Pattaya: Resort condo developer Buritara Development Co plans to launch two low-rise projects in the Chon Buri resort worth 300 million baht each and with a 3% return guaranteed in a bid to tap investors amid recovering market sentiment.
An artist’s conception of the 400-million-baht Buritara Chateau Resortcondo Bang Saen.
President Titi Chinsomboon said projects to develop resort condos for investment in the area have potential for growth because the province is the economic, investment, tourism and education centre of the eastern region, with increasing residential demand each year.
"Chon Buri will draw a larger number of tourists and investors. It will be a destination benefiting most from Asean economic integration," he said.
One of the two new projects will be Buritara Townresort Jomtien with 56 townhouses priced from 7 million baht. They are being offered with a 3% yield guarantee.
Construction will start in this year's fourth quarter and be completed by the end of next year.
The project will be located on a three-rai site at Na Jomtien 25, where the company has a total of 35 rai. It opened Buritara Resort & Spa Jomtien on the same plot two years ago with 48 rooms.
On the same 35-rai plot, it will also develop nine single houses on 15 rai, with unit prices from 40 million baht.
A campaign offering yield guarantees to investors at the two new projects will follow the success of the company's first project, the Buritara Chateau Resortcondo Bang Saen, where 99% of buyers joined the yield guarantee programme.
The 400-million-baht Bang Saen project will be located 200 metres from the resort's beach and 500 metres from Burapha University.
It will comprise 132 units sized 34-94 square metres and priced from 2.9 million baht. The project is 40% sold.
Senior vice-president Wichai Chula-olarnkun said occupancy rates at Buritara's Kanchanaburi, Koh Phangan and Jomtien resorts dropped to their lowest level ever, below 30%, in the first five months of this year due to political turmoil.
However, they have picked up again to more than 40% since the coup, with the Jomtien resort receiving inquiries from government agencies looking to book rooms for meetings and conferences before the fiscal-2014 budget ends on Sept 30.