Thailand real estate developer, Kingdom Property, has sold its entire The Suites Tower in its twin-tower Southpoint Pattaya project to a local Thai investor, who will develop the 224 unit property into an internationally managed serviced residences.
The purchase represents approximately 30 percent of the saleable area of the 672 unit condominium project.
Kingdom Property has amassed a project pipeline valued at THB10 billion (US$340.9 million) in Pattaya.
Interest in Southpoint has been strong since its Environmental Impact Assessment (EIA) approval in November last year and ahead of the opening of its Sales Gallery and Show Suites in April, attracting investors from Thailand, Japan, China and Russia.
The sale is indicative of the strength of the location, with the booming Eastern Seaboard industrial zones nearby and a healthy tourism industry.
“Pattaya has very strong fundamentals as a destination offering an attractive investment proposition, superb access and infrastructure as well as an enviable lifestyle with sailing, golf, waterparks, shopping and dining as key draw card,” said Nigel Cornick, chief executive officer of Kingdom Property.
“We are delighted with this transaction as it is not only a good sale for us, but it will add greater value to those seeking units in The Residences Tower – or those who have already made a purchase – and further compliment the Pratmunak area where we are located, which is a peaceful green area while still being very close to town, so ideal for residential living,” Cornick added.
Southpoint is situated a short distance from Bali Hai at an elevated site on Pratmunak Hill. The development affords sea views and is within walking distance of the Royal Varuna Yacht Club. Scheduled for completion in 2015, the development is based on a four rai freehold plot and is valued at THB2.5 billion (US$85.2 million).
Unit sizes start from studios measuring 30 sqm, one-bedroom units ranging from 42 sqm to 87 sqm and two-bedroom units ranging from 61 sqm to 97 sqm. Prices range from THB70,000 (US$2,387) to THB120,000 (US$4,092) per sqm.
Amenities include a dedicated sky deck in each tower, an infinity pool, fitness centre, landscaped family zone and children’s pool and playground.
Led by Kingdom Property, the development team also includes design company SODA, master planning by The Beaumont Partnership, landscaping by Colin K. Okashimo and Associates and structural engineering by Meinhardt.
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