La Royale Beach Condominium earlier this week held its topping-off ceremony, signalling that its topmost floor is done and its 150 freehold apartments will now be fitted by the end of the year.

Developer Eric Lai, who heads Wise Asset Group, said his buyers were "appreciative when they came and saw the project was close to finishing".

BankThai chairman Tawee Butsuntorn, who presided over the topping-off event at the secluded 10-rai site on Jomtien Beach, said he was also confident La Royale would be delivered as promised.

"I have been closely following its progress from the start," he said. "It is one of the better projects, being professionally managed."

Respected building firm K-Tech was contracted to handle the work.

Lai said the estate is worth about Bt2 billion. "We are luckier than many other sites because we started before the speculative surge started two years ago and sent prices soaring."

Lai said he had scouted for land three years back and settled on Jomtien. At the time, no tall buildings had been built at Pattaya for 12 years since a crippling property crash in 1990. Three years ago a project called Northshore by Raimon Land, which bought an existing building and refitted it, started a condominium stampede into Pattaya.

Among today's more high-profile projects are Northpoint, also by Raimon Land. The firm had spent Bt50 million on a large showroom and sales office at the site on Wong Amat Beach, North Pattaya.

The freehold units there are selling well. Its two-tower structure is expected to be completed in three years.

Other sites such as the Ocean Portofino and The Sails, both located farther out on Jomtien, are also being sold.

Portofino has 260 units built on a 2.5-rai plot. Its structure rises 36 floors.

The Sails, with 43 floors and 151 units, is being built on a 28-rai plot.

The most recent project is Ocean 1 Tower on Jomtien Soi 5. Rising 90 floors and housing 611 units, the project is expected to be completed in five years, said staff at its sales office.

Prices for Ocean 1 start from Bt123,000 a square metre.

With so many developments being offered, Tawee, who was formerly chairman of the Federation of Thai Industries and a top director at Siam Cement Group, said home-buyers should shop wisely.

Ideally, to reduce risk, buying a completed project is probably a more prudent measure to adopt. Buyers would do well to check if the project has successfully  obtained the all-important EIA (environmental impact assessment) permit.

While developers can sell projects on paper, they still need the EIA document and cannot start building - not even piling work - until the approval is given.

Lai obtained the EIA permit after several months. "If I were to apply for it now, it would take much, much longer," he said.

Wise Asset's managing director Sombat Chancharoensin said the newly fitted apartments inside the tower had impressed visitors earlier this week.

La Royale is the first of Wise asset's endeavours, and it is working on more projects that will be announced later this year.

Itthi C Tan

The Nation

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