Commercial & Industrial Property News Update

Thailand - Kingdom Property To Invest THB 6.5 billion In Mixed-use Project In Pattaya

September 13, 2012

The project will comprise retail, entertainment and hospitality components, and will be located close to the Pattaya beach.

Kingdom Property will commence its second real estate development project next year - a mixed-use commercial project situated near the Pattaya Beach.

Estimated to cost THB 6.5 billion, the project will occupy 23 rai (3.7 ha) in the tourist hotspot. It will comprise of retail, entertainment and hospitality components to cater to the needs of holidaymakers.

Kingdom said that the project will be developed in stages, commencing with THB 500 million worth of retail development undertaken in collaboration with the landowner. From then on, a further THB 2 billion of retail and entertainment facilities will be developed, with another THB 4 billion allocated for hospitality properties.

The company - with a registered capital of THB 240 million - plans to fund the project with a mixture of cash and bank loans, said ceo Nigel Cornick.

The mixed-use project comes after the launch of Kingdom's first development, the THB 2 billion Southpoint Pattaya condo project.

Southpoint Pattaya is currently undergoing an environmental impact assessment, and the company hopes to receive the necessary permit by December, after which the project will be open for pre-sales.

The condominium, scheduled for completion in 2015, has received THB 680 million in project financing from Krung Thai Bank. Kingdom added that it expects to book THB 2 billion in revenue from Southpoint Pattaya in 2015.

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