The pre-launch of Raimon Land's North-point condominium in Pattaya has reaped handsome bookings worth a "tad under Bt1 billion", chief executive Nigel Cornick said at the weekend.

"We have sold about 20 per cent of the project at Wong Amat Beach, North Pattaya," he said about the prime 13-rai beachfront site.

The two-tower residential structure is expected to take 36 months to complete once piling begins, said Cornick. The property, with 370 exclusive apartments, has access to an 80-metre beachfront.

Northpoint is based on concepts created by Singapore-based designer Hans Brouwer. One tower rises 60 floors while the other covers 50 floors.

The chief executive said the project's official launch in the middle of next month should spark much interest as quality residences in Pattaya are still limited. Raimon Land has invested about Bt50 million on its on-site sales office, which will house four mock-up units.

Its freehold apartments will be furnished with kitchens, air-conditioners and built-in furniture.

Northpoint is Raimon's second Pattaya project, coming on the heels of the Northshore condominium, which was recently completed on Beach Road Soi 5.

"Northpoint will be a much better product," said Cornick. "The new units will include better facilities and set a new benchmark for Pattaya."

Currently, the company has half a dozen prime sites. Its land bank will generate properties worth more than Bt20 billion over the next five years, he said.

It has a spectacular 14-rai housing project in Phuket called The Heights, located atop a hill overlooking Kata Bay. The project contains 51 luxury condominiums, all with panoramic views.

Its Kata Gardens project has also secured strong bookings, he said.

Also in the works is a 12-rai site on the Chao Phya River near the Peninsular Hotel.

The riverfront plot was bought for Bt900 million and overlooks the Shangri La and Oriental hotels. The development there - tentatively called "The River" - will enjoy a 120-metre waterfront.

The project will be mixed-use and contain residential apartments as well as a five-star hotel.

Cornick said the company was ready to pay premium prices for prime plots because the opportunities to secure such sites are rather limited.

Meanwhile, its Lofts Yennakart condominium in Bangkok has proven popular with both local and foreign buyers. Cornick also recently raised prices after the project achieved more than 60-per-cent sales.

He said the military coup on September 19 had not greatly affected buying. In fact, the change in government should prove positive to market sentiment. The one area that is hurting the market, however, is in the confusion over some foreign ownership regulations, which has dampened enthusiasm among overseas buyers.

"Until that is cleared up, markets such as Hong Kong and Singapore will delay investment decisions," he said.

To boost sentiment, local authorities need to move swiftly to calm anxiety and reinforce the Kingdom's commitment to being a friendly market for overseas investors.

Nominee practices and lease titles have served both foreign buyers and Thailand well for many years, he said. The nominee practice is currently under scrutiny.

Cornick remains confident the new government will not send the wrong message to global investors, a move that would benefit no one.

Itthi C Tan

The Nation