Pattaya property developer Tulip Group has recently announced plans to launch 3-5 new projects in Pattaya in 2013. The New developments will be standalone hotels, mixed use condominiums, a service apartment and a new corporate head office.
Tulip currently has 4 condominiums and 5 hotels under construction, all targeted towards the mid- to high end luxury sector and this business model is set to continue.
“Our business model is to build only in prime locations, with our target sector being 4-5 star luxury,” says Tulip Group Vice President Jason Payne. “Pattaya is already changing considerably and we believe that both local and international property investors, as well those choosing Pattaya as their holiday destination are seeking properties that offer true luxury,” he adds.
Pattaya in recent years has seen a resurgence in the number of wealthy Thai nationals visiting the area for both holidays and property investment, however local property developers have generally adopted the business model of offering inexpensive properties in the THB 1-3 million price range, a path that Tulip does not intend to follow.
“Personally I am concerned that Pattaya is becoming overcrowded with inexpensive projects with 1,000’s of rooms, all offering very nice facilities, but how cost effective it is to build these projects, or just where all the people will come from to purchase all of these rooms, I just do not know,” says Jason.
Tulip Group is currently working on projects with Centara Hotels & Resorts, Park Plaza Hotels Europe and Golden Tulip Hotels & Resorts, and the developer claims that they will be bringing even more 5 star brands to Pattaya.
“We are currently in negotiation with a number of luxury brands, all of whom seem very excited about Pattaya and its future. We hope to announce some very positive news about our new projects with these brands in the near future” adds the Tulip Vice President.