New luxury condo project planned for Pattaya

Daika Estate

Daika Estate

The Daika Estate Company has announced its plans to expand its development in Pattaya with a new condominium project planned to commence in the first quarter of 2010.

Pattaya, the 3rd of December 2009 [PDN]: The Daika Estate Company which is the property development arm of the Daika Group has announced that it will commence development on a new luxury condominium project at Wong Amat beach, Pattaya, in the first quarter of 2010. The value of this new complex is estimated to in the region of 2 billion baht.

Pattaya Condominium

Pattaya Condominium

Executive Director of the Daika Estate Company, Dr Suebpong Atichartakorn explained that the current lack of high-end condominium developments in Pattaya has prompted the Daika Estate Company to continue its condominium ventures in the area. Pattaya has seen a growth of over 10% each year in the condominium market, although things have cooled off over the last year in response to the global economic crisis. The Daika Estate Company plan to commence construction during the first quarter of 2010, when it is predicted the economic situation will be more stable.

Dr Atichartakorn explained that, “The high-end market there (in Pattaya) is not very competitive with over 10 big projects being delayed this year because foreign investors delayed their decisions (due to) the weakening dollar against the baht.”

The planned development will consist of at least 100 condominium units with an average price of 80,000 baht per square meter. The project is expected to be built on the Wong Amat Beach were the Daika group already have a project that commenced construction in 2007.

The Daika Estate’s existing development on Wong Amat Beach “The Sanctuary Wong Amat Condominium Complex” is located on a 9-rai block of land, consisting of 200 condominium units with prices starting from 5 million baht. The development is expected to be completed within the month of February 2010. Although the sales market has stagnated over the last year, 120 of the 200 units have already been pre-sold to a variety of foreign and Thai investors.

Pattaya Beach

Pattaya Beach

Further to the expansion of their condominium development Dr. Atichartakorn also explained that the Daika Estate Company was planning to enter into the boutique resort and hotel industry within the next 2-3 years.

SOURCE: Pattaya Daily News

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