Pattaya-based property developer Habitat Group will launch an 850-million-baht condominium project for investment purposes in Pattaya, to be managed by American hotel chain Wyndham Hotel Group.
Chief executive Chanin Vanijwongse said the company will hold a roadshow in Shanghai in mid-December to introduce Wyndham Atlas Wongamat Pattaya to Chinese investors, after seeing a growth in Chinese arrivals to Pattaya.
"Wyndham, the world's third-largest hotel chain, is a very famous hotel brand in China. With its name, we expect to have units sold to Chinese buyers by 25-30% of the total," he said yesterday.
The Wongamat location and a rental return guarantee of 6% per year in the first five years are other two factors that are expected to draw Chinese buyers.
With a sales value of 850 million baht, the project will be located on a 453-square-wah plot on Na Klua Soi 22 in Pattaya, comprising an eight-storey building and a total of 192 units sized from 25-57 square metres and priced 3.8-9 million baht a unit.
The project has sold 30% of the units, all of which were acquired by investment buyers who were customers at the company's other projects in Pattaya. The company expects to sell 50% of units by the end of the year.
"In October, we posted presales of 150 million baht, higher than expected, and a monthly average of 100 million baht despite no sales activities," said Mr Chanin.
Akarapong Sukjit, managing director of development at Kos Mopolitan Hospitality Co, Wyndham Hotel Group's management representative in Southeast Asia, said Wyndham is aggressively expanding in Southeast Asia after having done so in China.
Mr Akarapong said that the occupancy rate in the first year at Wyndham Atlas Wongamat Pattaya will be 65% all year round. Rates will be around 5,000-10,000 baht per night.
"Southeast Asia has strong economies, which attracts the hotel's expansion," he said. "We are expanding in Thailand and Vietnam and negotiating entries into Cambodia and Laos."
Wyndham also has nine new sites in the pipeline for Thailand, with a total of around 2,100 rooms, with two in Bangkok on Sukhumvit Soi 38 and Chaeng Wattana Road, one each in Pattaya and Chiang Mai, two in Phuket and three in Krabi.
