of construction, marketing/creativity, state of
It was interesting to note that Horseshoe Point has won the ‘Best Villa
Development (Eastern Seaboard)’ award for two successive years now, as it is
located on the other side of Pattaya, away from the ocean front, while the other
two projects nominated were both beachfront developments. This implies that
excellence is not only confined to beach areas and that there is a growing
potential for property development in and around the area of Mabprachan
Also, in finishing ahead of Soneva Kili, a 5-star international development, in
the Thailand Green Development category, it means that Horseshoe Point now has a
chance to become internationally renowned in the area of Green and environmental
artist’s rendering shows one of the many luxurious properties at The Village at
Kenny Peter Cheung, the Deputy Managing Director of BLCP Power Station in Map Ta
Phut Industrial Estate said, “My family was the first buyer of this beautiful
home in The Village at Horseshoe Point. When we first came here, we already felt
the uniqueness and differences of this project. The whole ambience of the
surroundings is itself a tranquility I have been longing for. The location is
excellent for both work and the children’s schooling, nearby the Mabprachan
Reservoir, quiet but with easy access to Pattaya city. We are very happy for
Horseshoe Point to win these awards.”
Another person to comment on Horseshoe Point’s success was Rick Bryant, the
Chief Consultant of Foster Wheeler International Corporation, who has recently
decided to buy a house at the Village on its ‘Rent-to-Own’ program. Rick is also
the Chairman of Pattaya City Football Club which uses Horseshoe Point as its
Rick said following the awards, “After more than 10 years of living in Pattaya
in rented accommodation my wife and I finally decided to purchase a property
after a visit to The Village at Horseshoe Point. We were very impressed by the
build quality of the houses and the magnificent surroundings, which provide a
beautiful and tranquil location for us to live with our two daughters. Without
question this is the best development in the region. The Village at Horseshoe
Point fully deserves this award and it is just reward for all the efforts of
Jate and his team.”
Other award winners
The following are the list of other winners at the 2009 Thailand
*Best Developer – TCC Capital Land.
*Best Boutique Developer – Dhevatara Properties.
*Thaizeit Best International Agent – CB Richard Ellis (Thailand) Co. Ltd.
*Best Thailand Agent – Indigo Real Estate Co. Ltd.
*Prestige Thailand magazine Best Villa Development (Thailand) – Andara Villas by
*Royal Institute of Chartered Surveyors Best Condo Development (Thailand) – The
Heights Phuket by Raimon Land PLC.
*British Chamber of Commerce Thailand Best Housing Development (Bangkok) – The
Royal Residence by TCC Capital Land Ltd.
*Phuket Post Best Villa Development (Phuket) – Andara Villas by Andara Phuket.
*Best Villa Development (Samui) – The Mandalay Villas by Ban Mandalay Co. Ltd.
*Best Villa Development (Hua Hin) – Nishaville by KIJ Development.
*The Wall Street Journal Asia Best Condo Development (Bangkok) – The Address
Chidlom by Asian Property Development Public Company Limited.
*Limcharoen Hughes & Glanville Best Condo Development (Phuket) – Andara
Residences by Andara Phuket.
*Best Condo Development (Eastern Seaboard) – The Sanctuary Wong Amat by Daika
Estate Co. Ltd.
*Best Condo Development (Samui) – Infinity Samui by Vertuz Development Co. Ltd.
*Best Condo Development (Hua Hin) – Baan Ing Phu by Baan Ing Phu Co. Ltd.
*Gaggenau Best Architectural Design – Andara Phuket by Andara Phuket.
*Studio Gypser Best Interior Design – The Sukhothai Residences by HKR
*Deluxe Property Vietnam magazine Best Agent Website – www.cbre.co.th.
*I-Marketing Best Development Website – www. sukhothairesidences.com.
*Luxury Properties magazine Best Print Advertisement – W Koh Samui Retreat &
*Property Report Thailand Real Estate Personality of the Year – Settha Thavisin,
President of Sansiri PLC.
Bangkok’s high-end condo developers targeting niche market
Against the backdrop of the country’s economic slowdown, luxury condominium
projects are mushrooming, particularly in the heart of the Bangkok metropolis
where affluent potential buyers are being targeted.
High-class condominiums are mainly in prime Bangkok locations in the central
business district - Sukhumvit, Wireless Road, Sathorn, or Silom - basically
those locations where expatriates live and which are commercial areas.
The Thai Contractors Assets Company’s ‘Oriental Residence’ on Wireless Road,
currently under construction, is a five-star serviced apartment and a permanent
condominium within the same building. With condos on offer at Bt160,000 per
square metre, the project aims to satisfy the niche market demand of clients who
are looking for pure comfort and convenience.
“We’ve actually done a lot of studies on customer demand on this type of product
(luxury condos). We found that it’s the demand of those who want to live in the
very heart of the city, while at the same time loving comfort and convenience
with add-on services from our serviced residence (at the lower part of the
building),” said Valaithip Charanachitta, Oriental Residence chief officer.
Noting that the feedback was good, as the number of reserved units rose to
around 50 per cent, Valaithip said most of the clients were Thais, counting for
85 per cent of buyers, while the rest were expatriates having lived in Thailand
for quite some time and knowing the location so well.
However, Valaithip said that due to the current economic slowdown, the company
has not yet started to penetrate overseas markets.
‘The Emporio Place’ on Bangkok’s Sukhumvit 24 is another upmarket condominium of
TCC Capital Land. The project’s chief executive officer, Soammaphat Traisorat,
shared some interesting ideas about who would be living in and own such a unit
here, that costs from anywhere between Bt13-30 million.
“The concept of this property’s location came from the fact that many expats
live in this Soi (Sukhumvit 24). So, there are many foreign tenants for condos,”
said Soammaphat. “It’s also a location that suits Thais who enjoy the urban
lifestyle, as this area is within reach of facilities like BTS (Bangkok’s Sky
Train) and the luxury Emporium department store.”
Soammaphat cited his company’s studies that the ratio of residents would be both
Thais who would really live in their properties, as well as Thai investors who
bought units merely for letting to foreigners.
He said that Thai buyers would make up some 60-70 per cent of total customers.
This is due to the Thai law which states that foreigners can only own 49 per
cent of the overall units in a condominium building.
Meanwhile Athip Pichanon, President of the Thai Condominium Association,
commented that for the foreseeable future Thailand will remain an interesting
and charming country for foreign investors owing to its top value for money. A
high-end condominium’s price per square meter in Bangkok is about four times
cheaper than that in Singapore.
“Thailand’s overall condominium value in circulation is almost Bt100 billion.
Upmarket condos, of which a square meter is priced at Bt80,000 minimum, take
around 25 per cent of the market share, or around Bt25 billion,” said Athip.
He added that although around half the buying is for investment, and the other
half for real living by owners, less and less people are buying luxury condos
just for profit speculation.
“Today buyers mainly purchase high-end condos for investment, but sometimes it
depends. If the market has been rising for awhile, let’s say if the owner gets
hold of his property for around three years, he may let out his condo and then
resell it later,” said Athip.
As a result of the changes in urban lifestyle including Bangkok’s elevated and
underground trains that help urban dwellers avoid serious traffic congestion,
many middle- and upper-class Thais and expatriates choose to live in
condominiums although most of the time their properties can be much pricier than
a house with a garden in the suburbs. (TNA)
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