7 April 2006
High-End Real Estate Market Remains Vigorous With ‘Ocean Property,’ Going Against the Trend, Continues to Expand Its Investment Worth More Than Bt 1,000 million
Pattaya (7th April 2006) - The company begins its new project in 2006 by penetrating in resort towns of Pattaya and Hua Hin. Four new projects include the ocean-side Ocean Portofino Condominium next to Ocean Marina Yacht Club, luxury retro homes and Ocean Hotel and Resorts; all aiming to serve wealthy Thais and foreigners.
Ocean Portofino Condominium stresses on its distinguished accesses to the comprehensive yacht dock, making it a perfect place for wealthy customers who like the marina lifestyle of living. The company reveals that 30% of the project has been sold.
Mrs. Nusara Banyatpiyaphod, President of Ocean Property Company Limited the operator of premium real estate project, reveals that in 2006 the company has started 4 new property projects with more than Bt1,100 million worth of investment. Those projects include the Ocean Portofino Condominium on Jomtien Beach, Pattaya, situated in the same area of Ocean Marina Yacht Club which is a hotel and a yacht dock, with the project value of Bt 1,500 million. The second project is the Ocean Villa project in Hua Hin, Prachuab Kirikan, with the value of Bt 400 million. The third project is Ocean Resort and Spa Hua Hin, worth Bt 900 million, aiming for high-end customers with strong purchasing power. The last project is boutigue condominium with the value of Bt 400 million, located on Soi Nai Lert, Ploenchitr Road.
The company’s decision is based on the fact that the high-end residential project is still going strongly thanks to high purchasing power and demands of the targeted groups, especially foreign expatriates who come to Thailand to work or to spend their lives. This is because Thailand is a good place to live, with warm weather, friendly people, and lower costs of living when compared to the US or the UK. Also, the overall potential of real estate developments in tourist centers such as Pattaya and Hua Hin is still strong. Also, there are strong demands for housings among these groups of customers in those areas.
Ocean Portofino Condominium is a luxury high-end condominium designed for those who want to acquire a second vacation home. Customers range from wealthy Thais and socialites who are 40 years and older and foreign expatriates with 40% and 60% ratio accordingly. The project is located on a 2.5-rai plot of land next to the Ocean Marina Yacht Club which is one of Asia’s leading and Thailand’s first and largest and most comprehensive sailor’s clubs and world-class docks, also managed by the company. Ocean Portofino Condominium has a contemporary design of the Italian Mediterranean, with 36 floors comprising of 268 units of 1-2-3 bedroom. All units, designed to get the full ocean view, range from 76-233 square metre living space with the beginning price of Bt 4.9 million to almost Bt20 million per unit. The living pattern of the project is a comprehensive Marina Lifestyle, with the yacht dock as the distinguished quality for customers who like sailing and get the beautiful view of the ocean and the luxurious yacht club. Customers will also get full access to the privileges and benefits of the Ocean Marina Yacht Club, including the valet parking and caring of the boats, restaurants, swimming pools, and the comprehensive sports complex. The project is currently under construction and expected to finish in 2008.
“Ocean Portofino Condominium now has about 30% of its total units sold, with most customers the existing customers of the San Marino Condominium inside the Ocean Marina Yacht Club. I think this reflects the fact that the existing customers are satisfied with our management and services. Also, our customers are not affected by the changed economy. And with our distinguished quality of having a world-class yacht dock, we are able to serve the unique lifestyle of those who love to sail with convenience of our valet parking and caring services. Also this year in May, we will be the host of the 2nd Top of the Gulf Regatta competition which is an activity created to promote sailing and will make this place a center of yacht activities internationally and will also create more fun atmosphere inside the project.”
Ocean Villa Hua Hin project in Prachuab Kirikan is a luxurious vacation home project designed from Hua Hin’s original vacation home style, which is a combination of Thai contemporary and Victorian style. Three styles are available, including Naret, Phurachatra and Saen Samran, ranging from 100-300 square wa in areas, each costs about Bt20 million or more. Eighteen units are available in this project. Model home is expected to be completed in October 2006, and the project should be able to close the sales by early of next year. And the completion of the project is expected to be in 2007.
Ocean Resort and Spa is a 5-star luxury resort project, only 1 kilometer away from the Hua Hin airport. Close to Anantara Resort, the resort will have 100 rooms, each equipped with private swimming pool with targeted customers of both Thais and foreigners. It is expected that this project should start operating in this July.
In terms of the effects from the economy, Mrs. Nusara says that “The increase in oil prices and construction materials should not have a lot of effects to Ocean Property projects. This is because most of our customers have high purchasing power. Most of them are foreigner, and thus should not be affected with the local negative factors, since they want to buy residence for their own living.”
For more information:
JWT Thailand, JWT Public Relations
Pannarai Thaweechotkitchaoren (Ar), Prasit Krissadaariyachon (Bob)
Tel. 0-2204-8212, 8216
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