REALESTATE e n i z a g a m thailand
pros and cons of buying in a thai company name
THE PALM saves some of the best until last
See Page 12
Issue 139 • December 2012
เรียล เอสเตท แม๊กกาซีน ไทยแลนด์
HEIGHTS HOLDINGS PROUD TO PRESENT
PATTAYA’S BEST SELLING BRAND THE
M A L D I V E S
who’swho
Managing Director Dave Buckley Tel: 087 988 0799 dave@thailandpropertymagazine.com Publisher/Editor Mesiya Watson may@realestatemagazinethailand.com
Our team
Since 2001 – Thailand’s first English language property magazine
Superstitious new year In a few weeks’ time another year will have sailed by. Tempus
Sales and Marketing Wongduan Roberts Tel: 087 535 8096 duan@thailandpropertymagazine.com or realestatemag@hotmail.com or dave@thailandpropertymagazine.com Office/Accounts Tel: 038 406519 or 08 6335 2474 dear@thailandpropertymagazine.com Web address www.remthai.com www.realestatemagazinethailand.com Artwork, Design & Layout Zen Grafix • Tel: 038 406519 Publisher Pattaya Property Consultants Co Ltd 21/27 M5 Soi Nern Plub Waan Nongprue • Banglamung Chonburi 20150 Tel: 038 406519 or 08 6335 2474 Fax: 038 041158
fugit (time flees/flies) as the Roman poet Virgil once wrote. He never scribbled a truer couple of words. Where did that year go? Whoosh! Do we get another? Yes, but the date will have changed to 2013. The superstitious among you may approach next year with some trepidation. We
Dave Buckley reflects on the passing of another year and looks to a bright 2013
are all used to the “20” being dropped when referring to the year leaving us the supposedly unlucky “13”. I claim not to be much troubled by superstition. I don’t believe in lobbing salt over my left shoulder after spilling some, I don’t try to avoid black cats and I actually make a point of walking under ladders just to show how macho I am (not!). Breaking a mirror is unfortunate because you have to buy another one, but I don’t believe you will have seven years of bad luck. I eat garlic because it tastes nice – not to ward off vampires! All that said, I would not be in a rush to buy a condo on the
13th floor of a tower block or sit in row 13 on a plane. Fortunately for me most folk are aware of this and many airlines and building developers skip the number 13. I also take umbrage when my “bin” in a bar arrives with 13 written large on it. There’s no logic to my thought processes. I put it down to a “why tempt fate?” attitude. So how has 2012 been for you? Good, I hope. For the magazine I think it has been the year of turning the corner and actually making some progress. We haven’t been tearing up any record books but progress has been steady – even during the low season. Offer me more of the same in 2013 and I would bite your hand off.
Publication Licence Number 2/2549 Disclaimer: All rights reserved. No part of this magazine may be reproduced without the written consent of the editor. The publishers are not responsible for any error contained within the magazine. The publishers also accept no liability for the accuracy of statements made by the advertisers or writers. The views of correspondents are not necessarily those of the magazine. Articles are produced containing upto-date information to the best of our knowledge. However, we accept no liability for information contained within any article. Copyright © Real Estate MAGAZINE Thailand 2012
2•REm•Issue 139•12/2012
It’s been a year when the property focus of Pattaya seems to have moved south. Progress on Second Road in Jomtien has opened up vast swathes of land for development. One of my writers commented to me the other day that the new city centre is now around the area of the Hanuman Statue in Jomtien. While that is perhaps an exaggeration, I can understand the sentiment. Were I looking for a new office for REM (I’m not, before anyone starts bombarding me with details) I would seriously consider the area around the Immigration office. Speaking of offices I can’t help think that it won’t be long before a major office block is built in, or close to, the city. Bangkok has had it all its own way for too long as a business centre and, as more and more Bangkokians buy homes here, I expect more and more will relish the prospect of not just living, but also working, here. All it needs is a big bank, or similar, to site their HQ here. Do I suggest this with some insider knowledge? No. But if it does happen in the near future, remember you read it here first. Have a good Christmas and an unsuperstitious new year!
OURadvertisers
AAAA Properties 68 A.D Condominium 71 Alan Bolton Property Consultants 112 Amari Residences Pattaya (Nova) 65 Amazon Residence (Matrix) 85, Back Cover Anaakot Group 101 Art on the Hill (Matrix) 87 Atlantis Condominium 47 Best Price Real Estate 66-67 City Center Residence (Matrix) 84 Cliff, The (Nova) 49 Coastal Real Estate 44 Colliers International 73-80 Cosy Beach View 17 C-View (Heights Holdings) 61 East Coast Real Estate 41 Elegance Condominium @ Cosy Beach 46 FARANG Services 4-5 Global Property (Global Solidor) 64 Golden Homes Real Estate 10-11 Golden Tulip Hotel & Residence (Tulip) 95 Grande Caribbean Facing P25 Green Field Villas 4 18 Heights Holdings Inside Cover, 1 Huay Yai Villas 45 Laguna Beach Resort – The Maldives (HH) 54-55 Masters, The 37 Matrix Group 88 Meridiem Park Condominium (Domum) 20 Modus Beachfront Condominium 72 Nam Talay (Nova) 63 New Developments 32 Novana Residence (Nova) 49 Ocean Residential Property 28 One Stop Real Estate 24 Onyx Pattaya Residences 21 Owners Direct Real Estate 98-99 Palm, The (Nova) Front cover Paradise Ocean View 3 Pattaya Exclusive Properties 32 Pattaya Posh 34-35 Pattaya Realty/Pattaya Realty Commercial 15-16 Pattaya Jomtien Property 30 Peak Towers, The (HH) 57 Ponard Design & Construction 31 Porch Land (The Feelture, The Prim, La Santir) Between 40-41 Scanasia Warehouse Sale 70 Serenity Wongamat (Nova) 19 Seven Seas Condo 26 Siam Corner 97 Sixty-Three@12 (Anaakot) 100 Southpoint (Kingdom) 51 Stone & Roses 33 Spirit Condominium Facing P24, 29 Talay Real Estate 38-39 Town & Country Property 8-9 Treetops 25 Tropical Dream 69 Ville, The 22-23 Vision, The (Matrix) 86 Waterfront Suites & Residences (Tulip) Inside back cover Wong-Amat Tower (HH) 59 4•REm•Issue 139•12/2012
OURCONTENTS
cover story
Columns
Palm saves some of the best until last
56: dark side III – Bart Walters goes in search of Mega-Cribs, the ones with substantial price tags but with the amenities
12
and designs to match them. The Palm at Wong-Amat only have 10 per cent of their units left but the apartments still available for sale are among their most desireable. The majority of remaining units are two-bedroom ones ranging from 62-72sqm and priced at Bt104,000 per sqm.
108: buying in a thai company name: Nick Pendrell offers a “warts and all” view of the pros and cons of using a Thai company as a vehicle to buy property in Pattaya.
42 50
Southpoint, Kingdom Property’s first foray into the local property scene, has been granted its EIA.
6•REm•Issue 139•12/2012
The world’s biggest agency network has arrived here and looks set to make an impact.
106
Projects don’t come much
102: not enough large condos: Our
more exclusive than The Hills
Undercover Agent says that the demand for large
Estate close to Phoenix Golf.
apartments to let is there, but the units are not!
NEWSREPORT
Streamlining EIA process might result in price cuts The Environmental Impact Assessment (EIA) process may be about to be amended according to a report in The Nation newspaper. The report says that the Office of Natural Resources and Environmental Policy and Planning (ONEP) proposes to revise the application process. The ONEP suggestion is that rather than having to apply for EIA approval from an expert panel, developers would be required instead to comply with a full environmental checklist under the supervision of local authorities, who are in charge of issuing construction licences. REm is aware of several projects which are (or have been) held up by the laborious EIA process, so it is perhaps not surprising that the news has been broadly welcomed by developers. It is also believed that the clearer process could slash land costs by 5-7 per cent a year. Developers have to acquire land in
advance, bearing the cost of interest while the land sits undeveloped. Thai Condominium Association president Thamrong Panyasakul-wong is quoted as saying that such a move would bring about a new standard practice for condo developers. “Currently when we decide to buy a plot of land for a new condominium project, we have to bear the risk if the project cannot win EIA approval. The approval process relies heavily on the judgement of members of the expert panel,” he said. Without a standardised approval process, one of two projects in adjacent areas could win EIA approval while the other does not. This has been a major risk for developers, he said. Single set of standards Property firms are ready to protect the environment, but need a single set of standards, he noted. “Standards aside, the checklist
l How important might these EIA changes prove? Well just look at the number of developers who are keen to announce EIA approval in their advertisements in this magazine. Delays in gaining EIA can put an unwanted – and in most instances unearned – question mark against a project’s name. In recent weeks at least two developers have held some form of celebration to mark their gaining EIA.
will also help us save costs. With the checklist, we can go ahead with the projects. Under the current rules, we need to wait for 6-8 months for the expert panel to grant EIA approval,” he said. Opas Sripayak, managing director of LPN Development, one of the biggest players in the condominium market, added that the change would help save costs for developers aside from operational smoothness. His company also has to wait 8-12 months to win EIA approval for projects. The abolition of the application process and the adoption of the checklist would benefit both developers and home-buyers. He felt that once the process is shortened, the financial burden would be cut and consequently unit prices could be lowered to benefit home buyers. “We welcome any proposals to save the environment, but the regulatory process should be clear and facilitating,” he concluded.
Raimon well placed at end of Q3 Raimon Land have reported their highest ever EBITDA (earnings before interest, tax, depreciation and amortisation) during the third quarter of 2012. Both EBITDA and Net Profit After Tax doubled from the previous quarter to Bt470m and Bt262m respectively. The increased profitability mainly resulted from further transfers at The River in Bangkok. Total revenues in the quarter reached Bt2bn. Hubert Viriot, chief executive of Raimon Land, said: “Our current five projects have total sales value of more than Bt35bn, of which in excess of 70 per cent has already been signed up by customers. With only around Bt7bn recognised to date in our accounts from these projects, our profit outlook is exceptionally strong. “Looked at in dollar cashflow terms, just on existing projects, we
are due to collect well in excess of $700m over the next few years, of which over $400m is already secured under contract. “But we are not just sitting on our existing projects and waiting for the cashflows. We have an aggressive new launch strategy targeting luxury, highend and middle market segments. “While our new launches in 2012 have been focused mainly on Pattaya, by January we will launch a new Bt2bn Bangkok project under The Lofts Brand.” Raimon have bought two rai of freehold land in the SukhumvitEkkamai area and will be developing more than 250 units there at an average selling price of around Bt7.5m. Prices will start at around the Bt3.9m mark. Completion of ‘The Lofts Ekkamai’ (see alongside) is expected by 2015.
l Raimon Land’s Pattaya projects have made rapid progress. The first building of Zire Wongamat is sold out. Northpoint, Zire Wongamat and Unixx South Pattaya were 89 per cent, 71 per cent and 29 per cent sold respectively by the end of Q3. The Zire Wongamat and Unixx South Pattaya projects, are due for completion and transfers in 2014 and 2015 respectively. 12/2012•Issue 139•REm•7
COVERFEATURE
The Palm save some of the best until last
W
ith just 10 per cent of their 542 units still left for sale the developers of The Palm are fairly content with life. That’s content, not smug! And who wouldn’t be, writes Dave Buckley. They have financing in place thanks to Siam Commercial Bank, EIA (Environmental Impact Assessment) approval secured and the buildings should each be up to the seventh floor by the time you read this. With the vast majority of their units sold and the 46- and 26-storey towers on schedule to complete by mid-2015 the top quality showroom at the end of Wong-Amat Soi 16 is a happy place to visit. I spoke to Winston Gale, the partner in the project who bases himself there. He said: “I’m delighted to 12•REm•Issue 139•12/2012
have reached this stage on sales and construction and still be able to talk about the top quality, affordable units we still have to offer to prospective clients.” Winston told me that with some projects, when sales are nearing a close, developers can often be left with large, hard-tosell units on their hands. “That’s not the case with us,” said Winston. “We have held back some really desireable units which we have just released. And we still have low and high floors available.” The majority of remaining units in this Bt3.2bn project are two-bedroom ones ranging from 62-72sqm. Prices at Bt104,000 per sqm means that a two-bedroom unit can still be had for Bt6.4m which “is very affordable given The Palm’s absolute beachfront location,” Winston added.
