Wise Power Land to build Bt1-bn condo in Jomtien

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Wise Power Land to build Bt1-bn condo in Jomtien

Published on December 01, 2004

 

Wise Power Land Co Ltd is building a Bt1 billion luxury residential condominium called Le Royale Beach in Pattaya City?s Jomtien area, with completion expected in two years.

 

The project is being financed with cash flow and a loan from Thai Military Bank Plc.

 

Wise Power Land was formed in 2001 with aregistered capital of Bt200 million by Wise Power Holdings Co Ltd, a holding company of Hong Kong investor Eric Lai; Thongchai Lamsam, a major shareholder in Loxley Plc; and Wit Viriyaprapaikit, managing director of Sahaviriya Steel Industry Plc.

 

Le Royale Beach is the joint venture?s first project and is expected to generate sales of Bt2 billion, chairman Eric Lai said yesterday.

 

South Pattaya is considered a prime location for expatriates who have a business or work on the Eastern Seaboard. It is a one-hour drive from the new Suvarnabhumi Airport.

 

Pre-sales will start in January in Bangkok and a road show will visit Hong Kong and Singapore in April and May. Units will be priced between Bt6 million and Bt45 million.

 

?We believe our project will meet customer requirements because it is close to the beach and has complete facilities for vacationers. It is also close to Pattaya?s business district and a two-hour drive from Bangkok,? Lai said.

 

The company is negotiating to buy sites for residential projects next year in Chon Buri and in Rayong because these locations are close to Bangkok and have good transportation systems.

 

Lai declined to disclose details of the new projects as they are still in the pre-development phase.

 

?We believe that demand for housing will continue to grow, especially in provinces east of Bangkok. Bangkok now has many housing and condominium projects so supply might outstrip demand. As a result we are concentrating on expanding upcountry,? Lui added.

 

Somluck Srimalee

 

The Nation