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Pattaya Condo – Veranda Plans B3bn Pattaya Splurge

By on Oct 08, 2013 in Property News

Pattaya Condo - Veranda Plans B3bn Pattaya SplurgeThai hotel operator Veranda Resort and Spa Co plans to launch a condo project worth 2 billion baht and a hotel worth 1 billion in Pattaya despite the supply glut in the resort city.  President Verawat Ongvasith said the company’s development plan came as a result of several inquiries for accommodation in Pattaya from regular customers at its two hotels in Hua Hin and Chiang Mai.

Last year, it bought a 10-rai plot of beachfront land at the end of Na Jomtien Beach priced at 40 million baht per rai to develop a 33-storey condo and an eight-storey hotel with 149 rooms. Construction is slated for 2014.

Aliwassa Pathanadabutr, managing director of property consultant CBRE Thailand, said Pattaya’s condo market is the second largest in Thailand after Bangkok, with tremendous growth since 2008. Demand comprises locals working there and those buying a resort home.

Completed condos in Pattaya totalled around 41,000 units with a take-up rate of more than 80%. Most are located in Jomtien and Pattaya City, with only 7%in Na Jomtien where land plots are close to the beach with no roads in between.

Veranda Residence Pattaya will comprise 360 condo units sized 32-199 square metres and priced from 100,000 baht per sq m. There will be four pool villas sized 254-266 sq m and priced from 16 million baht a unit.

CBRE, its sole agent, expects to have 50% sales by the end of the year and close sales by 2015.

Veranda Residence Pattaya, call +66 83 008 1122 or click Pattaya condo condominium -Veranda-Residence

For the full article, please visit Bangkok Post

Source | Bangkok Post 8 October 2013

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