Winston works in partnership with Rony Fineman’s Nova Group, an arrangement which has worked very well. “Rony’s involvement gave the project gravitas from Day One,” said Winston. “And we chose an excellent sole agents in CBRE (Richard Ellis). Everyone needs an element of luck, but we made our own by choosing the right people to work with and the right location. “Our sales show that WongAmat has yet again proved itself to be the number one location for property in Pattaya. “Just at the end of our driveway you’ll find Sansiri’s excellent new addition to this location, Baan Plai Haad, and Nova’s Serenity boutique condo facing it. We welcome them all. “Any projects that bring more quality to Wong-Amat are good for us here at The Palm.” Ω 12/2012•Issue 139•REm•13
newsREPORT
Pattaya Realty open new office to explore commercial market
When Stuart Daly, the boss of Pattaya Realty, phoned me to say his company had opened a Jomtien office I jumped to the conclusion that their game plan was to tap into the ever-growing number of condo developments lining the new Second Road, writes Dave Buckley. To an extent I was not wrong ... but this only covered part of the story. Realty’s reality is that they have opened a new office to develop a separate arm of the business – namely selling commercial properties. “We see the city developing more and more on the commercial front and our perception is that very few agents are devoting enough resources to tap into this sector of the market,” said Stephen (Steve) Page, who runs the office and is an equal, three-way shareholder in the new set-up. The office is sited in the Jomtien Complex about halfway down on the right between the Hanuman Statue and the arch over the road as you approach Jomtien Beach. I asked Steve why they chose to site the office in Jomtien if Commercial is the main thrust of the business? 14•REm•Issue 139•12/2012
He replied: “Yes, we could have had the office anywhere on that basis. Commercial sales are not a walk-by business. But our location gives us a high street position which will allow us to attract residential clients in addition to the commercial ones. Pattaya Realty already has a massive database of residential properties for sale and to rent. It would be crazy not to tap into it to support our new office. “With Pattaya Jomtien expanding as such a massive rate more people will be moving here and looking for existing businesses. We also have a large portfolio of development land.” Soccer star clients Steve has been buying and selling property in and around Pattaya since 2005. Prior to that he worked for major UK builder, Bellway Homes. After Bellway he bought, renovated and built numerous bespoke properties in both the UK and in Majorca. In his home city of Newcastle in the north-east of England he had clients that most football fans will have heard of such as international stars Patrick Kluivert
l For enquiries 413/150, Jomtien Moo 12 Nongprue, Banglamung Chonburi. www. pattayarealty commercial.com E-mail steve@ pattayarealty commercial.com Mob +66854316960 Tel +6638251245 Fax+6638251246
(Holland), Jermain Jenus (England) and Jean-Alain Boumsong (France). The third partner in the new venture is Nick Creasey who said: “We have been talking for more than a year now about stepping up our efforts on the commercial side and we had already decided that our offices in Tipp Plaza would not be big enough to cope. So when the opportunity to lease this office came up we jumped at it. “As everyone in property knows the area behind Jomtien Beach has really taken off recently for new builds and this office puts us in a great position to be part of this expansion; some might say explosion.” Commercial sales tend to take longer to see through to fruition but, as Nick points out, the potential rewards are much greater, especially if the sale is of a large business like a hotel. At present the company has three people working in the Jomtien office, Steve plus Noina on sales and Pat on administration. “We are hoping to recruit a Russian-speaking salesperson soon,” added Steve.
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32•REm•Issue 139•12/2012
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newsREPORT
Pattaya Realty targets German-speaking market with the launch of Immo Pattaya
12 pages of Christmas! Get in the festive mood by picking up a copy of Pattaya Living, the mid-month edition of
Real Estate magazine
Look out for your copy on ...
DECEMBER 15
Leading local real estate agency, Pattaya Realty, has launched a new joint venture with Michael Vender to extend the company’s services to the German-speaking markets. The new venture is named Immo Pattaya and will act as a resource for real estate agencies based in Germany, Austria and Switzerland, enabling them to offer a wide selection of the best developments in Pattaya to their clients backed with top quality professional service for those visiting the city. The company will also offer projects direct to clients via the venture’s stylish new website, www.immo-pattaya.com. Immo Pattaya’s portfolio covers a wide range of projects suitable for all types of buyers,
from studios starting at Bt750,000, up to luxury penthouse suites and exclusive villas priced at around Bt50m. The company will also have access to the Pattaya Realty’s extensive portfolio of resale properties – one of the largest selections in the city. Second largest Stuart Daly, managing director of Pattaya Realty, said: “Research shows that German-speakers are the second largest group of foreign buyers in Pattaya after Russian-speakers and so offers a large potential source
of additional business for our company. By partnering with an experienced sales professional in Michael Vender, we will now be able to offer the same high levels of service to German-speakers that our predominately Englishspeaking clients have come to expect from Pattaya Realty.” General manager of Immo Pattaya, Michael Vender, added: “With more than a decade of experience in the Pattaya real estate market and a reputation for operating to the highest professional standards, Pattaya Realty provides Immo Pattaya with the expertise necessary for providing German-speaking clients with the highest standard of service enabling them buy the very best property in Pattaya with confidence.”
8.3 million baht
email : stevesandroussi@hotmail.com 36•REm•Issue 139•12/2012
K. Yai 080-824-4278 Mr. Steve 085-228-2169
constructionupdate
Blue Residence ready soon
Q
uick to sell and quick the build – that’s the double story of success for Porch Land Group’s the Blue Residence project in Sukhumvit Soi 87. The project sold out in just three months after it was launched in May last year and already, as you can see from these pictures, the buildings are 75 per cent complete. Executives of the company are projecting that construction of all buildings will be finished by next March. Showroom open The showroom of the Blue Residence remains open to handle enquiries from those who have already bought and those interested in picking up a re-sale. A completion date in the near future plus well equipped condominiums at an inexpensive price means that investors
40•REm•Issue 139•12/2012
seeking to “flip” their units and gain a profit before completion are in a good position to do so. Those who like what they see, but cannot snap up a re-sale in the Blue Residence, need not worry as Porch Land have several other condo developments launched to market at present including La Santir, The Feelture and The Prim. All units in these three come fully furnished and apartments can be held for clients who pay a booking fee of Bt10,000 or less. A spokesman for Porch Land said: “Across our developments we offer units to cater for every taste and budget. “Everyone is welcome to come to our showrooms and see how much quality material and space-saving design we manage to pack in each of our projects. “And the double bonus is that we offer completed units at very affordable prices and we build them quickly.” Ω
eastcoast@thaiproperty.com • www.thaiproperty.com soi thepnimit house East Pattaya Land size: 300 sq.w House size: 300 sq.m Separate guesthouse Private swimming pool
4 Bedrooms 4 Bathrooms Peaceful environment In company name
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sale: 1,365,000 baht baan chai nam Pratumnak Hill Condo size: 170 sq.m 3 Bedrooms 4 Bathrooms Euro kitchen
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AGENTPROFILE
New Kid in Town is no Don Quixote
S
omeone deciding to open a real estate agency in Pattaya isn’t really big news; in fact it seems to be a daily occurrence. But, when it happens to be the biggest real estate agency in the world … well maybe we should pay attention. Tony Barchetti arrived in Thailand earlier this year riding in on the big red white and blue RE/MAX hot air balloon. RE/MAX is normally considered an American company, but with 89,000 agents in 91 countries I’d say they qualify as an international concern, writes Bart Walters. In 2011 RE/MAX executed in excess of 1.2 million transactions worldwide making it the number one selling real estate network in the world. Tony is an American and successfully ran two RE/MAX offices in California. I caught up with him while he was conducting some training with his staff at their brand new booth located in Royal Garden Plaza. We frenetically talked about all things real estate, as property junkies are prone to do. A dozen reasons When I asked Tony what prompted him to open an office in Pattaya he overwhelmed me with a dozen reasons concluding with: “Well, it’s just the most dynamic property market in Asia … that’s all.” Tony also pointed out the demographics of the Pattaya market are similar to one he is familiar with in the US. Tony’s RE/MAX office in California focused on the resort mecca
42•REm•Issue 139•12/2012
of Lake Tahoe, a holiday and retirement destination. “Second home buyers, retirees and investors have priorities I’m quite familiar with,” says Tony, “And that’s the core market here in Pattaya.” In a market so flooded with real estate agencies and developers, I wondered why Tony thought he could be successful in Thailand. “My colleagues in the US asked me the same thing,” confides Tony. “Some of them had surveyed the market in Thailand and used words like treacherous, back-stabbing and cut-throat to describe it.” “Maybe I’m naïve, but I figured this was my unique selling proposition … integrity. That’s why my company is called RE/MAX Integrity. Honest and transparent dealing will always be in demand and never goes out of style.” This notion intrigued me so I asked Tony if, after actually working in the property business here, he agreed with American associates. “Well, it’s certainly
different to what I’m used to in the US,” said Tony. “The motivation of sellers and agents are different, transparency is an alien concept and the rules are pretty much non-existent. It is the definition of a ‘buyers beware’ situation.” Treacherous market Tony went on to say that the dominance of developers selling new projects and a lack of transparency here is one thing that can make this market “treacherous”. “Developers are motivated to sell their inventory,” said Tony. “You cannot depend on a sales agent working for a property developer to have your best interest in mind. Let’s say you are attracted to a particular condo building. You will only be shown new units in the developer’s inventory and handed a price sheet with very little opportunity for negotiation. “If there is a unit for resale located in that building for a better price, you will never know. It’s not illegal, and it
doesn’t appear to violate any ethical standards in this country. However, I consider it unfair and not in the best interest of my customer. Again, call me naïve, but I just don’t do business that way.” When I asked Tony if selfserving developers were the only barrier to fair dealing he elaborated a little more. “No,” said Tony, “many agencies exist at different levels of ‘captivity’. Some are actually branches of a developer or are involved in development themselves. Others are motivated by more advantageous commission structures. Unless property buyers know all this, it is likely they will not be offered the best deal. Again, it’s not illegal … but it’s not fair either.” It was obvious that Tony was prepared for some of the trials and tribulations associated with the real estate business here in Thailand. I asked him what has been the most surprising challenge he has faced since opening his shops in Bangkok and Pattaya. “That’s easy,” said Tony … “staffing”. “First off, the competition with other property companies for good people is fierce. But, the hard part is training them the RE/MAX way. Many have worked for other agencies or developers and it can be quite an uphill battle to change their thinking and create a culture of integrity, honesty and ethical practice. “I concentrate on changing the way they view a property transaction. ‘You aren’t selling a condo’, I tell them … ‘you are a match-maker’. Doing it my
way and feeling that level of customer satisfaction one time is all it takes to convert new staff members to my philosophy.” My final question to Tony was is his goal to come in and save us all from unscrupulous property parasites here in Pattaya. Tony chuckled and said: “No way man … I’m no crusader and I’m no Don Quixote. I’m just going to do my thing the only way I know how … with integrity.” Looking for staff Currently Tony’s office has hired and trained six staff members and is always looking for more people to embrace their “culture of honesty”. The RE/MAX office in Pattaya is located on 3rd Road Soi 18/1, a couple hundred metres into the soi from 3rd Road. You can peruse his listing book and meet his friendly staff at their new booth in Royal Garden Plaza seven days a week. The website for the new RE/ MAX Integrity office is www. remax-integrity.co. 12/2012•Issue 139•REm•43
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newsREPORT
Real estate executives of future visit The Cliff
Last month more than 120 students from Bangkok’s Chulalongkorn University visited Nova Group’s The Cliff luxury condominium project on Pratumnak Hill. The lucky students are enrolled in a special business education programme sponsored by the Real Estate Executive Association of Chulalongkorn University (RE-CU) supported by the Faculty of Architecture. This programme offers students a series of workshops to enhance their understanding of all facets of the booming property business in Thailand and worldwide. The success of this programme is evident with more than 3,000 students already trained and working in relative fields including architecture, engineering, marketing, accounting, legal and banking. This particular group is enrolled in the RE-CU Junior programme which is the first of two available courses. The students arrived at The Cliff early in the afternoon and were greeted by Nova Group’s sales and marketing team. Kobi Elbaz, a partner in The Cliff project, welcomed the students, giving them an overview and fielding 48•REm•Issue 139•12/2012
questions from the eager aspiring real estate moguls. Chulalongkorn representatives showed their appreciation for The Nova Group’s participation by presenting Kobi with a matched set of handpainted porcelain elephants. Detailed information Once Kobi’s presentation was complete, the students broke up into groups and received more detailed information from The Cliff’s sales manager Keith Storey and senior sales associate Aminta Sochat. Students were treated to the spectacular view from The Cliff’s penthouse units as well as a thorough
l Still with Nova Group ... its president Rony Fineman has taken the opportunity to dispel any rumours of a merger involving Nova and Matrix Developments at a recent dinner celebration hosted by Matrix. “It’s a sad day when you can’t visit a friend’s office without the rumours flying,” said Rony.
