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Making a Point: Nigel Cornick back with a bang on the Pattaya real-estate scene

This summer marked the return to Pattaya of a familiar face to the local real estate sector when ex-Raimon Land CEO Nigel Cornick announced his new development vehicle Kingdom Property had secured finance from the Krungthai Bank for their first major project in the city, and indeed Thailand, the THB 2 billion Southpoint condominium on Pratumnak Hill.

The Pattaya Mail recently conducted an interview with Mr. Cornick to discuss his new venture in the local real estate market and to also garner his views on the overall property scene, both in Pattaya and around Thailand in general.

Kingdom Property CEO Nigel Cornick talks about his new Southpoint condominium project in an exclusive interview with Pattaya Mail Real Estate Monthly.

But first, how had the Kingdom Property CEO been keeping himself busy over the past couple of years?

“After leaving Ramon Land in 2009 I went into partnership with the Brooker Group and established Biswanger Brooker (Thailand), a boutique property services company. We were busy helping our clients with acquisitions and the like, but frankly, once you’ve had the bite of development it’s very hard to get it out of your blood,” Mr. Cornick answered.

“For the last 3 years we’ve been looking for opportunities and we were finally able to secure a site,” he continued. “We recapitalized Kingdom Property and bought 4 rai on Pratumnak Hill on soi 7. We were very fortunate to secure this site as it’s not easy to find 4-rai of land consolidated in a prime location such as this.”

Designed jointly by Bangkok based architects The Beaumont Partnership and SODA Thailand (Stephen O’Dell), the plans for Southpoint are for 2 towers, one 20-storey and one 28 storey, with 42,000sqm of living space. The company also promises that South Point with incorporate some eye-catching landscape features.

Kingdom Property CEO Nigel Cornick talks about his new project to Pattaya Mail TV.

“Our landscape architect, who is based in Singapore, has come up with some truly unique and innovative ideas for the landscaping for this project. They will really be well worth seeing,” said Nigel.

With prices set to start at approx. THB 65,000 /sqm the company feels the project will be an attractive proposition to many sectors of the real-estate marketplace.

The design team led by Colin K. Okashimo from CKOA (left) meet with Nigel Cornick (right) to discuss the plans for the Southpoint project.

“We’ll test the market but we think the 1 and 2 bedroom units will be the most sought after; that seems to be the feedback we are getting from our research,” said Mr. Cornick.

“It (Southpoint) is a very modular design, if we find that there is more demand for larger units we have the ability to combine the smaller ones,” he added.

The project is expected to be officially launched later this year with presales scheduled for September or October. The decision to hold off from launching presales too far in advance of construction is something the Kingdom CEO says will pay dividends down the line.


“You need to show people what they are going to get, so it’s essential to have a proper sales office and showroom ready so customers can see the quality of the product you are offering,” he said.

And who does Kingdom Property see as their main target sales groups for Southpoint?

“The Russian market you can’t ignore,” said Nigel. “I would think most new developments in Pattaya are achieving at least 20% sales to Russians.

Award winning architect Stephen O’Dell unveils his interior designs for Southpoint.

“Also, with the Thai market, the Pratumnak area has historically got connections with the Royal Varuna Yacht Club and a few years ago this was the area that many Thais wanted to live. We are going to try and rekindle that interest and we are talking with Varuna Yacht Club about developing certain associations.

“However, we believe that South Point will appeal to all customers, whether Thai or foreign, looking to invest in a quality development. This (project) will fill a gap between Jomtien and Naklua as both of those areas are getting heavily focused on from a development perspective,” he added.

With some investors holding concerns about the consequences of the financial problems in the Euro-zone, and a possible over-supply of rooms here in Pattaya, how does he view the immediate and long term future for the property market here in the city?

“At Kingdom Property we are firm believers in the real-estate industry in Pattaya,” replied Nigel. “People thought I was crazy when I first came here (with Raimon Land) - certainly my staff at the time did, they just couldn’t see the potential. But I could see that the opportunity was here and apart from a slight hiccup in 2008 the market has continued to grow.

“What happens in the rest of the world doesn’t necessarily reflect in the Pattaya market,” he added. “Most of the major developers here have actually thrived since the 2008 global financial crisis.

“The tourism driver for Pattaya is going to be huge,” he continued. “The mayor is predicting something like 2 million visitors just from India alone in the next 2-3 years, which is significant if you bear in mind the Russian tourist numbers now are about 700,000.

“There are something like 47,000 hotel rooms in Pattaya of varying standards, but we see the main call in the future coming for the 3-4 star market. Demand for accommodation will be the driver for investment decisions. Possibly tour groups will purchase blocks of units in developments. There are many diverse investment opportunities that are going to be created because of the momentum,” Nigel added.

