As Pattaya bounces back again to become a hot spot for
condominium buyers, this leading beach destination is attracting foreign and
Thai investors, including international celebrities who have chosen Thailand
as the place for their holiday home. The latest newcomer to Pattaya is Jimmy
White, one of the world’s snooker legends, winning a total of 23
professional titles and competing in the finals of six snooker World
Championships who has recently purchased a holiday home in Pattaya.
Jimmy White.
Jimmy White, a frequent visitor to Thailand and Pattaya,
purchased a unit at The Palm Wongamat Beach, a newly launched luxury
beachfront condominium project in Pattaya.
“The choice was easy, I bought in the best location.
After a lot of research and hunting for a holiday home, The Palm met all my
requirements. Wongamat is one of my favourite beaches in Pattaya and The
Palm’s beachfront location is ideal. I can enjoy excellent sea views from my
unit, the facilities are extensive and the price is right,” said Jimmy.
Located on a 5-rai headland site on Wongamat beach, The
Palm Wongamat Beach is a luxury beachfront condominium project developed by
Nova Group. Comprising 544 units set in two high-rise towers, the
THB-3.2-billion project takes full advantage of its prime site with all
units featuring direct sea views.
Almost 70% of the units at The Palm Wongamat Beach have
been sold, despite pre-sales beginning only six months ago. Out of total
units sold, over 65% of the buyers at The Palm Wongamat Beach are foreign
and 35% are Thai end-users and investors. The sales performance at The Palm
Wongamat Beach indicates there is strong foreign demand in Pattaya driven
mainly by non-resident Europeans, particularly Russians who are looking to
purchase affordable luxury holiday homes.
There is also a significant portion of Thais who have
purchased for a combination of a holiday home and as an investment, with
several purchasing multiple units as the project is perceived as offering
value for money. The Palm Wongamat Beach has also recently completed an en
bloc transaction of 80 units to a Hong Kong investor.
The 2-bedroom units which appeal to families, as well as
the 1-bedroom units have been popular amongst purchasers and have nearly
sold out since the initial pre-sale in late December 2010.
The project’s success has been underpinned by its ideal
beachfront location on one of Pattaya’s best beaches and up-market areas and
the right pricing. Aside from high quality specifications and attention to
detail, the project also offers flexibility in terms of unit layout by
offering combined units, catering to end-users with larger unit
requirements. Purchase of combined units has been popular amongst existing
purchasers. Offering unique combined layouts is possible because of the
highly efficient unit layouts for the typical units which range from 32
sq.m. to 96 sq.m.
The three show units are currently under construction and
are due for completion in early August 2011. Despite not having a completed
show unit, the project has had considerable sales success. With over THB 30
million invested to build the show units, CB Richard Ellis (CBRE), the
project’s sole agent, expects to close sales for the remaining units and for
those who have purchased, they will also be able to experience the quality
of the finished product.
The Pattaya market has clearly emerged stronger with clear signs of a
market rebound. In CBRE’s view, Pattaya’s strategic location will continue
to be a key driver for growth in tourism and its property market. It is the
closest beachside town to Bangkok and is just over an hour’s drive, it has
all the amenities one wants – shopping, good food, quality five-star hotels
and properties, golf courses, and beaches. These factors combined makes
Pattaya well positioned for further growth. (Press Release)