briefing on the master plan and layout of the 27-storey luxury high rise. According to Miss Sochat, most of their questions concerned floor layout and design, with many others asking about pricing structure. Over a three day period, the group surveyed several Pattaya projects, including The Cliff, The Palm and Ocean Marina. The group’s director, Mr Lertmongkol, said the students were “very impressed” with the projects they had seen and were stunned by the number of high quality condominium projects in Pattaya. Mr Lertmongkol, said heated debates ensued every evening about which projects were their favourites, however all agreed that The Palm in Wong-Amat Beach had the best view. “My parents always go to Hua Hin,” lamented one student, “but I think I will buy a place here in Pattaya.” Loaded down with brochures, price lists and fresh copies of Real Estate magazine, the students loaded the buses engaged in excited conversations about their futures in the property business. Bart Walters
newsREPORT
Southpoint is given the EIA stamp of approval
Kingdom Property has received Environmental Impact Assessment (EIA) approval for its landmark Southpoint condominium project. Southpoint Pattaya, the company’s debut development, will offer magnificent views from its prestigious location on Pratumnak Hill. With a project pipeline valued at Bt10bn in Pattaya alone, Kingdom Property, is laying early claim to becoming a major property developer on the Eastern Seaboard. Southpoint Pattaya is a short distance south of Bali Hai, on an elevated site, offering extensive sea views and within walking distance of the Royal Varuna Yacht Club. The Bt2.5bn-valued development is on
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a four rai freehold plot and will be completed in 2015. Project finance to build the 672unit condominium has been provided by Krung Thai Bank, Thailand’s largest financial institution, and the site has already been cleared with construction scheduled to start in the first quarter of next year. The project is led by Kingdom Property chief executive officer Nigel Cornick, and supported by an impressive team. Development team The team includes SODA (design), The Beaumont Partnership (master planning), Colin K Okashimo and Associates (landscape) and Meinhardt
l For sales enquiries visit: www. southpointpattaya. com, email: info@ kingdomproperty. com or call the sales office on +66 (0)38 416 441.
(MEP and structural engineering) “ensuring Southpoint will be of the highest quality and delivered on time to all original specifications,” said Mr Cornick. “We are delighted to achieve the go ahead for the project having gone through the rigorous EIA procedure and we are now looking forward to building an outstanding condominium development,” he added. “We have a dedicated team with an impressive track record and will be announcing our construction partner soon. “Early sales interest has been very strong – particularly from Thais and key tourist nationalities such as Russian and Chinese – and we are very confident in the success of Southpoint, and in the strength of the destination. We are now officially open for pre-sales.” Unit sizes start from studios of 30sqm, with one-bedroom units ranging from 41-87sqm and two-bedroom units ranging from 61- 97sqm. Prices range from Bt65,000-100,000 per sqm. The condominium includes a dedicated sky deck in each tower with an infinity edge lap pool and fitness centre along with a landscaped family zone featuring a children’s pool and playground. Mr Cornick’s association with Pattaya stretches back a decade to when he recognised the huge opportunities of developing high quality condominium projects in prime locations – launching Northshore in 2004 and Northpoint in 2006 while with Raimon Land where he also held the position of CEO.
constructionupdate
It’s hotting up for high season on Heights Holdings’ projects
W
ith high season upon us both sales and construction are picking up in pace for one of Pattaya’s leading developers, Heights Holdings. The pre-launch sales phase for their flagship Laguna Beach Resort 3 – The Maldives project has come to a close and prices of all entry-level studios have now increased by Bt100,000, but remain at just less than the Bt1m mark for a furnished apartment. While sales are stepping up a gear on The Maldives work has begun on the electrical, plumbing and conditioning systems of the brand new Laguna Beach Resort Series showroom and sales office on Jomtien Second Road. Work on the stone exterior finish is underway, with the majority 52•REm•Issue 139•12/2012
of interior rendering and tiling work now complete. HH hope this start-of-theart showroom will be ready to welcome potential clients very early in the new year. Meanwhile here is the latest on construction update at other projects in the HH portfolio:
apartment interiors. Structural work on the rooftop swimming pool is complete. Ceiling and wall finishes are now being applied in the corridor areas and the ground floor reception area, where the Laguna Bay project logo has been installed.
Laguna Bay Interior apartment ceiling work and floor tiling is more than 85 per cent complete here. Aluminium and glass window fittings are complete in 70 per cent of apartments. Both elevators are installed, while switches, plugs and steel-core entry doors are now being fitted everywhere. Air conditioning units are now being fitted and final paint finishes are being applied to
Club Royal Phase 1, comprising Buildings A & B, is now complete with all apartments ready for occupancy. All landscaping and pool works are finished, along with all common areas and corridors. Reception, security, maintenance and parking services are all fully functional. Wong Amat Tower Pouring of concrete has started on the 24th floor of the Wong
Amat Tower. Clients may now climb up as high as the 18th floor to appreciate the breathtaking ocean views on offer. Work on electrical and plumbing systems is underway up to the 18th floor, while interior walls are complete up to the 11th floor. Piling for the separate, covered parking complex is complete and work has begun on the car park foundations. The Peak Towers Foundations of Tower A of the Peak Towers are now complete, with the foundations of Tower B progressing well. Structural work on two out of the three basement floors for Tower A and the car park/swimming pool complex is complete. HH expect to start the first
Top left: Work on basement floors of Laguna Beach Resort Jomtien Building A is well under way. Top centre: The skeleton of the Wong Amat Tower is now up to the 24th floor. Top right: Club Royal Phase 1 is complete with all units now ready for occupancy. Bottom right: Piling is complete for the separate covered parking complex of the Wong Amat Tower and work on the car park foundations has begun. residential floor of the Tower A skeleton any time now. Laguna Beach Resort Jomtien The structural foundations of Building A of Laguna Beach Resort Jomtien are now complete. Last month HH started pouring concrete for its basement. Piling is now complete for Building B, with dynamic load tests on the pile structures being undertaken by STS Co Ltd. Soil has been excavated to allow work on the foundations to start. All measurements have been taken so piling on Building C can start next month. l To find out more about developments in the Heights Holdings portfolio, or to request availability and pricing, please contact info@heights-holdings.com or call +66 (0)85 282 6454. 12/2012•Issue 139•REm•53
THE
MALDIVES
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American journalist and property investor Bart Walters has been living in Thailand for 10 years, first in Bangkok, then in Phuket and now in Pattaya. Bart publishes his inside views on Pattaya and its property market in various print and online publications including International Living and Escape America. He can be contacted at bkkbart@gmail.com
Tales from the Dark Side (Pt3)
In search of Mega-Cribs
H
ere is the final part of this series of looks into the property world of East Pattaya, the area which is affectionately known as the “Dark Side”. I’d say we’ve checked the whole area from “top to bottom”, but, as you will see in this article, it’s actually “bottom to top”. We’ll follow the same path as the previous two articles by using our focusing device, the “Property Problem”. Previously we viewed East Pattaya through the eyes of a single person looking for a house with a Bt6m budget. We also took the perspective of a family-oriented expatriate executive with Bt12m burning a hole in his pocket. This month we are going to engage in
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‘‘ ’’
By bart walters a flight of fancy … in search of the mega-crib. Now, for most of us older folks, a “crib” is something a baby sleeps in. However, in modern vernacular, a “crib” is a house … an apartment … an abode. Most famously, MTV made this phrase a household word with their popular show called “MTV Cribs”.
Over the top Camera crews would descend on the domicile of some famous rock star, or rapper or other such persona. The houses are always over-the-top fantasy homes with all the bells and whistles; hence the tag, “mega-crib”. So, this month we’ll search for property through the eyes of a retired, wealthy expatriate; perhaps a rock
Our subject
also wants a
big house with lots of guest rooms and
space to party, party, party.
star or actor. This person desires the Dark Side because he wants a large plot, doesn’t want to be in the tourist zone and has some pathological need to be close to an international airport. Our subject also wants a big house with lots of guest rooms and space to party, party, party. The budget starts at Bt30m and it matters not if the place is brand new or could use some work. The emphasis should be on a unique space, plenty of room and built-in privacy. I chose this set of criteria for two reasons. First of all, I wanted to demonstrate the range of property available in East Pattaya. Secondly, there aren’t many things I enjoy more than looking at fantasy houses. Especially when looking for this
REACH THE PEAK
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from
2.49
M. THB
www.heights-holdings.com
CO N S T R U C T I O N
S TA RT E D
type of house, choice of realtor is an important decision. Agents who pick this niche as their field of play are hard to find; and finding one who is good at it is even harder. Lucky for me, I am a personal friend of Jan Nuyten from Pattaya Prestige Properties. When I think of guys who like big boats, fast cars and mega-cribs, I automatically think of the big Dutchman. Once I posed my property problem to Jan, he got visibly excited. Before we got started, Jan and I had lunch and attempted to climb into the head of a mega-wealthy house shopper in Pattaya. I was having a problem figuring out why a really rich guy would choose Pattaya. “What is there for a rich guy to do here?” I asked. “It’s all about distractions and toys,” explained Jan, “something to do, and something to play with.” We had already established that any house in East Pattaya is in the catbird seat regarding proximity to the airport. In about one hour, even a slow driver can be knocking on the back door at one of Asia’s biggest airport hubs, Suvarnabhumi International. But, what if you want to drive fast? It doesn’t matter what flavour of wheeled transportation you desire, it is available in Pattaya. Range-Rovers, Porsches, Bentleys, Mercedes Benz of all descriptions and even Lamborghinis are seen prowling the streets of Fun City. The Auto Exchange on Sukhumvit Road displays an insane variety of super 58•REm•Issue 139•12/2012
cars in their showroom on a daily basis, and they service them too. So, if our rich property shopper is used to rolling in rock star style, he can surely find a toy to his liking. But, maybe ground transportation is too pedestrian for our subject. Perhaps he’d rather soar with the eagles. Fear not, Pattaya Air Park is at your service. On the east side of Sukhumvit Road a little further to the south near Phoenix Golf Course is Pattaya’s own private air strip. If our client is already a pilot and has his own plane, he is welcome to call the air park home. If he wants to learn to fly an ultra-light or other private aircraft, instruction and certification is available here. They even have a certified flight simulator to train on. Imagine gliding over the beach in an ultra-light aircraft, meandering up the coast … now that’s a proper toy! Of course, our client could be one of those guys who prefers to channel his inner pirate aboard his own waterborne vessel. With three marinas and more on the way, Pattaya is a natural playground for the yacht club set. It doesn’t matter if our hero wants to kick back with a cocktail cruising with a crew of bikini-clad first mates, or haul in a big-ass barracuda to hang on the wall of his new crib … Pattaya has it all. It is entirely possible our retiring mogul is looking for a kinder, gentler retirement. Maybe he seeks a milder form of distraction. Golf and Polo anyone? Yes, believe it or not, Pattaya has not one but two polo grounds with
Mega-Crib #1: The garden with the very tall surrounding wall (above); and the verandah area and the castle-like tower (facing page).
