The Tropical Beach Condominium and T he Oriental Beach Resort & Villa , below, on Mae Rumphueng beach.
Among them are The Tropical Beach Condominium and The Oriental Beach Resort & Villa on Mae Rumphueng beach, both being developed by D2 Real Estate Company. Other projects are the Vilailux Company?s Phuphatara high-rise and villas on Mae Pim beach as well as Glen Asia?s Tropical Beach Resort and Residence at Ban Pae and Logan Residence Development?s Seaview Condominium, also on Mae Pim beach. The latter two target the Finnish-Swedish market.
D2 Real Estate CEO Jens Brochner Nielsen said recently that Scandinavians seem to have shifted their property search from Hua Hin to Rayong because many find the former a bit too crowded.
As more foreigners start appreciating Rayong?s peaceful environment and sparse commercialisation, some Thais are also waking up to the rental potential of units being built along its pristine beaches and have started to buy.
Another strong attraction is that prices are lower for units of the same quality in both Hua Hin and Pattaya, but with potential to appreciate in the future. In fact, the appreciation has already started. Three-and-a-half years ago I saw some beautiful condominiums at a development called Kap Creative which has its own private beach in Wang Kaew Park. The price for these large, one-bedroom units was a low 1.5 million baht, but has now climbed to about 3 million baht.
While there is no denying the full force of the global economic gale, Mr Nielsen said that Thailand is among the countries feeling relatively less impact, especially compared with the US, where in some cases values have plunged by as much as 50%.
?I don?t think we will see sharp property decreases in Thailand because it is one of the few countries that learned a lesson in 1997,? he said, adding that the property sector here didn?t see the same sort of unrealistic price increases that swept America.
?Because a bubble didn?t build up here we have real estate which is reasonably good value for the money, with not a lot of room for big plunges.?
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NEW FOCUS: Scandinavians are moving in, says Jens Brochner Nielsen.
Although times are difficult, there are still people buying property. It is like buying gold, as both give a sense of security. There are also potential buyers who are a bit scared to spend money right now, said Mr Nielsen, but they will show up once the global crisis eases.
Experienced property players also realise that this form of investment requires a much longer perspective than other classes of assets, anywhere from five to 15 years.
As D2 Real Estate has a flexible buyer profile, Mr Nielsen is now shifting his focus to Thai customers, after having attracted Brits, Americans, Canadians and Australians in the past few years.
?I believe that in the next two years seaside property will become more interesting for Thai people looking for value for their money. They will invest if they get good and trustworthy returns.?
Tropical Beach?s 120 condominium units in four five-storey buildings and the adjacent Oriental Beach?s pool villas offer 8% guaranteed annual return for the first two years, far higher than the 1% deposit rates banks are now offering.
Also interesting is the project?s niche profile as a retirement estate, with security and services that older people need. There is a health-care centre with a nurse on call 24 hours a day and three packages of varying maintenance and service, offering options in frequency for cleaning and the number of meals provided.
A 42.3-square-metre unit starts at about 1.5 million baht, plus 225,000 baht for an optional furniture package.
Prices for the Thai pool villas start at close to 6 million baht for a 95-sq-m villa with a 0.33 rai plot of land, with a furniture package available for 575,000 baht.
Mr Nielsen said more Thais were buying both for their own and their families? future use, as well as for an investment.
He praised the design of the condo units, which have a folding door to cover the bedroom area and large doors opening out to the balcony, thus combining the indoor and outdoor living areas.
?They would like to have a bedroom, living room and a big balcony, but it is very difficult to get all that at this price. So we have schemed in a small bedroom with a folding door, a bathroom, a living area and a small balcony, and the door to the balcony can open completely during the day because people who go to the seaside tend to use the balcony all day. At night they can close the door and it becomes a big living room.?
While bullish on the Thai market, Mr Nielsen realises it will be difficult to attract buyers from Singapore and Hong Kong right now because people normally do not invest overseas when their own markets are in dire straits.
His CIPS (Certified International Property Specialist) network revealed that only 104 properties were sold in Singapore in January, which is practically nothing.
Even so, he has not giving up hope of attracting some buyers from these two Asian financial hubs, but thinks it is individual and not institutional investors who might be drawn out.
?I am convinced that by the time we reach the end of this year they will start showing up again and we will see a new group from this market,? Mr Nielsen predicted.
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Tags: pattaya real estate
Source: http://geologic.biz/pattaya-real-estate-hotel-rayong-accommodation-types-as-villas-and-condominiums/
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