According to one of Thailand's leading property developers, Raimon Land, the combined value of the condominium sector in Pattaya represents 2.5 billion baht (USD 65 million) in the first half of 2006. And, to demonstrate the company's confidence in the Pattaya real estate sector, Raimon Land launched its second prestigious condominium project in November 2006.The stunning Northpoint development follows on Raimon Land's first project in Pattaya, Northshore, on Beach Road Soi 5. Featuring two single loaded towers of 54 and 46 stories and located on a prime site next to the exclusive Wong Amat Beach, Northpoint will comprise of 374 units, including studios, one-, two-, and three-bedroom units, as well as four-bedroom duplexes and penthouses.
Northpoint has been designed with the lifestyle and concerns of its future residents in mind. Efficient unit layouts offer better value for the purchaser by increasing the ratio of usable living space. The high ceilings and the expansive window frontage frame the views to the North and South. The resort-style landscapes carefully merge the existing trees on the site across a series of tiered decks and water features that stagger down to the 80-meter beach frontage. Among the recreational facilities are a fitness center, multi-tiered sun and shade decks, several pools with a poolside bar, two tennis courts on top of the car park, and a jungle waterslide adjacent to the playground and kid's pool.
Commenting on the design of the two condominium towers, architect Hans Brouwer said: "More than simply turning out the true and the tested, we are advancing innovations within the architectural industry. It is our belief that a building should go beyond mere logistics and decorative motifs to reflect a fundamental conviction that good architecture is about vision and purpose. The result is a building that provides its occupants with the highest degree of spatial drama and physical comfort, whilst at the same time projecting a dynamic and memorable skyline presence..."
Not surprisingly, pre-launch sales of the project exceeded 1 billion baht (more than USD 2.6 million), and if signs are read correctly, the project will be sold out long before completion in 2009. According to Raimon Land CEO Mr Nigel Cornick, location is crucial for luxury residential condominiums. "Our architect's interpretation of the site has lead to a world-class residential property development, and our investment in Northpoint highlights our confidence in this rapidly maturing market. The Eastern Seaboard is a unique mix of several thriving industries and its profile is improving."
Since 2003, over 5,000 condominium units have been launched on the Pattaya market. The majority of these (72% of the total condominium market) have been in the low-end sector, with most units priced under three million baht (about USD 79,000). The increase in the mid-to-high and high-end or premium sectors, however, represent a much higher value - not only in monetary terms, but also in meeting the needs and aspirations of a luxury market. In fact, in 2005, a third of the visitors to Pattaya stayed in four- and five-star hotels. Apart from Northpoint, other high-end developments like Ocean One and a luxury complex that will be developed by TCC Capital Land at Jomtien Beach, will go a long way towards raising Pattaya's profile and attracting both quality visitors and investors.
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