Signs of Recovery in Pattaya's Real Estate Market! 'Apus Development' is confident that the residential market will continue to thrive, announcing the launch of new projects in 2022, both high-rise and low-rise, with a total value exceeding 3 billion baht. The first project is a luxury condominium on Jomtien Beach, set to debut at the end of Q2 this year, in collaboration with professional agent 'Vela Real Estate' to strategize marketing and sales for both new and previously developed projects, aiming to sell the remaining 20% of units in the ANDROMEDA luxury condominium on Pratumnak Hill.

Due to its status as a tourist destination and industrial hub, 'Chonburi' has been promoted as one of the top three provinces in the government's Eastern Economic Corridor (EEC) development plan. Focusing on the 'Pattaya' zone, which is part of the EEC, this targeted area aims to boost the economy, ensuring that Pattaya remains a top destination for both Thai and foreign tourists and investors, particularly in the real estate sector. The demand for 'condominiums' is still strong, waiting only for positive factors from the government to allow foreign visitors to enter.

            'Andromeda' (<\/span>ANDROMEDA)<\/span> is a luxury condominium project created under the concept of ELEVATE YOUR SENSE, offering a new experience of 'the joy of relaxation' from Apus Development Group Co., Ltd. It boasts a PANORAMIC LIVING sea view of 270˚ on Pratumnak Hill, a prime residential location, with current selling prices starting at just 150,000 baht per square meter or 3.59 million baht per unit, making it an incredibly valuable offering in this beachfront area of Pattaya. This land may be considered one of the last remaining plots suitable for high-rise development, being only 50 meters from the beach.

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Mr. Chalermpol Khonjaem, CEO of Apus Development Group Co., Ltd., a major real estate developer in the Pattaya area of Chonburi, revealed that in 2022, the Apus group plans to develop approximately four new projects, including three low-rise projects with a total value exceeding 2 billion baht, which will gradually launch in the second half of this year. The other project, a condominium on a 2.5-rai plot, will launch in Q2 this year, valued at over 2 billion baht. Each project developed will feature prime locations and designs that cater to target customer groups.

Regarding the sales progress of the condominium projects launched in the past 1-2 years, they have received a positive response from target customers despite the overall real estate market facing challenges due to the COVID-19 pandemic. The total sales from various projects of the Apus group are at a satisfactory level, including the 'Arom Wongamat' project launched in July 2020, which has achieved over 50% sales. This project, located on over 8 rai, is developed as a super-luxury condominium with 55 floors and 319 units, valued at nearly 3.7 billion baht. The 'Andromeda' project on Pratumnak Hill is a fully completed condominium project valued at nearly 1.3 billion baht, with 80% of units sold, aiming to close sales by Q2 this year, with assistance from Vela Real Estate Co., Ltd., which is helping to plan marketing and sales strategies.

Additionally, Mr. Chalermpol commented that the COVID-19 outbreak has impacted the overall residential market in Pattaya, which relies heavily on foreign customers. Those targeting foreign buyers are certainly affected, but there are still many Thai buyers looking to purchase real estate in Pattaya as a second home or for actual residence. The Apus group focuses on creating products that highlight location advantages to cater to this customer group.

"Product development must be precise; we cannot mass-produce like in the past. We need to understand our buyers. I still believe in the potential of Chonburi, which is one of the provinces in the EEC development plan where the government is investing heavily in infrastructure, especially the high-speed rail project connecting three airports. Once completed, Pattaya will have a high-speed rail station, and these positive factors will support continuous growth in tourism and real estate," Mr. Chalermpol stated.

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Ms. Chonthicha Senaree, Managing Director of Vela Real Estate Co., Ltd., which operates as a marketing and sales consultancy for real estate, expressed her views that although the real estate sector nationwide, including Chonburi, has slowed down over the past two years, the company remains confident that the Pattaya real estate market will not stop growing. This is reflected in the continuous purchasing activity for completed condominiums. The signals are improving, and there are still many real estate development projects waiting for the right moment to launch and are currently undergoing EIA (Environmental Impact Assessment) applications, involving both local major developers and large developers from Bangkok.

Seeing the signs of recovery in both consumer markets and investment for new project launches in the future, the company has planned a five-year business strategy to expand its service scope comprehensively in a B2B business model while increasing the number of project clients seeking investment consultancy, sales, and marketing services. Currently, discussions are ongoing with several parties, and the main projects under management for sales and marketing will be from the Color Development group and Apus Development, such as the Arom Wongamat project and the Andromeda project, as well as the Arom Jomtien luxury condominium project, which is set to launch in Q2 this year.

The 'Andromeda' project is a fully completed condominium project since Q1 2019, located on Soi Kasetsin 11 on a 1-2-83.6 rai plot (683.6 square wah), developed as a 36-story building with a total of 216 residential units. The units range from 1-2 bedrooms, with sizes from 28-75 square meters, totaling nearly 1.3 billion baht. Currently, 80% of the units have been sold, with buyers comprising both foreigners and Thai customers in nearly equal proportions. The project offers six types of residential units, with selling prices starting at 150,000 baht per square meter or starting at 3.59 million baht per unit (as of February 2022), as follows:

  • Studio type A, size 28-29 sq.m., 64 units, accounting for 30%
  • One bedroom type B, size 33-34 sq.m., 66 units, accounting for 30%
  • One bedroom type C, size 54 sq.m., 22 units, accounting for 10%
  • Two bedroom type D, size 60 sq.m., 32 units, accounting for 10%
  • Two bedroom type E, size 72 sq.m., 22 units, accounting for 15%
  • Two bedroom type F, size 75 sq.m., 10 units, accounting for 5%

The 'Andromeda' project in Pattaya is designed to allow residents to live in a way that breaks free from traditional constraints, reflecting uniqueness and privacy in every unit. The project owner, Apus Development, has partnered with a renowned quality team, including architects from KTGY, interior design by MakeAscene, and landscaping by VISTAPAGODA. Additionally, it received the Best High Rise Condo Architectural Design (Resort) award from the Thailand Property Awards in 2017.

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Furthermore, the project is equipped with extensive communal facilities to enhance comfort to the utmost, including passenger elevators, service elevators, a sky lounge, an infinity edge sky pool, a fitness center, a library room, a meeting room, a jacuzzi & hydrotherapy area, a panoramic spa pool, a freespace garden, a playroom, an entertainment room, steam & sauna rooms, landscaped gardens, proximity card access, motion sensor lighting, and a full security system operating 24 hours with CCTV, access control, alarm systems, and door lock systems. For inquiries, please call 084-2135777 or visit www. https://apus.co.th/th/andromeda-th.

“About 20% of the remaining units for sale are mostly 32 and 52 square meter rooms with a 270˚ sea view. We and the project owner are planning an intensive marketing strategy to close sales as quickly as possible. I can confidently say that the current real estate market is truly a buyer's market,” Ms. Chonthicha concluded.