‘‘ With three
marinas and more on the
way, Pattaya is a natural
playground for the yacht club set.
equestrian pursuits ranking very high on the list of “things to do” for the well-heeled. And for the golf enthusiast … well, Pattaya is pure heaven. Siam Country Club, Laem Chabang International, Burapha, Phoenix, Green Valley … the list goes on and on. There are approximately 25 golf courses within a one hour drive of the Dark Side (more if you’re in that Lamborghini you just purchased). “And what about nightlife?” I spouted off … trying to be cheeky. Jan and I just chuckled to ourselves. As long time Pattayans, we both know our little seaside hamlet makes no apologies and takes a back seat to no place when it comes to nocturnal activities covering a wide range of deviations. “I think we’ve got that covered,” said Jan with a wry smile. By the end of lunch, we concluded that there are plenty of toys and distractions available for our Property Problem Prince to stave off the spectre of boredom. So now it was time to hit the Dark Side trail and view some mega-cribs. Mega-Crib #1: Dark Side Castle It’s funny what a property agent can delineate from a customer listing his house shopping criteria. Jan heard me say, “lots of room”, “don’t mind if it needs work” and “party house”. What he most accurately didn’t hear me say was “it has to be in a village or development”. So, our first stop was an imposing monster house near Lake
3 from
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Located on Naklua Soi 16
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THE ULTIMATE BEACHFRONT HIGHRISE
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Mabprachan Reservoir in an area populated by stand-alone houses. Now, some people worry that a stand-alone house will be less safe somehow than a place nestled in the security-patrolled walls of a development. Upon arriving, I could see from the towering stone walls and massive iron gate, this would not be an issue with Mega-Crib #1. Once we were granted entry, I stood in the front drive for 10 minutes trying to classify the style of architecture, but failed. It is somewhere between Hollywood Hills and medieval castle. Impressive, hand-built stone walls surrounding a multi-level modern structure with a cylindrical tower that reaches all the way to the sky. The footprint is rather triangular with the tower at one apex and fortresslike walls on two sides. The backside, however, looks like a water park with a multi-level swimming pool. The main structure is a little more than 500 sqm and houses six bedrooms and two guest/maid rooms. I counted seven bathrooms, but Jan assures me there are nine. Since this place is the epitome of open plan, it is difficult to decipher where one living room ends and another begins. Along the back overlooking the swimming pool is a wide, covered veranda paved with cool sandstone tiles made for outdoor chill-out sessions. This place has been for sale a while now and to be honest, the interior could use some work. But, putting myself in the head of a relocating rock star who wants to create his own retirement heaven, it is one big bag of potential. 60•REm•Issue 139•12/2012
Because of the structure and extremely open floor plan, this place could be turned into something on the cover of Architectural Digest. The price is currently Bt39.9m (marked down from Bt50m). I would estimate that an additional Bt5-10m would be required for Mega-Crib #1 to reach its full potential. But, the house isn’t really the unique selling proposition of this property. This monster is sitting right in the middle of 2 Rai (3,800 sqm) of gorgeous land. The gardens are kind of wild and unkempt just the way I like them. It reminds me more of the grounds at a zoological park than a private residence. Curious little salas and other structures are strategically placed to make a walk around the house a daily adventure. And the view of the surrounding hills is spectacular. I could just imagine the sunrise with a cup of coffee on the wide veranda; the vivid colours of my private botanical gardens, the rolling hills in the background … the big serene Buddha statue overseeing it all. I would characterise this property as “perfectly imperfect”. It would take some work … it would be a project … it’s one of those properties you just can’t stop improving. As we drove away I could hear this house singing to me. I believe it was an old Grace Jones song; “I’m not perfect, but I’m perfect for you”. I begged Jan to get me out of there before I found a way to borrow Bt50m.
Mega-Crib #2: The staircase invites a lot of photography and is a real stand-out feature of this residence.
‘‘ Upon
entering the cavernous living and
dining area my breath was taken away by the artful
application of Asian Modern décor.
Mega-Crib #2: Siamese Show House Our next stop was the luxury enclave called Phutara. I don’t know what Phutara means in Thai, but my guess is the very translation of this phrase is “mega-crib”. An extremely well planned village of modern super villas crafted in a decidedly Thai style. Mega-crib #2 looks more like a miniresort than a private residence. Five bedrooms and five bathrooms including two separate guest bungalows situated poolside. If you can’t party here, you just can’t party. The 1300+ sqm lot is eaten up by this sprawling 1,000+ sqm hacienda. The footprint of the main house is in a modified “L” shape around a similarly shaped swimming pool, complete with white-noise producing fountains splashing in front of a huge outdoor sala. There are a lot of things to like about this house, but for me most impressive was the interior design. Upon entering the cavernous living and dining area, my breath was taken away by the artful application of Asian Modern décor. Big black ceramic tiles create a classy base in the downstairs living areas. Real teak planks on the floors upstairs give the whole place a natural warm glow. Strategic use of old world lacquer furniture, contemporary shapes and quirky decorator pieces ensure a timeless quality many designers strive for but rarely achieve. And the masterful use of traditional Asian colours keeps reminding me of what part of the world I’m in. Four things stand out about the
3 buildings, roof top swimming pools, stylish lobby, onsite restaurant, rooftop gym, sauna and garden area.
from
1.299 M. THB
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Located on Soi 4, Pratamnak Hill.
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interior design of this house. First of all … I’m a sucker for a dramatic staircase. The staircase in MegaCrib #2 is one that is sure to be photographed over and over again. Polished teak, stainless steel and completely backlit by a two-storey window … for sure this house was designed “staircase first”. Next is the kitchen clad in natural teak, black granite and accented in bold Chinese red. Its only downside is I’d never want to mess it up by cooking in it. And the “surprise” lighting choices lend an artsy and playful touch all over the house. The bloody red chandelier over the black lacquer dining table had me saying: “I like it, but I would never have thought of that.” Finally, I’m also a sucker for little indoor/outdoor alcoves to hide away in with a glass of wine and a good book … and this place is chock full of them.
Sometimes when you see a brand new house that has been handed over to a talented designer, the result can be “beautiful but unliveable”. This is not the case in Mega-Crib #2. I could easily see myself wheeling in a suitcase, stocking the fridge with provisions and falling asleep on any number of surfaces tailor-made for just that purpose. I’m not a guy who lays in bed long after the sun comes up, but one look at this master bedroom tells me it would happen more days than it did not. And perhaps that is the real unique selling proposition of this particular house. No renovation is necessary … it even smells new. Just plop down your Bt39m, hang up your clothes and start living the life. Maybe that’s what Phutara means in Thai … “turnkey”. Jan continued to amaze me with other mega-cribs available in East
Mega-Crib #2: Theme parklike swimming pools (above) and a dramatic red chandelier over a black lacquer dining table (below). Just some of the features that made thise Phutara home stand out.
‘‘ Sometimes when you
see a brand new house
that has been handed over
to a talented designer, the result can be ‘beautiful but unliveable’.
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Pattaya. Most were in secured villages like SP Village 5 and the stunning Siam Royal View that hovers over the city like houses in the clouds. My head is still spinning with visions of penthouse-like master bedrooms, theme park-like swimming pools and downright opulent living spaces. Some are surrounded by botanical gardens that could win international awards. Others are totally wired “smart houses” that can be operated from an iPhone. Most importantly, every one of them fit all of the criteria set out in my original Property Problem. I may envy the bank account of our fictional property shopper, but I’m kind of happy I don’t have to make this decision. All of these homes have their own distinctive advantages, quirks and panache. All are worthy of the big sack of money it takes to own them. All are domiciles that would be a source of pride for any rock star or business mogul. Once again, the old inner voice reflex piped up with that now familiar refrain, “This is Pattaya?” “Fishing village my #$@!” Ferraris, private planes and yachts with helo-pads are the stuff of fantasy for most of us mere mortals. We tend to think of them as things that aren’t available in our realm of existence. But here in Pattaya, where all kinds of dreams become reality, they do exist. And for those with the pockets … they are available … even on the Dark Side. Bart Walters
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newsREPORT
Matrix have good reasons to celebrate
M
atrix held a celebration dinner at the Amari Orchid Pattaya early last month to mark two events in particular ... and a successful year overall. The two special causes for elation were that the company picked up Best Developer in Asia – Bronze at the OPP (Overseas Property Professional) awards in London and that their Vision project had received its Environmental Impact Assessment (EIA) certificate. For Matrix it was the second year that the company had featured prominently in the OPP awards. Matrix managing director Miki Haim told a predinner press conference that the OPP awards especially recognise good marketing, saying that since 2009 his company had increased sales overseas by 300 per cent. Value for money “OPP found that Matrix offer good value for money,” he said. The Vision gaining EIA was also significant as whispers on the city’s rumour mill were 82•REm•Issue 139•12/2012
predicting that Matrix would have to significantly reduce the size of the building to gain the EIA or maybe even not receive it at all. “In the end we had to cut 65 sqm from the building,” said Miki. “This was a small price to pay to ensure that we can to keep our promises to clients.” Miki also chose the occasion to announce yet another new
Matrix development – The Sky at Jomtien – which will be close to the company’s long completed Park Lane project. Park Lane set the pace for one-bedroom units costing Bt1m which many other developers have since followed. Projects upgraded “In future all our projects will be upgraded,” said Miki. “They will be more sophisticated.”
Miki Haim displays the OPP trophy at the pre-dinner press conference. He is flanked by fellow director Raz Shai (seen left) and sales manager Stanislav Kagan.
Matrix have no immediate plans to go to the other end of the price scale and tap into the five-star market but at the press conference and in private discussions one senses that, because so many developers have followed Matrix down the Bt1m path, the company needs to change direction to re-establish their differential. Matrix sales manager Stanislav Kagan told the guests that the company had enjoyed a good year with in excess of 1,000 units sold. “We have sold more than 300 units in our City Center Residence project – and that was in low season,” he said. Miki’s partner Raz Shai reported on progress of current projects noting that Paradise Park was very close to handing over keys and that The View will complete by the end of the year. “This year we will have finished at least 1,000 units,” he said. Art on the Hill and the second building at Sunset Boulevard are also close to completion. Perhaps it’s not surprising then that they chose to host a celebration dinner. Ω
broker & developer directory
The view from a penthouse apartment at Tulip’s the Waterfront Suites & Residences. The project’s unique position offers a full view of the bay.
Your at-a-glance guide to some of the major players in the Pattaya property market. We do not claim this is a comprehensive list of all the brokers and developers who can provide a service but we hope readers will find it helpful.
