Archive | October, 2014

The Property Market in Pattaya

Posted on 30 October 2014 by ABPC

Even after the recent coup and political problems the Thai economy has continued to grow rapidly.  Over the last number of years the property market is Thailand has seen a boom and it is no different here in Pattaya.  Anyone coming to the city will see the vast number of developments that are under construction and along with those that are already completed and those that are planned.

Property Market 1

The demand for these new properties – condominiums in particular, is exceptionally high with many buildings selling a high percentage of rooms within a matter of weeks of going on sale.  Many of these condos are purchased by investors at pre-launch prices therefore maximising their potential returns immediately, either through the rental market or as resales.

The Naklua and Jomtien areas are where we are presently seeing the most growth with quite literally thousands of rooms being built or planned over the next 5 years in both locations.  The influx of visitors from Russia, Korea, China and India is also helping to ensure that the demand remains high with many of these visitors looking to purchase second homes or investment properties.

Property Market 2

Land prices are something else that has rocketed over the last few years with prime pieces of land now being extremely scarce.  Any vacant plots of land in the Pratamnak area are quickly snapped up, often at vastly inflated prices.  The same could also be said for Naklua and Jomtien not to mention the city itself.  This has resulted in other areas such as Bang Saray increasing in popularity.  Again in this area prices seemed to be rising almost weekly with private investors and developers looking to take advantage of the area’s popularity.

It is fair to say that there has also been a shift in the popularity of certain properties.  Many developers are now building studios that are between 20-30sqm in a more hotel room style.  These condos are aimed more at the short term visitor looking to have there own kitchen and such facilities rather than feeling the constraints of staying in an actual hotel.  The developers have gone to great lengths with their furniture packages to ensure that every centimetre is utilised without feeling too cramped or claustrophobic.

Property Market 3

As more and more families are seeing Pattaya as a holiday destination we are seeing demand for larger condos also increasing.  One of the main reasons for this is many visitors coming here with their extended families now.  2, 3 and even 4 bedroom condos are often required and the market has shifted somewhat to accommodate this.

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City Garden Tower Pattaya

Posted on 25 October 2014 by ABPC

City Garden Tower is the latest project from the Global Top Group and is located close to the junction between South Pattaya Road and Pattaya 3rd Road so is right in the heart of the city, close to Beach Road and Walking Street.  The project is the first luxury high rise project that has actually been built in the heart of the city.  The building is 30 storeys high and has 465 units build on around 3 rai of land.  All units are smartly designed and ideal for end users or investors alike.

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The choice of units ranges from 24sqm studios through to 79sqm 2 bedroom units.   All units come partially furnished, coming with built in furniture as well as fully equipped bathrooms and European style kitchens.  Shops and commercial areas will be located on the 1st and 2nd floors with a wide range of other facilities being found on the 3rd floor.

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As you would expect in any modern project the building comes with 24 hour security including guards, CCTV and key card access.  On the 3rd floor you can find the large communal swimming pool and fully equipped children’s play area where they can have hours of endless fun and entertainment.  The large, state of the art gym overlooks the swimming pool area adding to the enjoyment of your daily workout where you can take in the views and atmosphere of everything that is going on!  A sauna area and herbal steam room can also be found on the 3rd floor that is open to all residents and guests.

City garden 3

The commercial area boasts a wide array of shops and restaurants that are not only convenient but could also save you time in your busy schedule.  We all know that during the rainy season going out for just a few minutes can see you soaked to the skin.  With the shops and restaurants onsite you not even have to leave the building!

Most units have views of either Koh Larn, Jomtien or North Pattaya and depending on your level; many also come with sea views.  The project is sure to be popular given the location and the very competitive pricing strategy that Global Top has put in place.  If, as expected, a large number of units are purchased by investors the project is sure to sell out fast so don’t miss your opportunity to purchase a unit in one of the most popular areas of the city!

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What is required to buy a condo in foreign name in Thailand?

Posted on 21 October 2014 by ABPC

Many people have come to visit Pattaya on a numerous occasions – sometimes just for a couple of weeks, sometimes for 3 or 6 months.  Often they will have stayed in one of the many hotels that are located in the city or they have rented a condo through us.  Either way, many people fall in love with Pattaya and decide that this is the place that they want to live or stay longer.  Once this has been decided they will probably be thinking about buying a place of their own.

