Ocean Property, the real-estate arm of the Ocean insurance and industrial group, is forging ahead with two new projects following the successful launch of its Portofino beach condominium at Jomtien, Pattaya.

Nusara Assakul Banyatpiyaphod, president of Ocean Property, said the sites show promise, as demand for quality homes in the projects at Hua Hin and central Bangkok remain rather strong despite an overall slowdown in the luxury housing market.

While many developers are having considerable difficulty obtaining buyers, Ocean Property believes it is among the select group of players who will persevere, with sound and well-built products.

"In Hua Hin we are developing 33 houses on a 33-rai estate by a beach front. The homes will be part of Ocean Resort & Spa, which will also include additional rental properties such as 50 villas and 44 suites."

Its freehold homes are massive, built on plots from 100 square wah to one rai. The prices start from Bt25 million, with built-up areas covering between 300 and 600 square metres.

The style of beach homes it offers are a fusion of so-called "colonial-Thai" and contemporary designs.

The exteriors use forms from the colonial-Thai period at the turn of the 20th century. The inside of the house employs modern living spaces, with Western and Thai kitchens, high ceilings of three metres and plenty of windows.

The reason for the high prices is the prime site the estate commands, being situated inside central Hua Hin.

"This is not Cha-am or Prachin Buri," Nusara explains. "It is smack inside Hua Hin, with sea-front land."

Nusara is equally excited about the company's Bangkok project: a boutique condominium called "O2Hip" in Soi Nai Lert, off Wireless Road, opposite the British Embassy and the Nai Lert Swiss Hotel.

"O2Hip will be built on a land plot of 280 square wah," she said. "The building will have seven floors and an additional two basement floors for a car park."

The condominium will offer 48 units, between 53 and 105 square metres, with floor price starting from Bt90,000 per square metre.

The swimming pool will be situated on the roof. Maintenance fees are Bt50 a square metre per month while the sinking fund charges are about Bt700 a square metre.

Even with the current slowdown in real-estate transactions, Nusara said the projects have received an unusually high amount of inquiries, just as preliminary news of the projects leaked out.

"We had callers even before we had yet to finalise the floor plans and prices," she said.

Meanwhile, Ocean's current project at Jomtien, called Ocean Portofino, has been well received since its launch late last year. The high-rise 36-storey tower, a twin of its Marino building at Ocean Marina's 120-rai compound,

has sold more than 40 per cent of its units.

A large showroom with a number of mock-up apartments is available for viewing at the actual site. Prices start from Bt4.5 million for the smallest one-bedroom apartment.

All units have bathtubs and decent fixtures. The price includes air-conditioners and a kitchen set.

The swimming pool will be located on the ground floor. All apartments have sea views. Unlike the Marino tower, Portofino will not have a car-park building.

Itthi C Tan

The Nation