Union Pattaya Property plans mixed-use development
Union Pattaya Property Co plans to develop a mixed-use project that combines condominiums, a shopping complex and a hotel worth more than Bt3 billion in Pattaya between now and 2017.
The company is a joint venture between financial expert Dej Numsirikul and Suwan Paisarn-fuangefung, who is chief executive officer of Rungfa Srem Corp, a contracting firm. The JV was established in 2010 with registered capital of Bt300 million, with Dej as president.
Dej said Union Pattaya Property started to study the feasibility of a mixed-use development in 2010 for its 50 rai (8 hectares) on Pattaya beach. The first project will be a condominium complex called Unicca, worth Bt3 billion.
The Unicca project will have three buildings. Construction of the first building will begin this year, with presales worth Bt960 million for 538 units starting at Bt1.19 million each. The other two buildings will launch next year. They have already passed their environmental impact assessments.
Meanwhile, the company plans to develop a shopping complex and hotel in the same location in 2015 to serve the rising number of tourists in Pattaya.
“We also have land banks in other locations in Thailand such as Bangkok, Phuket, Hua Hin etc, enough to develop new residential projects in the long term. However, between now and 2017 we will continue to focus on the Pattaya market,” Dej said.
He added that the company targeted sales of Bt960 million this year from the first building and Bt2 billion in 2013 and 2014 from the other two.
“When our business growth is stable, we will apply to be listed company on the Stock Exchange of Thailand in five or six years,” he said.