The disastrous floods that hit other parts of the country last year also seemed to see a shift in the focus of investors who began to look at Pattaya and the Chonburi region in general as a more attractive proposition for future property acquisitions. Does Kingdom Property also share this viewpoint?

“Yes, the industrial base in the Eastern Seaboard is going to continue to grow and we expect the take up of industrial land in the area to be the highest ever following the flooding last year that affected the other parts of the country,” replied Mr. Cornick. “Just on the industrial base alone, you have to be confident that Pattaya is going to be ahead of the field.”

And how does the city compare to other resort destinations in Thailand?

“Phuket was rightly considered to be the jewel in the crown, and in many respects it still is” says Mr. Cornick, “but it was hit hard by the 2008 economic crisis and hotels and resorts there have had to adjust their room rates to attract more of the larger tour groups, which means the island has maybe lost a bit of its shine in recent times.

“Hua Hin, because of the royal family connection has traditionally always been a popular destination for Thais, but Pattaya, with its myriad of attractions, is starting to appeal more now to the younger Thai buyers,” he added.

Does he see any potential stumbling blocks for Pattaya’s development in the future?

“The planning and implementation is where Pattaya has got to look at itself, look to improve its infrastructure: water, sewerage, roads etc. – it’s the major challenge for this city but we remain hopeful,” replied the Kingdom Property chief.

Southpoint marks the company’s first foray into real estate development, so what can we expect in the future from Kingdom Property?

“We’ve got 2 other projects we are looking at in Pattaya, hopefully we will be able to secure at least one of those in the next 6 months,” replied Nigel. At the moment we are primarily focusing on Pattaya and the Eastern Seaboard, but if something interesting came up in Bangkok or elsewhere, possibly as a joint venture, then we would look at it on its merits,” he added.

As a final note Mr. Cornick left us with his positive perspective for Thailand’s economy in general.

“This country is the number 1 tourist destination in Asia and I don’t see that changing,” he said. Thailand is unique in that it opens itself to all nationalities, religions etc., and as long as the political situation remains stable there is no reason why we shouldn’t be confident about the future here,” he concluded.

“We believe that South Point will appeal to all customers, whether Thai or foreign, looking to invest in a quality development.” – Nigel Cornick, CEO Kingdom Property Group.

http://www.pattayamail.com/property...a-bang-on-the-pattaya-real-estate-scene-15144
 

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^^^ hahaha

It's sort of floor layout model krub. They sliced most of the building height out.
 

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Royal Varuna Yacht Club sees launch of new Southpoint project
Property Report
Matthew Booth | Aug 30, 2012


This weekend saw the Royal Varuna Yacht Club in Pattaya buzzing with activity, celebrating the launch of Kingdom Property’s Southpoint project, as well as the birthday of the company’s CEO, Nigel Cornick.

The Royal Varuna Yacht Club is located on the historically prestigious area of Pratunmak Hill, with the Southpoint project set to be constructed just a short distance away. The project, located on a four rai site, has received funding via a large recent loan from Krung Thai Bank. Valued at THB2 billion (US$63,816,200), the project will consist of one main 28 storey tower and a smaller 20 storey tower, covering a total area of approximately 42,000 square metres over the 650 units.
Despite the large number of units in the development, Mr Cornick expressed confidence in the sales of the project.

“We are already very close to selling the whole of the smaller tower to a single Thai investor which will be good, because it will allow us to apply a lot more foreign ownership into the main tower,” he said.

Investment into Pattaya property is showing no signs of slowing down, with developers keen to take advantage of the ever-growing tourism scene. Indeed, tourism numbers are on the up and are set to continue booming, with the proposed high speed rail network linking the city to Bangkok, a new terminal set for development at U-Tapao Rayong International Airport and a Mayor committed to developing infrastructure throughout the city.

The developments constantly springing up in various locations around the city offer a potentially large amount of competition against the Southpoint project. But are these potential competitors worrying Mr Cornick?

“Not at all. If you analyse the competition you will find that most of it tends to be low rise and it tends to be in locations that I would consider to be secondary,” he said.

As for foreign investment in the project, it is expected that there will be interest in Southpoint from a range of different international markets. Although there is speculation about potential investors from India and China, Mr Cornick said that he is optimistic about potential investors from Korea and Singapore, with both countries beginning to once again show interest in Thai property investment. “I think there will be a spread, but at the moment, the Russian market is the biggest,” continued Mr Cornick.

Certainly, the influx of Russian tourists and investors into Pattaya is an important factor reflected in the changing landscape of the city’s tourist scene as it garners a wider appeal amongst family orientated tourists.

“The Russian tourism scene is very much a family-centred event. Whether it be established families or young couples, Russians are coming to Pattaya for family fun and to enjoy the beaches,” said Mr Cornick.

