Pattaya mixed-use project set to cash in on high-rise boom
Tulip Group's Bt4-billion hotel and residential project in Pattaya, when it is completed in three years, aims to cash in on the percolating demand for high-rise accommodations spurred by the flood.
"This is expected to attract a new group of high-end buyers who are seeking a high-rise beachfront residence within easy reach of Bangkok," chief executive officer Kobi Elbaz said yesterday.
Grand Centara Resort & Residence is a high-rise, mixed-use oceanfront development with a hotel that will be managed by Centara Hotels & Resorts.
The first two towers will feature 283 residential units, ranging from a seven-bedroom, 500-square-metre penthouse to duplexes with private pools down to studios. The third tower will be the 200-room Centara Grand hotel.
The group has built a Bt200-million showroom that is the largest and most expensive ever seen in Thailand.
Pattaya has now become a prime site for luxury residences, Elbaz said.
The group was already behind some of Pattaya’s leading projects such as the majestic Waterfront on the edge of the resort city, Centara Grand Pattaya, Centara Avenue Residence & Suites, The Cliff, and Amari Residences.
Aliwassa Pathnadabutr, managing director of CB Richard Ellis (Thailand), said the project was the most exciting high-end development ever seen in Pattaya.
"During the economic crisis, developers in Pattaya were not confident that they could sell large units, so they played safe by building smaller units. This is why 70 per cent of the existing property supply is mid-range. This property is breaking new ground and will attract the upper market," he said.
Chris Bailey, senior vice president of sales and marketing for Centara, said Pattaya had become a popular choice for Thai tourists during the recent flooding.
Bangkok evacuees flocked to Pattaya during the crisis as the city can offer high-rise condominiums while building ordinances in Hua Hin prohibit any more being built.
Aliwassa said half of the real-estate agency’s clients were Thais, followed by Russians, Hong Kong-based expatriates and Australians.
Since the economic crisis, the market profile has changed. Buyers now speculate less than before. In the past, half of them would buy and sell for a quick gain, while today’s buyers are more long-term investors and end users, she said.
