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Follow on Google News | The Pattaya growth story continues apaceThe first half of 2011 marked another eventful period for the condominium market as the city develops into a truly international city, according to the latest report from Colliers International Thailand.
Patima Jeerapaet, Managing Director of Colliers, also pointed to other real estate developments that are helping to cement Pattaya's increasing significance. "Central Festival remains a very strong drawcard even for Bangkokians and more refurbishment of older retail centres should be something for the future", he said. Another important project is the King Power Duty Free Complex, set to open in the end of this year that will add to the attractiveness of the city as a tourism destination. According to Mr Patima, strong tourism source markets such as China, Russia, India and Vietnam will be the target." This centre can only help grow these markets further leading to more tourists, more jobs and therefore more residential property interest in the future", he claimed. Mark Bowling, Senior Sales Manager for the Pattaya Office, is keen to stress the growing trend of a hotel component in condominium developments in the city. In fact in the first half of 2011 three agreements were reached between developers and hotel brands. The first was Amari, a well known hotel chain, who will manage the previously named The Legend on Cosy Beach by The Nova Group with the lower floors being operated as a purely Serviced Apartment and the upper floors as residences. Following from this Centara, Thailand's largest hotel chain, will manage the Centara Avenue Residence and Suites in downtown Pattaya on behalf of the Tulip Group. "Sales have been brisk for both projects and one key reason is the hotel aspect", said Mr Bowling. Probably the most significant tie up is also a project by the Tulip Group in partnership with the Park Plaza group, a global hotel chain; who will develop the Park Plaza Waterfront located near Bali Hai pier, offering views overlooking the bay. Mr Bowling points to several reasons why hotels and condominium development arrangements can be successful. "Buyers like the best of both worlds, which means residential facilities are separate from that of the hotel/serviced apartment component but they can also take advantage of what the hotel offers such as room service and housekeeping for added convenience" Nearly 5,200 units were launched in H1 2011, compared to around 3,420 for the whole of 2010. More than 2,900 units are scheduled to be completed and transferred during the second half of 2011 which represents an increase of just over 6% in total supply and more than 4,100 units are scheduled to be completed and transferred in 2012. During the years 2011 – 2013 Pratumnak is set to be the main player in the Pattaya city condominium market, due to many projects being launched in the past three years. # # # Colliers International Thailand - Experienced Real Estate Property Consultants in Thailand- was established through combining the resources of the global real estate services firm Colliers International, and Pasupat Realty Co.Ltd. End
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