Sales in Raimon Land’s Luxury Northpoint Condominium Development in Pattaya Soar Past THB 3 billion

Sales in Northpoint, Raimon Land’s luxury condominium development in North Pattaya property, have crossed past the THB 3 billion barrier, taking total sales to 60% of the targeted THB 5 billion. Raimon Land started the 376-unit project, located on a 12-rai beachfront site at Wongamart, in November 2006. To date, it has done an average per-square-meter price of THB 120.219 on the 252 units sold. Sales for both towers have been bobbish since the beginning of 2008, with buyers subscription for 59 units worth THB 591 million at an average price of THB 120.592 per sq. meter from January 8 to March 11. Sales in February amounted THB 362 million. “The increase in sales in the last two months is a clear indication that investor confidence is returning to Thailand and to the booming eastern ocean coast region,” said Raimon Land Chief Executive Officer Nigel J Cornick.

Take up in Northpoint’s South Tower has been particularly strong, reaching 79% of the targeted THB2.71 billion through sales of 138 of its 163 units. North Tower sales have hit 38% of its value at THB 846 million through sales of 114 of its 213 condominium units. Interest has been strong from local Thailand property investors as well as a wide spread of other nations, such as Russia, the UK, Australia, Sweden, Germany, Estonia and China.

A more recent trend is a gain of Thai emigrant buyers who recognize the relative value of Thailand property compared to their current place of residence. Mr. Cornick said investors are becoming more active in Thailand’s top property and resort where returns have been imposing. “Pattaya offers a tremendous opportunity to realize both strong short-term gains as well as long-term growth through investments in grade A condominium developments,” he said. “Rental yields have been averaging 6-10% per annum and buyers at Raimon Land’s Northshore project have enjoyed on average capital increase of 30% per year.”

A major factor driving Pattaya high-end residential real estate sector is its growing charm as an active lifestyle destination, which can now adjust to more fertil well-travelled visitors who will pay a premium for indulgent experiences. International five-star hotels are scrambling to get a foothold in Pattaya. Local luxury brand Centara, along with international players Hilton, Movenpick, Le Meridien and Inter Continental all plan to open hotels or resorts by 2010.