Raimon Land’s latest condominium in Pattaya, Zire Wongamat, has made a promising debut, with 20 per cent of the 480 units being sold within two weeks after its official launch in January.
According to an initial sales data, the project has attracted Thai buyers aged 40 and under from Bangkok. These buyers tend to use the property as their second home.
The company’s chief executive officer Hubert Viriot said: “We are upbeat about initial sales and satisfied to see that our project attracts a new set of buyers. This confirms what we had anticipated – there are more and more young Bangkok residents interested in owning an easily accessible home for their weekends. In addition, our project also attracts buy-to-let investors targeting executives working on the Eastern Seaboard.”
Occupying a land area of over 5 rai, Zire Wongamat will comprise two towers of 37 and 54 storeys respectively. Designed by internationally renowned architect SODA, the project will feature spacious studios ranging from 32 to 39 sq m, one-bedrooms from 48 to 75 sqm, and two-bedroom units from 62 to 108 sqm, as well as duplexes up to 183 sqm. All units will feature large living space, balconies, high floor-to-ceiling windows and fully-equipped kitchens and bathrooms.
The project is Raimon Land’s third condominium development on the Eastern Seaboard, following Northshore along the main bay, and the award-winning Northpoint, also located along Wongamat Beach, that was completed last year.
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Bangkok Property overview
Economic fundamentals remain strong and Thailand continues to be an attractive place to do business. The government’s GDP growth forecast for 2010 was recently increased to 6.5%-7.5% on the back of continued strong export growth and sustained domestic demand. The currency and the stock market are at all-time highs. This strong rebound is again proof of the resilience of the Thai economy to the political uncertainty. Indeed, a more strategic approach to managing Thailand’s image overseas is required if Thailand is to remain competitive and thrive in the region. Much like how Investor Relations Departments function in companies, a single government spokesman should be given responsibility and be held accountable for managing the perception of Thailand around the world.
Some observers are concerned that the global financial crisis may affect the Thai real estate market. Generally, a real estate bubble occurs when property prices rise quickly in a short period, primarily from speculation – resulting in a supply-and-demand imbalance. When property prices are rising faster than the cost of money and banks continue increasing loan-to-value ratios, funding becomes easier – propelling additional speculation.
The completion of the Suvarnabhumi-Bangkok International Airport has spurred growth in commercial property markets in eastern Bangkok as well as in the beach resort of Pattaya. Thailand has become even more accessible by air with a wide range if International carriers using Bangkok as a hub. In recent years, there has also been a surge in budge carriers, offering very competitive prices to both local and international destinations.
Compared to 1997 Real estate companies are able to respond much more quickly to changes
Thailand’s property market was able to rebound from past crises and there is every reason to believe it will be able to absorb the blow of recent political tensions. The taxation situation has actually improved the conditions for purchasing property in Thailand, and if property prices do dip slightly as a result of the current situation it may actually be a good time to buy as there is a very real possibility Thailand property will regain its golden outlook soon. As a result, the financial condition of most major housing developers in Thailand is much more robust than in the past. The development of the local bond markets and increasing domestic savings has the made the industry much less dependent on foreign funds, a significant difference from 1997.
The real demand for residential real estate stems from local residents and foreigners living or working in Thailand. The latter group will definitely be affected by the weak global economy but what about local Thai residents? The Thai domestic economy will also be adversely affected by the crisis, especially the export sector.
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