Kingdom Property’s marketing manager, Irina Breslavtseva, explained Pattaya’s appeal to Russian tourists.

“Most Russians do not speak English, so they really appreciate coming to an area where the local people make an effort to speak Russian and write signs, menus and directions in Cyrillic. Also, Pattaya is now a familiar tourist hot spot for Russians, so many see the area as a convenient, accommodating holiday destination where they can be comfortable and are likely to meet other people,” she said.

Construction of Southpoint is expected to commence in December, with the focus of the project being studios and one bedroom units. Mr Cornick did explain however, that if a demand for two bedroom units was seen, studio units will be merged in order to meet demand.
 

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Looks SUPER CHIC! :drool:

KINGDOM PROPERTY REVEAL FIRST PROJECT
SOUTHPOINT PATTAYA ON PRATUMNAK HILL

July17, 2012








Kingdom Property. Kingdom Property was established in 1994 as a property services company. In 2009 Nigel J. Cornick acquired a shareholding in the company with the intent to use his extensive real estate experience to invest directly into development opportunities of which Southpoint in Pattaya is the first condominium project.

The new condominium development will be called Southpoint Pattaya and will be built on a four rai freehold plot in the Pratumnak area, an increasingly popular location just south of Bali Hai in Pattaya City, an area currently undergoing a major transformation including the development of a new marina.

The project, which will be opening for pre sales in the third quarter of 2012, will have a project value of THB2 billion with completion scheduled for 2015.

Kingdom Property Chief Executive Officer Nigel Cornick said he recognised the huge potential growth opportunities for real estate development in Pattaya as early as 2004, in particular quality condominium projects in prime locations. This resulted in the development on Northshore and Northpoint, regarded as two of the leading developments in the city.

“It was therefore a natural decision to focus on Pattaya for Kingdom Property’s first development. In selecting the Pratumnak area for Southpoint we recognize the significant opportunity for quality development in a location just minutes from Pattaya’s city centre,” said Mr Cornick.

“It is already a popular destination with western tourists due to its quiet, private and ‘green’ surrounds, as well as its close proximity to the Bali Hai beach and Royal Varuna Yacht Club,” he added.
 

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the smaller square building looks a lot like a fat and short version of The Zire by Raimonland.

I think its the same architects too-SODA.

looks good, but a bit grey looking, maybe some more glass or white too?

anyway need to see some more render pictures...

great location tough!!!!!
 

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Yes, Its very SODA.
 

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^^ Very nice map!
 

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Bt6.5-billion mixed-used project to rise in Pattaya
SOMLUCK SRIMALEE
THE NATION September 12, 2012 1:00 am


Kingdom Property will commence development of a mixed-use project worth Bt6.5 billion in Pattaya next year.


The project forms part of the company's business expansion after launching its first condominium, the Bt2-billion Southpoint Pattaya, in the final quarter of this year, said chief executive officer Nigel Cor-nick, the former CEO of listed property firm Raimon Land.

Cornick and a friend took over Kingdom Property in 2000, but the company was inactive until he resigned from Raimon Land two years ago. Kingdom Property has Bt240 million of registered capital.

Southpoint Pattaya is currently undergoing an environmental impact assessment, and the company hopes to receive the necessary permit by December, after which the project will be open for presales.

The condominium, scheduled for completion in 2015, has received Bt680 million in project financing from Krung Thai Bank.

The loan is subject to presales of at least 50 per cent of the project value being achieved, which is normal for a commercial bank when |providing financing for development of a condominium project.

There is strong residential demand in Pattaya from both domestic and foreign buyers after the severe flooding that hit Bangkok and central Thailand last year, Cornick said.

"Many Japanese investors have moved their manufacturing plants to the Eastern Seaboard, while new Asian investors from Singapore, Hong Kong, China and elsewhere have also decided to expand their investment on the Eastern Seaboard rather than in suburban Bangkok. The challenge is for property firms to develop projects in Pattaya to support the strong residential demand," he said.

RETAIL DEVELOPMENT

Construction of the company's mixed-used project will commence construction jointly with the landowner for Bt500 million worth of retail development next year, Cornick said.

A further Bt2 billion will then be spent on developing a retail and entertainment project on the site in 2014, with the remaining Bt4 billion then used to develop hospitality facilities the following year.

The project will be located on 23 rai (3.7 hectares) close to Pattaya's long beach.

The company also plans to develop residential property worth between Bt500 million and Bt1billion per project a year, with the focus on the Pattaya area, said the chief executive.

"All of our new projects will be in the form of a joint venture with a new partner or the landowner for development purposes," he added.

Funding will come from both the company's cash flow and bank loans in a ratio of 1:2, which is the likely split for the Southpoint Pattaya project, Cornick said.

The company expects to book Bt2 billion of revenue from the Southpoint Pattaya project in 2015.
 
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