This section is kindly sponsored by Waterfront Suites & Residences
a g e n t s AAAA Properties Jomtien Plaza Condotel 406/37 M12 Jomtien Beach Road T: +66 (0)38 756 370 F: +66 (0)38 757 015 M: +66 (0)86 144 1312 E: info@aaaaproperties.com W: aaaaproperties.com Principal: Louis J Van den Bergh ACI Enterprise Co Ltd (incorporating ACI Ocean Properties) 672/20 M5 Soi 18, Naklua Road next to Northpoint, Wong-Amat T: +66 (0)38 41 6060 F: +66 (0)38 41 6061 M: +66 (0)81 762 2627 E: info@aci-enterprise.com W: aci-enterprise.com and pattayaoceanproperties.com Principal: Markus Probst Memberships: CRS, REBA (Thailand), REBA-ES, RETS (Thailand), NAR
Property Consultants
All Siam Properties M: +66 (0)87 068 5159 E: info@allsiamproperties.com W: allsiamproperties.com Membership: TREA Anaakot Group Property Consultants 138/1 Moo 12, Soi Chayapruk, Jomtien T: +66 (0)38 231544 M: +66 (0)8780 33329 E: info@anaakot-group.com W: Anaakot-Group.com Principal: Jason Young
The following are among the trade organisation memberships or qualifications held by some of the agents. Note that, in some instances, the qualification is with the individual employee – not the company overall. AIPP: Acronym stands for The Association of International Property Professionals which is a not-for-profit organisation whose aim is to improve the standards of professionalism in the international property market, helping both the industry and the public. Members have voluntarily signed up to follow the AIPP Code of Conduct. CIPS: Certified International Property Specialist – this is a members-only group which is for international practitioners of the National Association of REALTORS®. CRS: Certified Residential Specialist (CRS) is the top professional designation awarded to REALTORS® in residential sales. Held by fewer than five per cent of all REALTORS®. NAR: National Association of Realtors is North America’s largest trade association representing more than 1.2 million members. Members can call themselves REALTORS®. NAR also functions as a self-regulatory organisation for real estate brokerage. REBA (Thailand): This is the nationwide Real Estate Broker Association with affiliation to the international Council of Residential Specialists. REBA-ES: The Real Estate Broker Association for the Eastern Seaboard.
RETS (Thailand): Real Estate Training School (Thailand) – brokers seeking membership of REBA must have staff attend and pass their test. More overleaf
Arise Asia 477/25 View Talay 5C, Thappraya Road Second Office: 415 Pratumnak Hill Soi 6 T: +66 (0)38 075 610 M: +66 (0)85 228 8911 (Thanya) or (0)89 555 7177 (office) E: info@ariseasia.com W: ariseasia.com Principal: Thanyamai Totharong (Thanya) Memberships: CRS, REBA (Thailand), REBA-ES, RETS (Thailand), NAR Benchmark Asia Property Co Ltd 315/309 M12, Thepprasit Road T: +66 (0)38 304 133 M: +66 (0)81 792 9486 E: info@benchmarkthailand.com W: benchmarkthailand.com Principal: Gareth De Silva Memberships: CRS, REBA (Thailand), REBA-ES, RETS (Thailand), NAR
Big Mango Properties Main office: South Pattaya – Soi Big Mango off Third Road T: +66 (0)38 713 118 Second office: North Pattaya – Wong-Amat Residence, 505/1 Moo 5, Soi 16 Naklua Road T: +66 (0)38 725 001 T: +66 (0)2 258 8421 F: +66 (0)2 258 8420 M: +66 (0)89 685 2198 E: michael@bigmangoproperties.com W: bigmangoproperties.com Principal: Michael Barricelli Bizhouse Co Ltd 324/22 Moo 9 Central Pattaya Road near junction with Third Road T: +66 (0)38 416 322 M: +66 (0)89 0924593 E: info@bizhouseproperty.com W: bizhouseproperty.com Principal: Richard Arthur Century 21 – B2 Real Estate 315/2 Moo 9, ( Soi Lengkee ) Nongprue, Banglamung, Chonburi 20150 T: +66 (0)38 421 652 M: +66 (0)90 125 3200 E: fery@b2realestate.com W: b2realestate.com Principal: Fery Horvath
AGENTS DIRECTORY • Sponsored by Waterfront Suites & Residences • 11-12/2012 • Issues 138 and 139
Alan Bolton Property Consultants Unit C102, 399/9 M10 The Avenue Shopping Mall Second Road near Villa Market T: +66 (0)38 416 728-9 F: +66 (0)38 416 730 M: +66 (0)81 996 2489 E: info@pattaya-property.net W: pattaya-property.net Principal: Alan Bolton Memberships: REBA (Thailand), REBA-ES, RETS (Thailand), TREBS
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Coastal Real Estate Office 1: 216/62 M10, Soi 13 (Soi Diana next to Mega-Break) T: +66 (0)38 421 580 Office 2: 426/1 M12, Jomtien Beach T: +66 (0)38 231 443 M: +66 (0)81 269 0742 E: info@coastalrealestatepattaya.com W: coastalrealestatepattaya.com Principal: Kevin Mattson
AGENTS DIRECTORY • Sponsored by Waterfront Suites & Residences • 11-12/2012 • Issues 138 and 139
Colliers International Thailand 519/4-5 Second Road, opposite Central Festival, Pattaya Beach T: +66 (0)38 427 771 F: +66 (0)38 427 772 M: +66 (0)85 2828 120 E: info.pattaya@colliers.com or mark.bowling@colliers.com W: colliers.co.th Principal: Mark Bowling Memberships: RICS Delight Real Estate Co Ltd 308/58-59 M12 Thappraya Road T: +66 (0)38 251 415 M: +66 (0)89 542 3041 (Eng/Ger/Dutch) or +66 (0)89 253 8842 (Thai) E: info@delight-realestate.com W: delight-realestate.com Principal: Anne-Marie Adriaans East Coast Real Estate Co Ltd Office 1: 414/19 M12 Jomtien Complex T: +66 (0)38 267 030-1 F: +66 (0)38 267 029 M: +66 (0)81 862 8034 Office 2: 485/4 M10 Second Road T: +66 (0)38 723 615-6 E: info@thaiproperty.com W: thaiproperty.com or thaiproperty.net Principal: David Gray Advertisement: Page 41 Executive Homes Pattaya On behalf of: Risk Protection (Thailand) 160/4 Moo 5, North Pattaya Road, T: +66 (0)38 414 250 M: +66 (0)89 247 8448 W: Executive-Homes-Pattaya.com
RICS: Royal Institution of Chartered Surveyors – an independent body which regulates the conduct of property professionals and surveyors in the UK and other sovereign nations. RICS provides education and training standards, protects consumers with strict codes of practice and advises governments and business. TREA: The Thai Real Estate Association aims to be the hub of the real estate profession here by encouraging entrepreneurs to operate to standards of quality and ethics; to create the maximum benefits for developers, government and consumers altogether. TREBS: The Thailand Real Estate Broker School provides training for real estate professionals. The course includes real estaterelated laws, broker law, broker ethics, listing and sales techniques, reconciliation techniques, property evaluation, property transfer procedure and tax calculation.
Farang Property Services 223/32 M9, Third Road T: +66 (0)38 052 495 F: +66 (0)38 052 496 M: +66 (0)89 938 7433 E: info@farang-services.com W: farang-services.com Principal: Manfred Ehrenheim Advertisements: Pages 4 and 5 Five Star Villas & Condos Main office: Pratumnak – Tara Court 388/109 M12, Pratumnak Road Second office: Jomtien – B30, The Village Shopping Centre M: +66 (0)81 938 8391 Robert or (0)809 16667 Mesiya E: sales@fivestarvillasandcondos.com W: fivestarvillasandcondos.com Principals: Robert and Mesiya (May) Watson Memberships: CRS, REBA (Thailand), REBA-ES, RETS (Thailand), NAR, TREBS
Global Property Global Solidor Enterprise Co Ltd North Pattaya – 157/142 Moo 5, Naklua Road T: +66 (0)38 427 364 M: +66 (0)82 469 5551 or +66 (0)81 838 1390 E: info@global-solidor.com W: global-solidor.com Principal: Rainer Heinzmann Memberships: REBA-ES Golden Homes Real Estate Co Ltd 33/39 M9 Soi Diana Inn T: +66 (0)38 720 892-3 M: +66 (0)86 826 8821 E: info@goldenhomespattaya.com or Ploy1@csloxinfo.com W: goldenhomespattaya.com Principal: Yupaporn Sangpagdee (Ploy) Jomtien Property 315/185-6 Thappraya Road near entrance to View Talay 2 T: +66 (0)38 303 243 M: +66 (0)86 108 6575 E: info@properties-in-thailand.com W: properties-in-thailand.com Principal: Stu Sutton North Shore Property Co Ltd 315/414 M12 Thappraya Road T: +66 (0)38 303 825-6 M: +66 (0)87 833 5066 or (0)86 323 4607 E: info@ns-property.com W: ns-property.com Principal: Mesa Wongsida NT Realty Asia 215/15-18 Second Road T: +66 (0)38 426 242 or (0)38 425 836 F: +66 (0)38 426 243 E: info@nt-realty.com W: realestatethailand.com Philippines office: 11 Malabanias Road Angeles City, Pampagna 2009 T: +63 (0) 45 892 5719 Principals: Tim Bunker, Peter Randall (directors) and Paul Sutton (regional manager) Memberships: REBA (Thailand), REBA-ES, RETS (Thailand), NAR
a g e n t s One Stop Real Estate 219/14 M9, Soi Yamato T: +66 (0)38 710 699 or (0)38 710 725 M: +66 (0)819 454 845 E: onestop@realesthai.com W: real-estate-thailand.com Principal: Mark Welch Memberships: CRS, REBA (Thailand), REBA-ES, RETS (Thailand), NAR
Pattaya Prestige Properties 2/28 Ground Floor, View Talay 7 F: +66 (0)38 059 632 M: +66 (0)870 217 014 E: info@pattayaprestigeproperties.com W: pattayaprestigeproperties.com Principal: Jan Nuyten
Est. 2001
Paradise City Property 116/27 M9, Pattaya Klang opposite Big C Extra (formerly Carrefour) T: +66 (0)38 373 966 M: +66 (0)81 761 3238 E: pattaya@paradisecityproperty.com W: paradisecityproperty.com Principal: Gavin Perfect Pattaya Bay Real Estate 405/23 Soi Bongkot T: + 66 (0) 38 374 623 F: + 66 (0) 38 374 623 M: + 66 (0) 811 580 065 ( English) + 66 (0) 807 247 476 ( Thai) E: info@pattayabayrealestate.com W: pattayabayrealestate.com Principal: Mal Patterson
PATTAYA REALTY Follow us:
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Pattaya Realty 219/1 Tipp Plaza, Second Road T: +66 (0)38 412 301-2 6,968,000 M: +66 (0)89 833 6175(CS5049) orSale(0)89 832 7226 Sale 11,900,000 (HS5005) Central Pattaya - Foreign Name: E: info@pattayarealty.com W: pattayarealty.com (HR1449) (CR3816) Principal: Stuart Daly Memberships: CIPS, REBA (Thailand), VJ Vil age REBA-ES, RETS (Thailand), NAR int size 190 m sq, ext size 540 m sq, 3 beds, 3 baths, fully fitted kitchen, high quality furnishings, Internet, close to local amenities, security alarm, covered car park, 24hr Security.
Brand new condominium in Pattaya int size 104 m sq, 3 beds, 3 baths, fully furnished, fully fitted kitchen, communal gardens, communal swimming pool, car park, 24hr Security.
(HS4959)
Rent 25,000 / month
Sale 6,990,000
Rent 20,000 / month
South Pattaya: int size 55 m sq, 1 bed, fully furnished, fully fitted kitchen, TV, DVD, Hi-Fi, close to local amenities
: int size 225 m sq, ext size 328 m sq, 3 beds, 2 baths, fully furnished, fully fitted kitchen,private gardens, private swimming pool, covered car park, 24hr Security.
East Pattaya :Ext size 420 m sq, 4 beds+ maid's room, 3 baths, fully furnished and kitchen, security alarm, private gardens communal swimming pool, covered car park, 24hr Security.
