PATTAYA: After spending US$50 million in the Pattaya property market in nine years, Israeli investor Global Top Group plans to launch a new low-rise condo project worth 2.7 billion baht in the fourth quarter.
Global Top opened City Garden Tower on Pattaya Sai 3 Road last month, a 29-storey condo building with 465 units worth a combined 1.5 billion baht. Chinese buyers snatched up 50 units during a roadshow in Shenzhen.
Sam Hali, the company's co-director, said the new project would be its largest since the company developed five condo projects there worth a combined 2.95 billion baht.
With a total of 1,200 units, the new project will be located on seven rai on Pattaya Sai 3 Road, which has become a hub for Pattaya condo projects in recent years.
"The Pattaya property market is growing, with condo demand in certain central locations," he said.
The Pattaya area includes Beach Road, North Pattaya, Central Pattaya, South Pattaya, Pattaya Sai 2 Road and Pattaya Sai 3 Road.
Mr Hali said land prices in Pattaya had risen 30% on average in the last two years, with the highest prices in central Pattaya at 50-60 million baht a rai.
The company launched City Garden Tower on Pattaya Sai 3 Road in mid-August, a 29-storey condo building with 465 units worth a combined 1.5 billion baht. It is 40% sold.
Chinese buyers snatched up 50 units during a roadshow in Shenzhen, with 20 bought for investment. The company plans to hold a roadshow in Kunming this month.
"Chinese prefer to buy during the pre-launch period because they want to get a good price," said Mr Hali. "Their budget for a Pattaya condo is 2.5 to 3.5 million baht."
He said a number of condo projects in Pattaya are being built simultaneously as there is high demand in prime locations from Thai and foreign buyers.
"During the first six months of this year, Pattaya property sales slowed, but now they've returned to normal," said Mr Hali. "If there's a general election, it will be better."
Next year the group plans to launch a boutique condo in the Pratumnak area with 750 units and a hotel in Phuket.
Since 2005, Global Top has launched five condos. They are the sold-out City Garden Pattaya with 400 units worth 1.5 billion baht in Central Pattaya, Paradise Ocean View with 48 units worth 300 million baht in Bang Lamung, City Garden Pratumnak worth 350 million baht with 157 units, City Garden Tropicana worth 350 million baht on Wong Amat Beach and The Cloud Pattaya with 161 units worth 450 million baht in Pratumnak.