Kingdom Property Sells The Suites Tower at Southpoint Pattaya

Thailand real estate developer, Kingdom Property, has sold its entire The Suites Tower in the twin-tower Southpoint Pattaya project to a local Thai investor who will develop the 224-unit building into internationally managed serviced residences.

The purchase represents approximately 30% of the saleable area of the 672 condominium project and is something of a coup for the rapidly growing developer which has amassed a project pipeline valued at THB10 billion in Pattaya.

Interest in Southpoint has been strong since its Environmental Impact Assessment (EIA) approval in November last year and ahead of the opening of its Sales Gallery and Show Suites in April, with top buyers coming from Thailand, Japan, China and Russia.

The sale is indicative of not only the strength of the destination with the booming Eastern Seaboard manufacturing zones nearby, but of a healthy tourism industry where over eight million hotel guests were registered last year.

"Pattaya has very strong fundamentals as a destination offering an attractive investment proposition, superb access and infrastructure as well as an enviable lifestyle with sailing, golf, waterparks, shopping and dining as key draw cards," said Kingdom Property Chief Executive Officer, Nigel Cornick. "We are delighted with this transaction as it is not only a good sale for us, but it will add greater value to those seeking units in The Residences Tower - or those who have already made a purchase - and further compliment the Pratumnak area where we are located, which is a peaceful and green area while still being very close to town, so ideal for residential living."

Southpoint Pattaya is located a short distance south of Bali Hai in Pattaya City, on an elevated site on Pratumnak Hill, offering extensive sea views and within walking distance of the Royal Varuna Yacht Club.

The THB2.5 billion-valued development is on a four rai freehold plot and will be completed in 2015.

Unit sizes start from studios of 30sqm, with one-bedroom units ranging from 41sqm to 87sqm and two-bedroom units ranging from 61sqm to 97sqm. Prices range from THB70,000 to THB120,000 per square metre.

The condominium includes a dedicated sky deck in each tower with an infinity edge lap pool and fitness center along with a landscaped family zone featuring a children's pool and playground.

The project is led by Nigel Cornick, and supported by a development team including SODA (design), The Beaumont Partnership (master planning), Colin K. Okashimo and Associates (landscape) and Meinhardt (MEP and structural engineering) ensuring Southpoint will be of the highest quality and delivered on time to all original specifications.