Rush! Premier Homes RealBeat TheEstate Co Ltd 240/21 Jomtien Beach Road T: +66 (0)38 231 931 M: +66 (0)81 634 2915 E: premier@loxinfo.co.th W: premierinternational.com (HS0247) Principals: Clayton and Supap: Wade Memberships: CIPS, RETS (Thailand), NAR (HR1041)
(CR4944)
Situated on top of Pratumnak hill, Spectacular sea and city view For special pre-launch prices in the highest building in Pattaya!
Baan Balina I
Rent 35,000 / month
Rent 16,000 / month
Contact Us Now
Na jomtien:Bali Style,Int size 300 m sq, ext size 560 m sq, 3 beds, 3 baths, high quality furnishings and fully fitted Euro style kitchen, maid's room, Private gardens, private swimming pool, covered car park, 24hr Security.
Pratumnak:int size 48 m sq, Studio apartment, fully furnished, fully fitted kitchen, beautiful sea views, communal gardens, communal swimming pool, car park, 24hr Security.
E
GRE
Rent 44,000 / month
Pattaya Exclusive Properties 680/8 Nova Mirage, Naklua Soi 16 T: + 66 (0) 38 368 368 M: +66 (0)89 266 8665 or (0)89 831 4602 E: sales@pattayaexclusiveproperties.com W: pattayaexclusiveproperties.com
Pattaya Jomtien Property 75/49 Soi 5 Immigration, Beach Road, Jomtien (75m from Immigration Office) T: +66 (0)38 756 755 M: +66 (0)85 129 5657 (Thai); or +66 (0)85 667 3687 (English) E: sales@pattaya-jomtien-property.com W: pattaya-jomtien-property.com Principals: Kevin and Chanram Hurst Memberships: AIPP (International)
Sale 29,000,000 Jomtien: Fully renovated to a very high standard with 4 beds, 4 baths, fully furnished,
fully fitted kitchen, Jacuzzi, large private gardens, private swimming pool, security alarm, covered car park, 24hr Security.
Opposite Bangkok Pattaya Hospital East Pattaya:4 beds, 3 baths, fully furnished and kitchen, washing machine, Private gardens, private swimming pool, covered car park, 24hr Security.
Sale 12,950,000
The Regents Superior detached, two storey house, int size 650 m sq, ext 1400 m sq,
4 bedrooms + en suite, 5 bathrooms, fully fitted kitchen + food storage room, Jacuzzi, private landscaped gardens, large private swimming pool, separate self-contained 1 bedroom + en suite guest house with AC, security alarm, covered car park ,electric gate.
Our office address: 219/1 Tipp Plaza, Pattaya 2nd Road. Next to Mike Shopping Center, Nongprue Chonburi 20150
www.pattayarealty.com
Email: info@pattayarealty.com
Rightmove Pattaya 369/1 M9, Units 8&9 PS Bowl, 2nd Road T: +66 (0)38 361 212 M: +66 (0)89 253 5607 E: info@rightmovepattaya.com W: rightmovepattaya.com Principal: Craig Turner Memberships: REBA (Thailand), REBA-ES, RETS (Thailand) Tel:66(0)38 412 301/2 or 089 833 6175 089 8327226
Sallmanns (Eastern Seaboard) Ltd Near Hanaman Statue, Jomtien T: +66 (0)38 252 588 M: +66 (0)87137 0392 E: pattaya@sallmannsthailand.com W: sallmannsthailand.com Principal: Tim Gladwin Seaboard Properties Co Ltd 316/23 Thappraya Road near Food Mart, Jomtien T: +66 (0)38 252 456 F: +66 (0)38 252 457 M: +66 (0)86 129 8281 E: info@seaboard-properties.com W: seaboard-properties.com Principal: Eddie Buehler
Siam Properties Main office: 313/27 M10 Pattaya Tai T: +66 (0)38 415 490 F: +66 (0)38 414 693 M: +66 (0)81 861 1907 (Heiner) or (0)81 821 7045 (Porn) Russian: +66 (0)89 245 2890 (Vera) E: info@siamproperties.net or rus@siamproperties.net W: siamproperties.net Second office: 334/14 Soi Welcome, Jomtien Hotel off Jomtien Beach Road T: +66 (0)38 059 637 Principals: Heiner and Porn Moessing Memberships: CRS, REBA (Thailand), REBA-ES, RETS (Thailand), NAR Talay Real Estate Co Ltd 240/18 M5, Naklua not far from Dolphin Roundabout on Second Road T: +66 (0)38 362 352 F: +66 (0)38 362 351 M: +66 (0)87 608 1116 or (0)8 0091 5353 E: info@talayrealestate.com W: talayrealestate.com Principals: Namthip Khanjanavisittaphol (Sandy) and Ted T Okuno Thailand-Property-Gate Head office: 82/9 Langsuan Road, Lumpini, Pathumwan, Bangkok 10330 Eastern Seaboard office: 449/84, M12, Thepprasit Road W: Thailand-Property-Gate.com E: Stefan@thailand-property-gate.com M: +66 (0)81 835 99 23 Thailiving 306/90-91 M12 Thappraya Road T: +66 (0)38 364 514 M: +66 (0)81 862 7405 E: info@thailiving.net W: thailiving.net Principal: Supaporn Persson (Sara)
Town & Country Property 63/10-11 Pattaya Tai T: +66 (0)38 374 136 F: +66 (0)38 374 137 Russian: +66 (0)84 873 7425 E: info@towncountryproperty.com W: towncountryproperty.com Principal: Cees Cuijpers Memberships: CRS, REBA-ES, NAR Advertisements: Pages 8 and 9
AGENTS DIRECTORY • Sponsored by Waterfront Suites & Residences • 11-12/2012 • Issues 138 and 139
Pattaya Estate Agents (PEA) Car Park, Tesco-Lotus, South Pattaya M: +66 (0)819 458 650 (Thai) or (0)86 080 3098 (Eng) E: info@pattaya-estate-agents.com W: pattaya-estate-agents.com Principal: Sununtha Bun-um (Boom)
COM L IN
ENTA
AT R
(HR1306)
(HS4948)
d i r e c t o r y
REAL ESTATE BROKER ASSOCIATION – EASTERN SEABOARD
ticks all Members of REBA-ES are respected
Member companies in REBA-ES are part of an established and respected real estate organisation which has the support of the Thai Government
professional
Clients of REBA-ES members can be confident that they are dealing with honest, reputable and properly trained real estate professionals
ETHICAL
The high standards we set conform to internationallyapproved rules, regulations, strict codes of ethics and dispute resolution policies
INFORMed
Our members network closely, giving all of them access to the Eastern Seaboard’s largest real estate association
For comprehensive property listings and professional real estate consulting contact our members at www.rebaes.com
REAL ESTATE BROKER ASSOCIATION – EASTERN SEABOARD
the boxes ... Sponsoring REBA-ES members Alan Bolton +66(0)81 996 2489 info@pattaya-property.net www.pattaya-property.net
Mark Welch +66 (0)81 945 4845 onestop@realesthai.com www.real-estate-thailand.com
Stuart Daly +66 (0)38 412 301-2 info@pattayarealty.com www.pattayarealty.com
Markus Probst +66 (0)81 762 2627 info@aci-enterprise.com www.pattayaoceanproperties.com
Heiner Moessing +66 (0)89 499 1000 info@siamproperties.net www.siamproperties.net
Rob Watson +66 (0)81 938 8391 sales@fivestarvillasandcondos.com www.fivestarvillasandcondos.com
Gareth De Silva +66 (0)81 792 9486 info@benchmarkthailand.com www.benchmarkthailand.com
Rainer Heinzmann +66 (0)81 838 1390 info@global-solidor.com www.global-solidor.com
Craig Turner +66 (0)89 253 5607 info@rightmovepattaya.com www.rightmovepattaya.com
... if your answer is ‘yes’ to all, check out the REBA-ES
You can trust
Advert: Zen Grafix
www.rebaes.com
D E V E L O P E R S d i re c t or y
Katalina Co Ltd 396/66 M12, Pratumnak Projects: Katalina I, II and III T & F: +66 (0)38 306 616 M: +66 (0)80 570 44 33 (English and Russian); +66 (0)81 983 00 68 (English, Dutch and French) E: rogge_tony@hotmail.com or albertdewilde@hotmail.com W: katalinaresidence.com Major Development PCL 141 Soi Thonglor 10, Sukhumvit 55, Klongton Nua, Wattana, Bangkok 10110 Local project: Reflection Jomtien Beach Sales office: Jomtien Beach Road, Walk
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Domum Holding Co Ltd 391/109 Thappraya Road. Corner of Soi 13, next to Mata Hari Restaurant Project: Meridiem Condominium and Meridiem Park Condominium T: +66 (0) 38 251 464 M: +66 (0) 8888 10311 F: +66 (0) 38 251 733 E: info@domum-holding.com W: domum-holding.com
Heights Holdings Co Ltd Thappraya Road next to Bruno’s Italian Restaurant Projects: Park Royal I, II & III, Pattaya Heights, Club Royal, Laguna Bay I , II and III (The Maldives), Laguna Beach Resort Jomtien I & II, Laguna Heights, The Peak Towers, Wong Amat Tower, Water Park Condominium and C-View M: +66 (0)85 282 6454 E: oliver@heights-holdings.com W: heights-holdings.com Principal contact: Oliver Nabarro
Noi
CW Asset Co Ltd 212/13 North Pattaya Road Project: Bang Saray Beach Condominium T: +66 (0)38 414 405 M: +66 (0)85 272 8338 (English) or +66 (0)85 272 8228 (Thai) E: info@cwasset.com W: cwasset.com or bangsaraybeachcondo.com Principal: Ms Imorn Luekhamharn Membership: TREA
Habitat 5 Co Ltd Sales Office: 172 Soi Chaiyapruk 2 Project: The Ville Jomtien M: +66 (0)81 450 0001/2 E: chane@habitat-5.com W: TheVillePattaya.com
Chiyapurk
DEVELOPERS DIRECTORY • Sponsored by Waterfront Suites & Residences • 11-12/2012 • Issues 138 and 139
CSP Projects Chaiyapruk 2 over rail track on left opposite Baan Suan Neramit Projects: Coconut Grove, Coco Palms and Palm Grove T: +66 (0)38 076 285-6 E: md@csp-construction.com W: csp-construction.com Principal contact: Tom Coglan
Global Tower Group Co Ltd Banglamung Soi 16 Project: Paradise Ocean View M: +66 (0)8 222 66 077 E: info@paradiseoceanview.com W: paradiseoceanview.com
Soi Kha
Bravo Thai Lifestyle Co Ltd Projects: The Vineyard I, II & III near Lake Mabprachan M: +66 (0)89 8677 969 E: terry@siamdevelopments.com W: siamdevelopments.com Principal contact: Terrence Allen Collins
Dusitpattaya Co Ltd Soi Wat Yan off the Sukhumvit near Ban Amphur Project: Baan Dusitpattaya and Dusit Grand Condo View (Jomtien) T: +66 (0)38 343 586 F: +66 (0)38 343 585 M: +66 (0)81 0584 930 (English and Thai) M: +66 (0)868 486 704 (Russian) E: baandusit@gmail.com W: baandusitpattaya.com or domvtae.su Principal contact: Darwan Bunting (Meam)
Soi Khao
Anaakot Group Development 138/1 Moo 12, Soi Chayapruk, Jomtien Project: Sixtythree@12 T: +66 (0)38 231544 M: +66 (0)8780 33329 E: info@anaakot-group.com W: Anaakot-Group.com Contact: Jason Young
adjacent to Suttangrak Restaurant T: +66 (0)38 233 111 F: +66 (0)38 233 730 M: +66 (0)89 247 7158 E: sales@reflectionpattaya.com W: majordevelopment.co.th Matrix Developments 352/202-3 M12 Pratumnak Road Current projects: Art-on-the-Hill, Paradise Park, Sunset Boulevard, The View, The Vision, Amazon Residence and City Center Residence T: +66 (0)38 250 120-1 F: +66 (0)38 250 008 M: +66 (0)87 607 8880 E: info@matrix-developments.com W: matrix-developments.com Membership: AIPP Modus Group 292/1-2 Moo 5 Soi 12, Pattaya-Naklua, Naklua, Banglamung, Chonburi 20150 Project: Modus Beachfront Condo T: +66 (0)38 225 999 or (0)38 252 635 M: +66 (0)89-092 1333 E: info@moduspattaya.com or 888modus@gmail.com W: moduspattaya.com Principal: Pimpinan Namthep New Nordic Occupies a large area of Pratumnak. Go down Soi 4 and look for the orange signs on the right Current projects: New Nordic Suites, New Nordic VIP Condominium I, II and III and IV are planned T: +66 (0)38 250 025 F: +66 (0)38 306 299 M: +66 (0)89 605 4114 E: sales@new-nordic.com W: new-nordic.com Nova Group Nova Park, 80/164 M9, Soi Sukrudee (Soi AR) near Jameson’s Pub Projects: Amari Residences Pattaya, The Cliff, Nova Ocean View, Novana Residence, The Palm and Nam Talay T: +66 (0)38 415 304-8 F: +66 (0)38 415 309 M: +66 (0)85 282 6454 E: info@nova-thailand.com W: nova-thailand.com Principal contacts: Rony Fineman and Keith Storey
inside back cover
D E V E L O P E R S d i re c t or y
Tropical Dream Pattaya Co Ltd Showroom Pratumnak Road, Soi 6 Projects: Tropical Dream I and II T: +66 (0)38 252 299 F: +66 (0)38 252 209 M: +66 (0)82 202 0880 E: tropicaldreampattaya@gmail.com W: tropicaldreampattaya Principals: Gery Kis and Sylvie Schäffer Tudor Villas Co Ltd Showroom Pratumnak Hill, Soi 2 Projects: Tudor Court Condominium M: +66 (0)81 863 0201 E: tudorvillas@yahoo.com W: tudorcourtthailand.com
