Jomtien venture adds on

Construction News

Western Sea View Co, a joint venture property company between a Swiss investor and the Sihanatkathakul family, plans to develop a condo, hotel and serviced apartments worth a combined 6 billion baht in Jomtien, Pattaya.

Company president Nicolas Buchler said there was strong demand from Thai buyers looking for a second home in a resort destination, particularly Pattaya.

Mr Buchler said the luxury condo segment in prime locations in Pattaya is in limited supply with strong demand from potential buyers, although small condo units in high-rise projects that aim for the medium- to low-priced market are in oversupply.

He said a new motorway between Pattaya and Map Ta Phut was expected to start construction next year, which should increase residential demand in Pattaya.

Last year the company started the first phase of its Pure Sunset Beach project with 110 condo units worth 1 billion baht total. The company recorded 80% of units sold, mainly to Thai buyers. Unit sizes will range for 33 to 208 square metres, priced between 120,000 to 210,000 baht per sq m, or 4.2 to 40 million baht a unit.

Next year Western Sea View plans to launch the second phase of Pure Sunset Beach worth 2 billion baht with four buildings and 200 condo units priced from 3 to 40 million baht a unit.

“We are open to any investors interested in co-investment on the project, but we don’t merely need funding, as a network and connections that will attract Thai customers to buy units are also important,” said Mr Buchler, a 63-year-old Swiss architect.

Over the next three years the company will develop 250 hotel units and 250 serviced apartment units worth a combined 4 billion baht, which represents the final phase.

Pure Sunset Beach will be located on a 33-rai site in Jomtien, Pattaya that the company bought in 2007 at a price of 15 million baht per rai.

Established in 2005 with registered capital of 64 million baht, Western Sea View is 51% held by Naparat Sihanatkathakul and 49% by Botanica Investment S.A. in Panama, owned by Mr Buchler.