The property market in Pattaya continues to grow as developers expand their investments in the resort town.
LPN Development, the latest player in the Pattaya property market, recently launched its first condominium project outside the capital called Lumpini Condotown North Pattaya-Sukhumvit, which is worth a total of Bt1.2 billion. The project will have 1,500 units, starting at the price of Bt699,000 per unit.
The building kicks off at the end of this month.
The firm's managing director Opas Sripayak said LPN Development was focusing more on local demand instead of foreign buyers.
"We see strong demand from both residents in Pattaya as well as Bangkokians, who want to buy a second home," he said.
Another developer who wants to enter the Pattaya residential market is NC Housing, which will launch a new project in the second half of this year.
The company's managing director Somchao Tanterdthan said both domestic and foreign buyers had welcomed NC Housing's previous project in Pattaya.
Pumipat Sinacharoen, CEO of real-estate agency Bangkok CitiSmart, which opened a branch in Pattaya last year, said the firm was seeing a strong demand from local and foreigner homebuyers as well as tenants. After setting up in Pattaya, the firm has either sold or rented about 400 units worth a total of Bt2.4 billion.
"We will add more properties for sale and rent in the second quarter of this year, which should boost our revenue to achieve the Bt50-million target for this year," he said.
Collier International (Thailand) reported that as of the end of last year, Pattaya had more than 4,700 new condominium units, marking a 12-per-cent increase from 2009.
An average 10-per-cent increase in the market is expected this year.
Companies going into real-estate development in Pattaya include giant development firms from Bangkokk such as Raimon Land, Major Development and Iguana Group among others.
Jones Lang LaSalle is also planning to open a management office in Pattaya in the second quarter of this year. A continued growth in number of resorts and condominiums in Pattaya is offering a good opportunity for the company to expand further.
