Strategic Thinking Developers Stay Focused on Pattaya
Pattaya has a seemingly endless amount of condo and villa developments stretching from the bustling city centre to the more peaceful outlying areas. Property developers wishing to continue building in this area must think strategically before about adding any new projects to the mix, making sure they can accommodate the current trends and needs of the market.
One of the target demographics for developers is often the tourists themselves. It’s not uncommon for foreigners to visit Thailand on holiday and become so charmed by the country (as well as by the exchange rate) that they are suddenly inspired to purchase beach-area properties. The ONYX Amari Residences in Pattaya will be a multi-use project consisting of apartments for sale, as well as serviced apartments. Expected to launch in late 2014, the project will be a convenient answer for the niche market of tourists-turned-expats.
Another company, The Veranda Group recently announced that Na Jomtien beach will be the site of a new two-billion baht investment project called The Veranda Beach Pattaya. In order to capitalize on the city’s growth in both tourists and long-term residents, the luxury project will also be mixed use, offering 150 hotel rooms and 364 condo units. Construction will begin in mid-2014 with an expected completion date for the hotel development sometime in 2015. The condo development, which will also offer four villas, should be completed by 2016.
Additionally, Nordic Group, which has been investing in Pattaya property development for over 14 years is currently working on 16 new development projects in the area, all of which are expected to be finished at the end of next year. The new projects are being strategically built as low-rise buildings in order to maximize profit, as the developments can be used either as hotels or serviced apartments, another example of this key strategy in creating properties that can easily adapt to the changing demand of the market.