Thailand is one property market that I have not been familiar with. No particular reason, except sometimes media has a huge effect on people, with their reports on flood and political situations… I just ignored it altogether.
Recently though through recommendations of a savvy friend I was asked to go Pattaya to take a look. Well I was aware that Pattaya usually has a negative connotation to Singaporeans with their many Night clubs and Go-Go Pubs and beautiful Man-Girls! I was curious too as my savvy investor friend is pretty well versed in Thailand. So I went, just three days.
In that trip to Pattaya, I was shown various property projects. After being shown the units, many of which are already in turnover stage, I am inspired to write a property blog for Premier Investors Club.
Route to Pattaya
Firstly, I was pretty happy with the fast highways built from Bangkok to Pattaya, though not very happy that I was charged 3100 baht in the airport for a taxi there! I took the “Limousine Airport taxi” because of the long queue for the normal taxi and I relented to the exorbitant charges of the Airport Taxi. But do not expect a Limousine though…. It is just a normal car, just better maintained with a nicer and trustworthy driver. To tourists, I recommend you pre-arrange for your own drivers either from your friends or from official transport companies! You will end up probably paying less than half price.
My First Impressions of Pattaya
Well at least my first impression was not the sense signs of sleaziness which I expected. And later, I understood why…The government has cleverly confined those sleazy pubs in just one street known as the “Walking Street”. Elsewhere, you do not see anything. I thought that was a good idea as it gives residents a nice environment to stay and work. That was a BIG plus point. Locals told me that the government have tried to improve image of Pattaya in recent years.
I was also surprised me to see the huge amount of foreigners in the area. Are they tourists I wondered? But they did not look like tourists as I saw them seemingly going to work, and they seemed pretty familiar with the area as though they have been there for ages.
But Pattaya is really a beautiful place, surrounded by the sea and lovely beaches. If you are like me, then the next thing in your head would be is there Tsunami? I searched my google map, studied Pattaya Geographical location and felt relieved. I thought to myself, if Sir Stamford Raffles did not find Singapore, perhaps he would have founded Pattaya. Hahaha! Like Singapore, who is protected from the brutal sea by the huge Indonesian land, Pattaya is also fortunate to be within the Gulf of Thailand and protected by huge land mass. I have extracted a map of Thailand to illustrate what I mean!!
Global Top Developer Office
My savvy investor friend has researched for the last few months, picked up the developer and the projects that were worth investing for my viewing. He selected Global Top as a potential developer with projects that were well built and value for money. Hence we went to Visit the developer Global Top at its office.
What first surprised me at the developer office was to see an Australian, an English and a Polish staff working there and an Israeli Boss! Wow! What a cosmopolitan. So foreigners were really residing and working in Pattaya. I asked some for the reason for their choice of Pattaya. They mentioned “Pattaya is beautiful, cost of living is not high and its near Bangkok – the best of both worlds”
Lovely Night View of Pattaya
Why Invest in Pattaya
This is the first question that I always ask myself and also developers who recommend their projects to me. To be really honest, I am new to Pattaya but some curious facts aroused my interest. But this is what I learnt
1) It is the 2nd most visited tourist attraction in Thailand, after Bangkok
I love Bangkok for its cosmopolitan city life. But when I go to Pattaya, I see a different perspective of Thailand. Pattaya is a popular tourist destination for its beaches. Located right facing the Gulf of Thailand, and about 160 km south of Bangkok, it is easily accessible from airport.
2) It is a favourite destination for work and retirement among foreigners, so much so that in some areas of Pattaya, it is 60% foreigners!
That’s a surprising fact. There’s a fast growing group of foreign retirees settling in Pattaya, making use of the special visa that Thailand offers to those over 50 and retiring. The climate, exotic and easy lifestyle, with low cost of living, is an attraction to many.
3) A fast speed railway is going to be built from China, with a train stop at Pattaya.
What that means is traffic! With this new high speed railway, ready in 2017/18, people working in Bangkok could have an option to stay in Pattaya. And there are also plans to link up the high speed train station at Laem Chabang port to the high speed train lines in Laos and southern China.
http://newpattaya.com/news/bangkok-pattaya-high-speed-railway/
Pattaya Property Show Pieces
First Project – Paradise Ocean View Apartments
I love to be near the beaches. Having viewed countless properties in cities and inland, I thought the property that is about to be shown to me by Global Top which is by the sea, is a refreshing change.
The road to the Paraside Ocean View Apartments was quiet and peaceful. But the moment I reach I place I went Wow! The apartment was literally by the sea! Let me think how best to dramatise this. “I can sit in my apartment balcony and actually fish in the sea!” I told Spencer …. And he grinned and said, turn around. I turned around and really saw a Japanese man sitting in his lovely garden at the first level fishing!!! I was pleasantly surprised that someone would steal my idea in an instance. Hahaha! No chance to even copy right that.
I really love nature and the sound of the waves in the apartments. It was a picture perfect view as you look out of your balcony and see the deep blue sea. We went to various units in the apartment, we heard sound waves in the apartments, enjoy beach view on the left side and a panoramic seaview! Now I know the rationale of its name “Paradise Ocean View”!
The price of the units were 6,800,000 baht for a one 60 sqm bedroom unit, and 9 million baht for a first level unit. When we first went there, there were only available 3 units at below 7 million baht and one last unit on the first level. But by the last day, all the units below 7 million were gone, leaving bigger units L
Prelaunch Property at Central Pattaya
We also went to see the Showroom for a Central Pattaya Prelaunch property, Olympus, specially selected because of the value for money, located in the heart of activities in Pattaya town, yet tucked away in a quiet corner. Price is attractive at 60,000 baht per sqm. The interior design is solid to make small cuts units look big because of the optimal space utilization. Because of its price and location, the rental yield for this property should be pretty good, especially when some design concept has already been done and the owner can opt to pay bit of money for them.
North Pattaya Property
Well my personal preference is a North Pattaya property by Global Top.
This is a cozy low rise, 8th storey apartment with only 188 units. It is more expensive than Olympys at 80,000 baht per sqm. Surrounding is a high end area with lovely English style cafes and foreign enclaves. Being just 200m from the famous Wongamat beach, pocket views of the lovely pristine beach is possible, on the higher floors like the 7th or 8th floors. The immediate vicinity of Tropicana has yet to be fully developed as there is land that rich Thai has kept and refuse to sell or develop. But with the high end businesses round the corner, and the beach 200m away, I see potential appreciation in the next few years.
Of course if money is not an issue at all, you can also buy properties immediately fronting Wongamat beaches! But be prepared to pay 40 % higher in price. Otherwise, this development Tropicana has a lovely balance!
This project is also managed by Wipa, one of two bosses of Global Top. And she is a very nice lady and who has finally agreed to a free furnishing package and a two years 7% rental guarantee after some coaxing. What more can we ask for!
https://www.youtube.com/watch?v=aInmk3G9D9E
Photo I took with Wipa – a kind lady boss in Global Top.
contributed by Premier Investors Club – Sharon