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Once you have decided to buy a property in Pattaya you will need to find a reputable agent like ABPC to help you look around a number of different properties before choosing the one that is ideal for you.  Once you have chosen your dream condo, what happens next? Usually the first step, assuming that your offer has been accepted, will be to pay a deposit.  This is usually 10% or if you are buying from developer maybe a fixed amount such as THB50,000 – a receipt will obviously be issued on payment.  At this stage a copy of your passport and visa will be required and you will need to sign the copies.

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The next stage will be for contracts to be drawn up, the chanot checked and an approximate transfer value sought from the Land Office.  This may be done by the ABPC but if you are buying direct from a developer it will more than likely be done by them.  You will then need to transfer the funds from OVERSEAS.  This is essential when you are buying in foreign name as the monies must be transferred into the Kingdom.  When you transfer the monies you will need to clearly state on the transfer slip or via internet banking “For purpose of purchasing property”.  You will then be able to get a document from the bank called a Tor Tor 3 (sam) that will prove that the funds have indeed come from an overseas transfer.  This document will be required at the Land Office.

Bang Saray

Once you are at the Land Office you will need your passport, Tor Tor 3, and bankers cheque made payable to owner or developer and CASH for the fees at the Land Office.  The Land Office will not accept cheques and unless you are using Power of Attorney you will need to go in person to sign the required documentation.   Once everything is complete you will have the keys to your new home!

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The Riviera Jomtien

Posted on 15 October 2014 by ABPC

The Riviera Jomtien follows on from the hugely successful Riviera project in Wongamat and again gives clients the opportunity to purchase a 5 star condominium at very reasonable prices.  The project is located on Jomtien 2nd Road between Soi Watboonkanchana and Soi Chaiyaphruek but comes with direct access to Jomtien Beach Road via a private road.  This 46 storey project is set on over 10,000sqm of land and comes with over 1000 units ranging in size from 33sqm studios to 76sqm 2 bedroom units.  These will be divided up into 285 studios, 702 1 one bedroom units and 58 2 bedroom units with commercial properties, onsite, also being available.

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The project boasts 2 infinity pools that are located on the 37th and 42nd floors and each pool come with a 360 degree panoramic view across Jomtien, Koh Larn, Pattaya and beyond.  The Riviera has a complete floor dedicate to recreation that includes a fully equipped, state of the art gym and fitness centre, Jungle Bamboo Forest, Jacuzzis and Salas.

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The project offers excellent payment terms with an excellent 70% payable on completion.  This attractive offer, on top of the success of the previous project in Wongamat is sure to add to the already anticipated high demand.  This not only makes the project more affordable to those who are perhaps waiting to sell other properties or waiting for bonds to mature but also gives clients confidence in a group who were relative unknowns in Pattaya prior to their first project in Wongamat.

For those unaware of the background of The Riviera Group, they are owned by Winston Gale who was the co-developer of The Palm project also in Wongamat.  The group has strong financial backing and with the owners drive and enthusiasm combined with the award winning team of architects and designers that they have at their disposal, The Riviera Group is striving to become a major force not only in Pattaya but in the whole of Thailand.

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If you are interested in the Riviera Jomtien or indeed the Riviera at Wongamat it is well worth making a move early.  The Riviera at Wongamat is selling extremely well with construction already underway and the attractive presales prices that are on offer for the project in Jomtien won’t be around forever.  Don’t miss your opportunity to bag a bargain and get in early and be the envy of all your friends!

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Why should I buy a condo in Pattaya?

Posted on 09 October 2014 by ABPC

If you are looking to buy a second home, an investment property or maybe even your primary residence you are going to want to make sure that you find the right location.  If, like many you have decided that Thailand is the place for you then you will again need to decide on the best city to buy your property.  Do you want to live in Bangkok, Phuket, Krabi or perhaps Pattaya? Here are a few reasons why you may want to choose Pattaya above the other options:

  1. Well established infrastructure

The infrastructure may not be one of the things that you initially think about but coming from the west we are used to our creature comforts.  Could you imagine life without the internet, good transport links, western standard hospitals and schools or without any western food? In reality, if you were going to spend any length of time anywhere, you would need all of these things and Pattaya has them all!

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  1. Busy but not too busy!

There is little doubt that Pattaya has lots going on. The city is almost a 24 hour place to live but it is certainly possible to find the quieter more relaxed places to live such as Naklua, Pratamnak or maybe East Pattaya.  Are all of these options available to you in a place such as Bangkok?

  1. The place is booming!

Pattaya has been a thriving place to live for a number of years now and is continuing to grow and expand.  This is a good thing as would you really want to go and live somewhere that was on the decline?