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Royal Oak Developments / Royal Jomtien Property Services Co Ltd Projects: Acqua Condominium, The Gallery, SP Townhomes, SP Villages I-V, The Urban, The Urban Suites and Acqua T & F: +66 (0)38 231125-6 M: +66 (0)86 323 1908 E: theurbanproperty@gmail.com W: thegallerycondo.com, theurban pattaya.com, theurban-property.com Principal contact: Thanyarak Meesuk
Town & Country Property 63/10-11 Pattaya Tai Projects: The Meadows, The Residence and Whispering Palms F: +66 (0)38 374 137 Russian: +66 (0)84 873 7425 E: info@towncountryproperty.com W: towncountryproperty.com Principal: Cees Cuijpers
Noi
Ratanakorn Asset Co Ltd 300/6 M10 Pattaya Tai Current Projects: Life Star City Tower, Pattaya Klang Center Point, Ratanakorn Park View, Ratanakorn Villages 12 and 13, R-Con Residence, TW Garden Hill, TW Jomtien Beach Resort, TW Park View, TW Wong-Amat Beach Resort Condominium, Vela Casa. T: +66 (0)38 421 534 or +66 (0)38 421 274 M: +66 (0)81 762 6080 E: marketing-ratanakorn@live.com W: ratanakorn.com
SK Pattaya Development Co Ltd 130/74 M12 Chaiyapruk Road Projects: Mabprachan Garden Resort, Permsub Garden Resort, SK Residence T: +66 (0)38 074 701/10 M: +66 (0)84 872 1272 E: sk_pattaya@yahoo.com W: skpattaya.com Principal contact: Sa-nga Kijsamrej
Chiyapurk
DEVELOPERS DIRECTORY • Sponsored by Waterfront Suites & Residences • 11-12/2012 • Issues 138 and 139
Raimon Land PLC 22nd Floor The Millenia Tower, Bangkok Projects: Northpoint, Zire Wong Amat and Unixx South Pattaya T: +66 (0)26 519 601 M: +66 (0)81 3717 888 E: info@raimonland.com W: raimonland.com Principal contact: Piaras Moriarty
(The) Siam Oriental Trading Co Ltd 267/4 M12, Pratumnak Projects: Siam Oriental Condominium, Siam Oriental Garden, Siam Oriental Twins T: +66 (0)38 250 873 M: +66 (0)84 872 1272 E: sami.sarajarvi@gmail.com W: siamoriental.com Principal contact: Sami Sarajärvi
Soi Kha
Poompatta Co Ltd 450 M9 Nongprue, Chonburi 20150 Project: Patta Village T&F: +66 (0)38 371 555 E: info@poompattapattaya.com W: poompattapattaya.com
Shining Light Co Ltd Project: City Garden Pattaya Soi 15, Second Road close to The Avenue T: +66 (0)38 416 690 F: +66 (0)38 724 249 E: info@citygardenpattaya.com W: citygardenpattaya.com
Soi Khao
Petch Property Development Co Ltd Projects: The Cove and Prima Residence Main office: 44 Soi Sukhumvit 59, Klongton Nua, Wattana, Bangkok 10110 T: +66 (0)27 143 872 F: +66 (0)27 143 871 M: +66 (0)89 991 1999 Sales office: 193/1 M5 Naklua Road T: +66 (0)38 428 284 or (0)38 428 595 E: info@ppd.co.th W: ppd.co.th Principal: Itthi Chavalittamrong
Tulip Group Co Ltd 88/58 Moo 4, Bowin Sub District, Siracha, Chonburi Projects: Centara Avenue Residence & Suites Pattaya (behind The Avenue), Centara Grand Residence Pattaya (Na-Jomtien) and Waterfront Suites & Residences (Bali Hai) T: +66 (0)38 959 180 F: +66 (0)38 959 508 M: +66 (0)83 718 0005 E: jason@tulipgroup.co.th W: tulipgroup.co.th Principal contacts: Kobi Elbaz and Jason Payne VKK Real Estate Co Ltd Sukhumvit 87 just before the rail track and the new road Projects: Porchland I, II, III (The Blue Residence), IV (The Time), V (La Santir) and VI (The Feelture) T: +66 (0)38 757 375-7 M: +66 (0)82 444 1147-8 E: theblue@porchland.com W: porchland.com VSPN Property Co Ltd 162 Moo 2, Sukhumvit Road (next to soi Banglamung 16), 500 metres past Kratingline Tri-junction Project: Seabreeze Villa Pattaya M: +66 (0)84 460 5335 E: seabreeze_villa@hotmail.com W: vspnproperty.co.th Principal: Ukarin Kerdkitsadanont Wandeegroup (Thailand) Co Ltd Thappraya Road on the left as you go up the hill towards Jomtien Project: The Touch® T: +66 (0)38 364 321 E: info@wandeegroup.com W: wandeegroup.com Principal contacts: Mario Kleff and Nittaya Wongsin
inside back cover
MYSTERYcolumnist
Is Pattaya headed for a glut of condos to rent or will projects currently striving to gain EIA approval simply allow agents to better meet the future requests of their customers? This month’s column from our Undercover Agent seems to suggest that demand is currently outstripping supply. If that is the case – and we have no reason to doubt our man – it would appear that fears of a glut in a few years’ time may prove unfounded.
Not enough condos to meet current demand
T
his high season has certainly posed the question “Is there really a shortage: of rental properties in Pattaya?” At our office we have been experiencing high demand for condos for one-three month lets, but with a lack of credible options that we can show our customers. The problem is not even one of budgets being too low; it is more simple than that – the condos simply aren’t available. I have spoken with other agents in and around town and they are experiencing the same problem. I often hear from customers that they have been driving round Pattaya at night and condo blocks only have a few lights on. That may be the case but it doesn’t mean that the rest are available for rent. I have been quite alarmed that customers actually think that we don’t want to rent to them personally
102•REm•Issue 139•12/2012
‘‘
By undercover AGENT and actually get quite offended! I can say, hand on heart, that if we had something available we would gladly rent it to them. After all, this is how we get paid! This week I had a customer ask for a condo for rent in a very popular building in Central Pattaya. I tried several owners and indeed the building itself and was told that nothing was available. Found an alternative When I tried to offer alternatives to the customer he quoted how many units there were in the building and said that there must be something in there for him! Unfortunately there wasn’t and after he had talked to several other agents he finally came back to me accepting what I had said was actually correct. In the end we found him an alternative. As more and more families are
I have had several
enquiries for
four-bedroom condos in buildings that only have studios
’’ and single
bedrooms.
coming here we are experiencing demand for condos that don’t exist. I have had several enquiries for four-bedroom condos in buildings that only have studios and single bedrooms! The response has often been “well I want a four-bedroom in ‘X’ condo!” I think perhaps they want the building to construct a fourbedroom especially for them! I think there is still a little bit of a misconception that condos are like hotels – every room is available for rent and every room with be almost furnished the same. On a number of occasions have had to tell customers that, unfortunately that room is booked, to which I usually get the response “just get me another one in the same building!” If only it were so simple! Something that I seem to touch upon every month is the number of new condo developments that are popping up around the town.
12/2012•Issue 139•REm•103
Certainly this high season has proved that the developers are correct and the market is there. Investors are clearly confident that the rental market will continue to grow and the developers are happy to feed this demand. It makes me wonder if we will be looking at the same issues this time next year – if that is the case with the number of new condos that will be available – the city will be booming. Good news for everyone without any shadow of a doubt. I think most agents in the city have sent out pleas recently for houses to rent. Again, looking from the outside it would seem like there is an abundance of excellent houses but very few are currently available for rent. This not actually a new problem that has happened just because of the high season but something that seems to have been an on-going issue throughout the past 12 months. The demand for houses is quite varied so we cannot say it is one particular area that we have shortage. We get asked for various enquiries usually by location, size or budget – we, and other agents simply have a lack of options; it is across the board. Even many the newer projects that are being built, have just been completed or even those that are planned are aiming more at the end user rather than the rental market.
As places outside the city like Bang Saray develop ... the demand for family-sized condos – to rent and to own – is increasing. Another factor in favour of Bang Saray (also on page102) is the expansion of flights into U-Tapao airport.
I have noticed that the houses that are cropping up for the rental market are now much further afield than had previously been the case. Many customers still want a house in town for less than Bt15,000 per month or want to be “no further out than the railway line” when talking about East Pattaya. Sadly, these houses either don’t exist in the first place or aren’t available. Perhaps to get the house that they really want, they may be looking at 5km from Sukhumvit Road or the city centre. It begs the question if this style of house, i.e. one that would give good returns to an investor looking at rental returns have become impossible for developers to build or is it just that they are not attractive to build? It seems apparent that the end market is there, but the properties are not.
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104•REm•Issue 139•12/2012
It seems
apparent that the
end market is there, but the
properties are not.
More attractive, more accessible With the planned development of the U-Tapao allowing even easier access to Pattaya I think it would already be fair to say that locations to the South of Pattaya are likely to become more attractive as they become more accessible. With the increasing number of flights that are going direct to U-Tapao from Korea and Russia we are seeing a massive increase in the number of developments cropping up in Bang Saray and Na Jomtien areas. Previously, these locations had been
thought of as being too far, but their beautiful sandy beaches and small towns are now highly sought after. I was down there a couple of weeks ago and was shocked to see the number of developments and planned developments down there. The market was quite mixed with condos for around Bt1m and houses for around Bt50m. The area is certainly booming and offers a completely different package to that available in downtown Pattaya. As I have said before, this is the direction that the city is going in and that can only be a good thing provided the local character is maintained. So, with all this taken into consideration, I think we can all certainly agree that Pattaya is indeed booming, perhaps less so around the bars but the city as a whole is quite prosperous. It will be interesting to see the developments and changes that happen over the next 12 months because things really are moving that quickly. Perhaps in five years’ time the whole character and perception of Pattaya will have changed – I hope I am here to find out! As always space is running short but I hope I have given you some insight into how Pattaya’s future is seen through the eyes of a real estate broker. Until next time, enjoy the high season and the festive period in the Land of Smiles!
