IFA Hotels & Resorts (IFA HR) has joined hands with Raimon Land, a Bangkok-based luxury condominium and real estate development company to launch the $200 million ’The Lofts Southshore’ in central Pattaya.

The project brings Bangkok’s well-established “The Lofts” lifestyle concept of providing a quality modern urban design and functionality at an affordable price to Thailand’s most popular beach resort. 

The Lofts Southshore site is perched on a hillside in the Khao Pratamnak area overlooking Pattaya Bay, and offers stunning 360-degree views of the sea, Pattaya City and surrounding area just minutes from downtown and the beach. The project boasts 720 apartments with a total size of 674,000 sq feet.

Construction will start in the fourth quarter of 2008 and the project will be completed by 2011, said a top company official.

Listed on the Kuwait Stock Exchange, IFA HR has a market capitalisation of over $1 billion. IFA HR has acquired 26.15 per cent of Raimon Land, a Bangkok-based luxury condominium and real estate development company, and owns 49 per cent of the new The Lofts Southshore project.   

Talal Jassim Al-Bahar, chairman and managing director, IFA HR stated: “We are very confident in the Thai market and are pleased with the growth of Raimon Land. We will continue supporting the company in order to grow it further and expand it into more of a South-East Asian real estate developer.”

Raimon Land chief executive officer, Nigel Cornick, said: “The Lofts Southshore is a high-quality, affordable development that combines traditional notions of resort living with a modern urban lifestyle. It provides unrivalled facilities at affordable prices with the potential of returning strong capital gains and high rental yields, especially for those who get in early.’

’Lofts Southshore will attract plenty of investors given the quick pace that investors were buying new condominiums coming into the market in Pattaya,’ he noted. 

’Those who purchase these condominiums off-plan will enjoy significant gains on their investment for years to come. We also believe we’ll see a great amount of interest from Middle Eastern investors as we’ve seen in some of our other Thai properties,’ he added. 

With prices starting at $87,000, The Lofts Southshore condominiums range from 355 sq ft studios to one-, two- and three-bedroom units between 624 - 1,820 sq feet. Duplexes are also available as are spacious 3,035 – 3,315 sq feet penthouses with private gardens.
 
The Lofts Southshore is the company’s third residential project in Pattaya. Northshore was the first project which sold out before completion where values of properties increased by 70 to 80 per cent, mainly due to a very limited supply of high-quality condominiums in Pattaya.

Northpoint was the second project launched in Pattaya and is currently under construction with a few units left for sale. 

Pattaya’s strong performance as a luxury property destination is also being fuelled by sustainable economic expansion along the eastern seaboard, with a gross domestic product growing faster than any other region in Thailand, and the beach resort destination is at its core.

“We believe this is one of the best projects in Pattaya which will provide very good profits for our customers and excellent returns for our shareholders,” Al-Bahar added.-TradeArabia News Service