The Lofts Southshore, 50+40 Storey : Pattaya

[Chad]

Name : The Loft Southshore
Location : Pratumnak, Pattaya
Developer : Raimonland Public Company Limited
Project Description : Middle priced, 650 units of condominium comprised in a 50 and 40 Storey Condominium towers with a mixed use retail.
Completion : 2010

[archstudent]

wow!!

[Mosaic]

Pattaya did it again!!

[Chad]

INSPIRED BY NORTHPOINT

Success spurs 2 more posh resort estates

Just as speculators are fleeing Pattaya, partly because of fears of a negative fallout from the amended Foreign Business Act, one developer has decided to stick around for the long term and double its exposure.
Raimon Land, which over the past two years scored with two popular projects -Northshore on Beach Road Soi 5 and Northpoint at Wong Amat Beach - has recently acquired two big plots to construct more high-rise residential projects.

The company recently raised Bt350 million from Lehman Brothers to construct "Northpoint II", located next to the first Northpoint, and "The Lofts Southshore", on Pratmnak Road in South Pattaya.

Northpoint II is being built on a seven-rai plot and will have 350 units when completed in 2010.

"It will be an upscale project estimated to be worth Bt3 billion when completed, said Raimon Land CEO Nigel Cornick.

Meanwhile, The Lofts Southshore is being constructed on a 6.5-rai plot and is valued at Bt4.5 billion. The completion date is also around 2010.

This project is special in that it is specifically targeting the middle market, one that Cornick says the company is eager to tap.

"We found that 80 per cent of our visitors at Northpoint could not afford our condominiums," he said. "But we had nothing in the Bt2-million range."

As a result, the firm scouted for land when prices started easing last year after a bout of heavy speculation over the past three to four years. Many of the punters were foreign, and many of them quickly exited when things turned ugly.

But Raimon is a long-term player that sees much potential in the beach town, which could be much better managed.

But because of inadequate infrastructure to deal with a population boom over the past decade, everything from road works to public works are, at best, confounding and messy.

Mass tourism has certainly gone a long way to tarnishing an already shaky image.

Still, where there's muck, there's money. Pattaya still brings in more tourist dollars than other resort towns, even with the greenback losing some of its lustre.

To be sure, Pattaya has seen many boom-bust cycles. By the time the next boom comes along in three or four years, Raimon should be well placed to ride it.

For the mid-end Southshore project, Raimon will offer 30-square-metre studios from an entry price of Bt1.8 million. Its overall floor space is expected to fetch an average of Bt70,000, said Cornick, as the higher floors will be commanding much higher prices.

In all, Southshore will have 850 units, contained in two towers - one 35 floors and the other 50.

It does not have a private beach, but has good sea views.

Southshore's amenities, including its swimming pool, sun deck and sports facilities, are to be located atop a massive podium shared by the towers.

Source : THE NATION : Aug 24, 2007

[Pastman]

ohh pattaya again

[Chad]

Raimon to launch B4.5bn Pattaya project

Developer takes on the middle market

SOMPORN THAPANACHAI

The listed developer Raimon Land Plc plans to tap the flourishing Pattaya market with the launch of another 4.5-billion-baht midmarket project called The Lofts Southshore in the Kao Pranang area.

The project, located on a six-rai plot with towers of 50 and 40 storeys, will have 850 units sized between 30 and 300 square metres and prices starting from 1.8 million baht, or around 65,000 baht per sq m on average.

CEO Nigel Cornick said the company saw a shortage of quality mid-range product in Pattaya so The Lofts Southshore would be affordable for both locals and foreigners. Raimon has two years of experience in Pattaya with two high-end projects: Northshore and North Point.

The company has already spent 235 million baht to acquire land for the project. About 50% of the land costs and 70% of construction costs would be funded by financial institutions, he said.

Raimon has also acquired another plot next to North Point for another project it plans to launch next year.

The company's research has found solid interest in properties in resort destinations close to Bangkok. In the first half of this year, 665 new units worth 6.09 billion baht were launched in four resort areas: Hua Hin (45%), Pattaya (35%), Phuket (10%) and Samui (10%). The newly launched units in four destinations represent 30% of Thailand's total luxury condominium industry.

The company said the fundamentals of Thailand's property market in resort areas depended on a healthy tourism industry. This year. both Phuket and Pattaya have seen solid tourism figures.

Raimon expects 10 billion baht in sales this year. So far, it has sold seven billion baht worth of property, including about 2.3 billion baht from The River, a luxury condo launched in March, another 2.03 billion from North Point, said chief operating officer Kitti Tungsriwong.

He said the company expected to realise two billion baht of revenue by year's end, and it already recorded 707 million baht in the first half. The rest would be realised from The Lofts Yenakart, The Heights in Phuket and about 300 million baht from North Point.

Its debt-to-equity ratio stands at 1.8 times, but it will likely fall to around 1.3-1.5 times by the end of this year when its partners exercise 750 million baht worth of warrants.

The company's research also revealed that 2,692 condominiums were launched in Bangkok's inner city in the first half of this year, down 30.4% from the second half of last year. The most popular location was Sukhumvit, followed by the riverside and Rama III. The average price per square metre of units sold in the inner city during the first half was 85,666 baht, up 1.8% from the second half of last year.

In the first six months, 3,868 units were completed with a transfer value of 5.96 billion baht.

Source : Bangkokpost : Aug 28, 2007

[Ten]

Pattaya again!! ...I really see its future...the Thai Gold Coast.

[Zimoune]

[Imperfect Ending]

MY goodness... that's outstanding!

[satit28]

niiicceee........

[HomesickAlienn]

woooooo .. it's pattaya b*tch..

and it does imitate northpoint..

[Speed]

I like the window maximizing design

[satit28]

Originally Posted by HomesickAlienn

woooooo .. it's pattaya b*tch..

ฮ่าๆ....
hello britney!!!........

[Mosaic]

Amazing design !!

[Pas]

boomtown!

[archstudent]

look nice

[Chad]

MIRAGE!!!

[jiverage]

how tall iis this goonna be? could it peak 200m ? that woudl be magnificent... pattaya needs like 10-20 +200 now that they built the O1. its gonna look really nasty wen it comes out. the skyline will have no shape. we should turn pattaya into something like miami or any resort town rather than it just being an independent race of condos. there needs to be structure? anyone agree pah?

[Zimoune]

forget aboiut 200m

[mtt16]

so nice