Condo Jomtien

  1. Stable property market

The Pattaya property market is relatively stable with prices gradually increasing.  If you compare this to other parts of the world such as Spain this should give you a certain level of confidence that the value of your property will not plummet in value.

  1. Plenty to do!

There is little doubt that Pattaya has plenty to offer everyone.  After all if you are going to go somewhere you don’t want to be bored! Pattaya caters for every taste.  It has golf, water sports, excellent beaches close by and of course all the nightlife that you could ever wish for.  No matter how long you stay, you can be certain you won’t get bored!

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  1. It’s close to everywhere!

Pattaya is a city with great links in and out.  Bangkok is 2 hours away with the main international airport being only 1.5 hours away connecting you to other parts of Thailand and the rest of the world.  The islands are close by and we have countryside on our doorstep!

Why would you want to live anywhere else?!

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How long does it take to buy a condo in Pattaya?

Posted on 05 October 2014 by ABPC

If you are looking to purchase a property there will undoubtedly be a number of questions that you want to ask. One of the most common questions is ‘how long will it take?’ There are a number of reasons that people ask this question.  It could be down to simply impatience but more often than not it is because people are only in the country for a limited period of time and they want to ensure that everything is completed before they leave or make alternative plans either to return or set up Power of Attorney.

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In reality the purchase of a property can be done extremely quickly as there won’t be the delays that we are often used to in our home countries.  Foreigners can’t get mortgages through the banks unless they meet certain criteria, i.e. working in Thailand, Work Permit, tax & salary slips etc. the only things that are required are standard documents supplied by seller & buyer that is required by the Land Office.

Pattaya Condo 2

If you are buying direct from developer things can take slightly longer as more detailed contracts tend to be drawn up and these need to be signed by the company owner who is often not available at the drop of hat.  In reality, if everything is in place there is no reason why this can’t be completed within 10 days assuming that the project or property has been completed.

If you are buying direct from an owner using an agent you could literally complete the process in couple of days.  The agent will draw up the contract, get copies of your passport and you will need to transfer the monies from overseas to your Thai bank account or that of the agent with the transfer note clearly stating “For the purchase of property”.  This will enable you to get a Tor Tor 3 (Sam) from the bank that you will need to present at the Land Office to prove that you have transferred the funds from overseas – a legal requirement when purchasing any property in foreign name.

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It is worth going to the Land Office early as it can be very busy and it is not uncommon for red tape to become an issue so make sure you have enough time that day to get anything else that the Land Office may request.  The delays are rarely serious but often very frustrating and stressful, especially if it is your first experience. The alternative is to ask the agent or a reputable lawyer to act on your behalf.

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The Orient Jomtien

Posted on 01 October 2014 by ABPC

Two of the most widely respected and well established developers in Pattaya have joined forces in a new project called The Orient which is located in just off 2nd Road in Jomtien – an extremely popular area with a number of well established projects close by.  The condo is around 800 metres from Jomtien beach with all the facilities that you would expect such as 7 Eleven and restaurants close by.

The project will comprise of 3, 8 storey buildings on just over 6 rai of land so it will certainly have a spacious and airy feel.  The Orient has a total of 526 units comprising of 25sqm studios, 35sqm 1 bedroom units and 70sqm 2 bedroom condos all situated around a large swimming pool.  The pool area itself will have a large adult pool, children’s pool, jacuzzi, pool bar as well as ample sun lounges for everyone.

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The project also has all the usual features that you would expect such as WiFi, CCTV and housekeeping but also has a state of the art fitness centre and underground parking.  Naturally there is a key card security system as well as guards patrolling 24 hours a day.

The condos come fully furnished and include a 2 burner ceramic hob with extractor fan.  The bathrooms have hot water, bathroom counter and mirror as well as all the sanitary fittings that you would expect.  The living area includes a sofa, TV cabinet, flat screen TV, coffee table, side table and naturally an air conditioning unit.  The bedroom includes a queen sized bed, bedside table, TV cabinet, wall décor and a built in wardrobe.

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The Orient is based on the World famous Raffles Hotel in Singapore and will make the ideal holiday home, home from home or investment with an onsite rental service and resale management service also available.  The project offers interest free credit over the construction period with just a THB50,000 booking fee payable and 25% on signing of the contract, 25% payable of completion and the remaining 55% payable whilst the project is being built.

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Introductory prices start at just THB1.59 million but are sure to rise with the expected high demand.  Get in early to secure the lowest price possible and bag yourself a real bargain in one of the thriving and up and coming areas in both Pattaya and Jomtien.  This is a rare opportunity with these 2 major developers working together for the first time.

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