The saying "it never rains but it pours" could well apply to Pattaya's real-estate market. To be more accurate, it doesn't just pour: it floods.

The supply of new condominiums in this beach town has soared on the back of rampant speculation and frenzied investment by cash-rich punters over the past three years.

Amid these volatile conditions, home-buyers would do well to choose units from quality and professional builders rather than amateurish outfits. It is also prudent to steer away from what seem to be overtly speculative projects.

Ocean Portofino, a recently launched residential estate, is one of the safer bets. Although buyers will need to wait about two years for the 37-floor tower to be built, they can rest assured that it is unlikely their deposit will be at great risk.

Piling is expected to begin soon, and there is a large sales office with show units available for viewing.

Its two-bedroom and one-bedroom units are well presented, and the staff is courteous to visitors. The smallest one-bedroom is about 76 square metres, and the floor prices here are about Bt60,000 a square metre, which is a bit lower than the Grade-A projects recently launched here.

Portofino is part of the Ocean Marina compound. The site is not too far from the Ambassador Jomtien Hotel, which is about a 15-minute taxi ride from Pattaya town.

A 2.5-rai plot has been set aside for buyers of the condominium with roads and a new marina being planned to serve residents at Portofino. The older San Marino Tower also stands 37 floors and is almost a twin of Portofino. Together they will form two of the more obvious landmarks on this stretch of Jomtien.

To be sure, interest in Pattaya-Jomtien real estate has gained ground in recent years as the once-depressed market draws speculators eager to punt on housing prices in this tourist city.

Today Pattaya is always crowded, packed with tour buses, budget visitors who don't mind the

sorely damaged natural environment, putrid pollution and chaotic army of pickup and motorcycle taxis.

And despite the longer commuting times from Bangkok to Pattaya these days, from three hours to five hours or more when roads are clogged by heavy container trucks and slow lorries and never-ending road construction, this almost stress-heavy destination still draws odd crowds who appear to have never sampled salt water, sand and fierce sunshine.

Ocean Portofino is offering four basic designs: two one-bedroom units and two two-bedroom apartments. Even the smallest unit has a usable terrace while some of the bigger ones have good-sized ones.

All units have luxurious bathtubs and modern fixtures, which come with the price. Neither free-standing nor built-in furniture is provided.

About 40 per cent of the 260 units have been booked since it was launched in March, which is impressive indeed amid such competition. But the results are not too surprising to gauge by the existing San Marino Tower, a sturdily constructed structure.

The grounds could do with some tidying up, though one may expect the landscape to improve as the project progresses.

Unlike the first tower, Portofino will not have a separate car park; parking will be at ground

level. About 80 car spaces are planned.

Because of the location, which is shielded by a large island, the two piers at the marina  should be sheltered from storms and rough seas in the gulf.

Itthi C Tan

The Nation