The major real estate player in Pattaya, Honor Group, is advancing its investment to create the First Iconic Mixed-Use in North Pattaya, establishing a unique landmark in the heart of Pattaya. The company is also expanding its investments into horizontal developments such as pool villas in the Na Jomtien area, in line with the government's full-scale investment plans for the EEC region. Keep an eye on the EEC Business Center project and the smart new livable city on over 14,000 rai of land in Huay Yai sub-district, which will allow foreign investors who bring in at least 40 million baht to hold land for residential purposes of up to 1 rai for a minimum of 3 years, boosting the economy, trade, investment, and the real estate market.

Pattaya, Chonburi province, is a city known for its tourism and is one of the three strategic provinces included in the government's Eastern Economic Corridor (EEC) development plan. The government has invested heavily in large-scale infrastructure projects across air, rail, water, and land to create seamless and efficient connectivity, aiming to make the EEC a gateway for Thailand to Asia. This ensures that Pattaya remains a destination for tourists and investors both domestically and internationally.

Mr. Kris Cherdsuriya, advisor to the board of directors of Honor Group Co., Ltd., a leading real estate developer in Pattaya for over 20 years, stated that the COVID-19 pandemic and the subsequent lockdown had significantly impacted various sectors, including tourism and real estate. However, the effects are gradually improving as the country opens up more.

Tourists are starting to return, not only Thai visitors but also an increasing number of foreigners, particularly from India. Shops and restaurants are operating normally, and hotel bookings have also risen compared to the past 1-2 years. It is estimated that throughout 2022, around 6 million tourists will visit Thailand, generating approximately 60 billion baht in revenue, close to the figures of 2020. By the end of 2022, both the number of tourists and the revenue generated from tourism are expected to rise to about 90% of pre-COVID levels.

“I believe we have passed the lowest point. Many businesses are starting to recover, and several real estate projects are continuously developing. Festivals and tourism activities are being organized every week, and operators at all levels are gearing up to cater to both Thai and foreign customers,” Mr. Kris said.

Chonburi as a “Port City” Comparable to Osaka of Tokyo Mr. Kris also expressed his view that Pattaya, Chonburi, will continue to see growth in investment and the real estate market, as operators remain confident in the potential of the area, which is well-prepared in many aspects. The government is prioritizing the elevation of Chonburi, one of the three provinces in the EEC, as a model for strategic area development, alongside ongoing investment policies in various large-scale projects.

For instance, the high-speed rail project connecting three airports (Don Mueang - Suvarnabhumi - U-Tapao) has already had 100% of the land delivered for construction. Other projects include the Laem Chabang port and U-Tapao airport, as well as the development of public transport systems in Pattaya, such as the light rail (monorail) project to serve passengers.

The high-speed rail will enter the Pattaya area, and the NEO PATTAYA project aims to elevate Pattaya as an EEC tourism hub, creating sustainable community income. These positive factors will support Pattaya, Chonburi, not just as a tourist city but as an important “port city” for Bangkok, comparable to Tokyo with Osaka as its port.

Additionally, there are new magnets attracting purchasing power and investors to buy residences, namely the Ministry of Interior's measures by the Land Department, which will issue additional regulations granting foreign investors who bring in at least 40 million baht and maintain their investment for no less than 3 years the right to hold land for residential purposes of up to 1 rai. This includes large investment projects that the Cabinet has recently approved for the Eastern Economic Corridor Policy Committee to utilize over 14,000 rai of land in Huay Yai sub-district, Bang Lamung district, Chonburi province, to develop the EEC Business Center and a smart new livable city with an investment of approximately 1.34 trillion baht, creating no less than 200,000 new jobs over a 10-year development period (2023-2032).

“The measures and investment projects arise from government policies that will help stimulate the economy, trade, investment, and the recovery of the real estate business,” Mr. Kris stated, adding that besides the projects currently under development and marketing, Honor Group plans to expand its development of both high-rise and horizontal real estate projects, including pool villas, to meet the diverse demands of the consumer market. They are confident that the housing market still has demand, whether for first homes or second homes, especially in this era of rising inflation, where investing in real estate to generate returns that outpace inflation is a good option for investors, yielding returns of 5-6% or more.

Ms. Thida Cherdsuriya, CEO of a subsidiary of Honor Group, stated that despite facing the COVID-19 pandemic crisis, the company did not halt its project work, which is being constructed on over 4.5 rai of land along Pattaya Soi 3, comprising a hotel, shops, and condominiums with a total project value of over 3.5 billion baht.

The condominium developed under the name Once Pattaya is a 32-story building with a total of 427 residential units, with usable areas ranging from 28.4 to 201 square meters (sq.m.), with an average selling price of 140,000 baht per sq.m., bringing the total project value to approximately 2 billion baht. Currently, the Once Pattaya condominium has achieved about 70% sales, with both Thai and foreign customers purchasing for second homes and investment purposes. The project also offers a “Thailand Elite” membership card from Thailand Privilege Card Co., Ltd. (TPC), granting special privileges of the Privilege Elite Visa, allowing long-term residence in Thailand for up to 20 years. Additionally, the project is currently running a 6% Guaranteed Yield promotion for 3 years. Interested customers can find project details at www.honourthailand.com or call 061-653-6599.

Regarding the construction progress of the Once Pattaya condominium, structural work is 99% complete, architectural work is at 70%, and various systems are at 90%. Overall, construction progress as of the end of July 2022 is at 80%, with completion and handover to customers expected by early 2023.

At the same time, Ms. Thida also mentioned the progress of the Hilton Garden Inn Pattaya City, which has received approval for its environmental impact report and has begun construction on the foundation. The construction value is approximately 1.5 billion baht for a 29-story building with 300 rooms and 6 retail shops, covering a total area of 28,000 sq.m., with completion scheduled for 2024.

“Hilton is a globally renowned hotel brand with 100 years of experience, managing under Full Management with the same standard management system worldwide, marking the establishment of the First Iconic Mixed-Use in North Pattaya,” Ms. Thida stated, adding that both projects, the Hilton Garden Inn Pattaya City and the Once Pattaya condominium, will offer comprehensive amenities to serve consumers and are located in prime locations that will enhance the image of the northern Pattaya area and promote economic growth and the tourism industry.

Furthermore, Ms. Thida concluded by stating that during the construction of the Once Pattaya condominium, the company has selected innovative construction materials to enhance the quality of life for residents, such as 15 cm thick walls, 12 mm thick tempered glass, and has paid great attention to every detail for the safety of consumers in the New Normal era by incorporating technology to minimize contact. For example, using facial recognition systems for building access, vehicle registration scanning systems for project entry and exit, designing parking areas for electric vehicle charging stations, and ensuring that the water used in the building is filtered for higher standards. A QR code system is also in place for visitors to facilitate residents. Additionally, after the COVID-19 crisis, we have learned and gained experience, leading us to design all entrance doors as touchless systems with sensors for automatic door opening without needing to touch the handles.