The total number of Pattaya condo units launched in the first half of 2011 has exceeded the number of units released last year, according to a recent report.
The increase was attributed to two new projects launched in Q1, with over 1,400 units each. Currently, the two projects — Condotown North Pattaya-Sukhumvit and The Grand Jomtien — comprise about 45,600 units, with 2,900 units (six percent of the total supply) slated for H2 2011.
In addition, more than 4,100 units are set for completion and transfer in 2012.
LPN Development, which developed Condotown North Pattaya-Sukhumvit, has been “a major player in the Bangkok condominium market for some time with its small unit sizes targeting first time buyers and now they are entering Pattaya for the first time,” said Tony Picon, Associate Director of Research at Colliers.
“It is likely that other listed developers will follow Raimon Land, Major Development and now LPN Development who are already part of the Pattaya developer mix.”
Meanwhile, the Pattaya market has shifted from a traditional condo market to one with a hotel component, with Centara and Amari both adding residential units to their services in the city.
Centara will manage the Centara Avenue Residence and Suites in downtown Pattaya on behalf of the Tulip Group, while Amari will manage the previously named The Legend on Cosy Beach by The Nova Group.
“Sales have been brisk for both projects and one key reason is the hotel aspect,” said Mark Bowling, Senior Sales Manager for the Pattaya Office of Colliers.
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