SPECIALFEATURE
Hills Estate is at the peak for privacy and exclusivity
S
o imagine this – you are the developer of an exclusive estate where you get to choose your neighbours. How does that sound? If it sounds like a dream, let me introduce you to Sonny Souvannavong, the Laos-born, American-educated, Thailand-based entrepreneur ... because he is living that dream. Sonny (seen alongside with his dog) is one of a group of likeminded businessmen and sports lovers who live on The Hills Estate near Phoenix Golf Course. The Hills currently has five dwellings on it and there is space for a maximum of four more. I use the words project, development and resort a lot in this magazine but none of them seem to quite sum up The Hills Estate, writes Dave Buckley. Whenever I visit there it strikes me more like a way of life than simply a place to live. Those who feel they share the same goals can offer to buy into The Hills. But simply having enough money to afford to purchase there may not prove enough. Prospective owners need to want to be part of the dynamic, fun and active lifestyle Sonny and his neighbours enjoy. Residents feel it’s important that everyone gets on well with each other. “This isn’t elitism on our part,” says Sonny, “nor is it
106•REm•Issue 139•12/2012
discrimination. We simply want to get on well with our neighbours. Current owners here have a good understanding and friendship. We are very active. We often go out to eat together, talk business together, we share a lot and we want to ‘share’ the estate with people who are of a like mind.” This tight-knit community is found by taking a turning off the 331 road. U-Tapao airport is just 15 minutes further south. Good Feng Shui The homes overlook the valley containing the Silverlakes vineyard and views of the sea lie beyond. With water to the front and the hills behind, it’s perfect for those who believe in the value of good Feng Shui. Also, it’s the sort of place you have to know where you are going to find it. You will not drive past it by chance. There is no giant sign pointing the way. “We like to live under the radar,” said Sonny. So I won’t try to go into more detail about the location as residents value their privacy. Sonny’s neighbours include tennis stars Paradorn Srichapan, the former world No 9 and Danai Udomchoke, who succeeded him as Thailand No 1 when injury forced Paradorn to give up competing on tour. Between their two houses lies a state-of-the-art tennis court
built for the private use of estate owners. On it, Paradorn trains the country’s top up-and-coming tennis players. Danai still plays on the ATP circuit which keeps him away from The Hills for long periods at a time, but Paradorn spend a lot of time there as he has the tennis academy on site. And when Paradorn’s not teaching the tennis stars of the future he’s out on the golf course indulging in his new-found sporting love, usually in the company of Sonny, who is also a keen golfer. Proximity to Phoenix helps. Sonny said: “I guess you could say that I want to ‘qualify’ the people who want to live here. But I don’t want to put prospective buyers off.
“The fact is that we have four more plots to sell and we want to sell them. We believe this is something of a hidden treasure and we would be happy to share that ‘treasure’ with people who feel they can be in tune with our approach to life.” Boats and planes He added: “When you wake up here you know you are going to have a good day. Everything we need is close at hand – you don’t need to go into Pattaya itself if you prefer not to. And Bangkok is an easy drive. If you like boats we are not far from the marina. If you like flying there are several airparks.” Sonny is a keen flier and, at the time of writing he has
been working on a pilot (no pun intended) for a TV show which also involves Paradorn and their actor friend called Gor. Literally translated, the name of the programme is Fly Thailand, We Dare You to Travel With Us. The programme idea is that the three friends will take a star along in the fourth seat of Sonny’s plane and travel to places of interest and excitement throughout the country, having fun and informing viewers along the way. I’ll supply more details in a future issue if the pilot show turns into the real thing. But back to The Hills Estate – and prices. The four remaining plots vary in cost between Bt2545m. The homes are laid out in a quality and imaginative way and
comprise several separate units. For example, the main bedroom can be a building on its own so, too, the lounge and so on. Designs for the four new dwellings need to be sympathetic with the current five but there remains scope to have a highly individual home built. The Hills Estate is definitely a place people will aspire to living in. If I had a spare Bt25m swilling around in my bank account I would give it some serious thought. But would an ageing farang who can’t get around a tennis court, struggles to break 100 at golf and has limited business acumen be able to fit in? I think I’ve just answered my own question!
12/2012•Issue 139•REm•107
guestcolumnist
Last month we introduced a new writer to the magazine – Nick Pendrell. Nick has been an analyst and writer covering the field of international real estate for the past six years, constantly looking for the most interesting property markets in the world for both investors and lifestyle buyers alike. His first book was Hurghada Property & Egypt’s Red Sea Riviera Real Estate, published in 2007. Pattaya Property and Thailand’s Real Estate is his third book and it’s a buyer’s guide to condominiums and houses.
Buying property in Thailand (II): Through a Thai company By nick pendrell
I
n last month’s issue, we looked at different ways that foreigners can buy real estate in Thailand. There was one major omission from the list, however, which is purchasing by establishing a Thai registered company together with a minimum of two nominee Thai shareholders. Next to buying a condo under foreign ownership, this is the most popular way for foreigners to own property in Thailand. In fact, up until the passing of the first Condominium Act in 1979, it was the only practical method of buying freehold property here for most foreigners. As a result, many tens of thousands of property owners own Thai real estate through this method. Some developers in Pattaya struggle to sell the 51 per cent of condos which must be sold to Thai citizens or Thai companies. In order to encourage foreigners to form Thai companies for holding property, many of them are now offering great incentives for anyone buying in this way, through offering better payment terms and/or quite substantial 108•REm•Issue 139•12/2012
discounts. Many developers will agree to pay the costs of forming the company in the first place (which can cost around Bt30,000 normally), so that the buyer only needs to pay the annual costs for maintaining a company. This will cost around Bt10,000 per year in order to submit annual accounts. As a result of these incentives, there can be substantial savings to be had on many developments by buying property through a Thai company rather than under foreign ownership. Not giving the full facts ‘Is it safe for a foreigner to buy real estate through forming a Thai company?’ is one of the most common questions asked of real estate agents and property lawyers in Thailand. Anyone who immediately answers this question by saying ‘definitely yes’ or ‘definitely no’ is not giving the full facts about the situation, because there are no black and white answers to this question. Pose the question to two of the most respected legal firms in Pattaya
‘‘ Many people considering
the option of purchasing
using a Thai
company are fearful, but often they have doubts
’’ for the wrong reason.
and it’s likely you will get two quite different answers. Many people considering the option of purchasing using a Thai company are fearful, but often they have doubts for the wrong reason. To form a Thai company, the foreigner can own a maximum of 49 per cent of the shares, with the remainder being owned by nominee shareholders, who must be either Thai citizens or other Thai companies. Upon learning this, many potential buyers’ initial concerns are that the other shareholders may get together and take the assets of the company (i.e. the property) and do exactly what they want with it. But this is not the case. Although foreigners are only able to own 49 per cent of the shares, they can own any amount of the voting rights for the company. The foreigner’s shares can all be ‘preference shares’ worth 10 votes to each one of the nominee shareholders, so giving the foreigner total control. There are several other methods that lawyers can employ to ensure that nominee shareholders have no say in the running of the
guestcolumnist
about nick’s latest book Nick Pendrell’s book is written for both investors and those looking for a holiday home or permanent residence in the city. Written in a light and easy-to-read style, the book guides the reader through the entire process of purchasing real estate in Pattaya from the initial decision-making right through until the handover and legal registration of the property. The author says: “I have studied real estate markets throughout the world to find the latest property hotspot – and that place is Pattaya. With prices starting at less than Bt1m, property in the city is still highly affordable and offers great rental yields for investors and an excellent, relaxed living environment for retirees and holiday home buyers.” The book is in two parts. Part One ‘holds the reader’s hand’ through the entire buying procedure, explaining the complexities both in principle and in practice, together with a host of tips. While Part Two compares 40 different developments currently on sale in the city, explaining their suitability for all different types of buyers dependent upon their own individual requirements and desires. company and are easily replaced if necessary. As a result, provided that the Thai company is set up by a good lawyer who is acting in the best interests of the buyer, there should be no danger of losing control of the company to the nominee shareholders. So what is the possible danger with this type of ownership then? The danger is that, according to the letter of the law, it is illegal for Thai citizens to act as nominee shareholders for the purposes of enabling foreigners to own property in Thailand. Financial means When they complete the paperwork to become shareholders in the company, they specifically need to sign to say that they are not acting as nominee shareholders. They are also informed that, if they are found to be have lied in answering this question, they will be subjected to penalties up to and including facing some jail time. They may also be investigated to check if they have the financial means to be genuine shareholders in the company. Despite these risks, there are still plenty of Thais willing to become nominee shareholders in companies, allowing foreigners to buy property in this way. If you are planning to buy property from an established developer, they will be highly motivated to arrange everything for you as it means that they will make a sale. Because of this, they should be more than willing to find the necessary shareholders. 110•REm•Issue 139•12/2012
l Informer Books ISBN: 9780956144843 (International Edition); l Booksmango ISBN: 9780956144850 (Thailand Edition) Price: Bt599 Pages: 202, Paperback 6” x 9” l Also available on Kindle, iTunes, Sony ereader, B&N Nook and all other major e-book formats.
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But it is still a risk for the nominee shareholders to become involved in such a company because of the law. Is it a major risk? It doesn’t seem to be – no one has ever heard of a nominee shareholder who ended up in jail as a result of being found holding shares on behalf of a foreign owner. And no foreigner has ever ended up losing their property as a result either as far as we are aware. Is the Thai government always going to be as lax in policing these laws though? Here lies the one potential area of risk for the foreign buyer. Every few years, a Thai politician tries to make a name for himself by claiming that large parts of Thailand are being bought by foreigners and that this situation must be stopped for the benefit of the country. The last such politician to get up on his soapbox was Ombudsman, Siracha Charoenpanji. In June this year, he proposed a series of draconian measures to put a stop to the practice of foreigners buying property through the use of nominee shareholders, seizing the assets of those who have bought property in this way and rewarding informants who brought such ‘illegal activities’ to the police’s attention. Is the legislation he is proposing likely to enter the statute books? Fortunately, it looks unlikely. It seems as if, every few years, the subject of the authorities having a crackdown on foreign ownership through nominee shareholders comes up at high levels. And every time it is raised, the plans are rejected.
Every few
years, a Thai politician tries to
make a
name for
himself by claiming that large parts of Thailand are being bought by foreigners and that this situation must be stopped for the benefit of the country.
This is because the majority of Thai politicians realise that such a witch hunt would be very bad for business as the economy benefits greatly by foreigners bringing money to Thailand. Pattaya’s Mayor, the popular and charismatic Itthiphol Kunplome, who is himself a fully qualified lawyer, is one of these forward-thinking politicians. He fully understands that Pattaya’s future prosperity depends upon attracting more high-spending foreigners to the city and wants to encourage them. In order to make it easier – not harder – for foreigners to buy in Pattaya, he has proposed that the current maximum limit in condos available for purchase under foreign ownership is increased from 49 per cent and to make Pattaya a special zone for foreign investment. Impossible to say for sure So this is why it is impossible to give an honest and definitive answer as to whether owning using a Thai company is a totally safe and legal way of owning property. From a purely legal perspective, the answer is ‘no’. From a practical perspective, however, the answer is ‘probably yes’. Anyone wishing to buy property in such a method is strongly advised to employ an independent lawyer who represents their interests – and their interests alone – in order to form the company so as to ensure that the company is structured in the most secure way possible.