Pattaya Mayor Itthiphol Kunplome presents a flower basket, Pattaya Deputy Mayor Ronnakit Ekkasing (third from right), Member of the Pattaya City Council Chanunya Sutthithumrongsawas (second from right) and Police Colonel Somnuk Junkate, Superintendent of the Banglamung Police Station (far right) congratulating Chairman of L.P.N. Development PCL Pakorn Thavisin and one of the Managing Directors of L.P.N. Development PCL Amornsuk Narumpha on the launching of Pattaya's newest condo project, Lumpini Condo Town.
Pattaya residents bought more than 400 units in the 754 unit Lumpini CondoTown North Pattaya-Sukhumvit at the Grand Opening launch on May 9th at the sales office on Sukhumvit Road near Soi 22.
The residential market in Pattaya is clicking up a notch or two now with the big boys from Bangkok coming here to show Pattaya how to market, sell and build a 32-storey condominium in about a year and a half. However, the best part may be the after construction phase whereby the developer does not walk away from the project, rather they stay and manage the project into a community.
This is all new to Pattaya which had been inundated with the low impact, 7 storey, 79 unit, 10,000 square meter of building space condos and pie-in-the sky major projects like Ocean One Tower, The Beaches, Waterfront and The Sail, all of which are still unbuilt leaving buyers with only empty promises and empty pockets.
This is all changing rapidly now. Pattaya is the second most sought residential market in Thailand after the capital Bangkok. Major players are coming here with track records the envy of any world-class developers. Players like L.P.N. Development Public Company Limited which trades on the SET for around 11 baht with a price of share relative to annual earnings (P/E) ratio of only 7 are buying land in Pattaya for future development. After launching the first of two towers on Sukhumvit, an ocean-oriented project by L.P.N. Development will be announced in Naklua in the Wongamat area.
L.P.N. Development Public Company Limited has no major shareholder; it is owned by the people and the communities they build are so tight that they throw a party at Lumpini Park in Bangkok every year just for all the condo owners in the 80 plus communities in Bangkok. Ever has a condo developer in Pattaya throw a party for your condo owners AFTER the building was sold out?
Local Developers take note, the secret to the success of the more than 200 buildings and 80 communities built and managed by L.P.N. Development Public Company Limited is in the corporate mantra of "Making communities, not projects."
In an exclusive interview with the Pattaya Times, L.P.N. Development Public Company Limited Chairman Pakorn Thavisin said, "We do not leave our projects after the sale. We stay with the building and help to make it a community. We even publish a magazine for owners so they know how to live in harmony together since many of them have never lived in a condominium before."
Many buyers in Pattaya have been very disappointed after paying money for reserving a condominium. Some are upset with the lack of quality in the finished product and the poor maintenance. Others are shocked to find the developer has left Thailand and the project is cancelled with no refunds.
This will change. As of the launch of Lumpini CondoTown North Pattaya-Sukhumvit there is a whole new field of players who will enter the Pattaya market forcing the small and undercapitalized developers out.
Now Pattaya has attracted the leading residential development company in Thailand.
Opas Sripayark, Managing Director of L.P.N. Development Public Company Limited said, "Pattaya's real estate market is currently at the top of Thailand's real estate expansion especially in the condominium industry. The reason we chose to expand our business in Pattaya is because Pattaya is close to Bangkok, has great transportation and telecommunication services and is well equipped with many entertainment and recreational activities."
"We conducted various studies on the lifestyles of the working class in Pattaya and discover that these people we want to own a place of their own that is nice, affordable and has easy access. Lumpini Condo satisfies exactly that because our starting price is only 699,000 baht, our rooms are modern and we are located right on the main thoroughfare" he added.
When asked, "Why Pattaya?" Chairman Pakorn said, "This is our first project upcountry. All of our developments are in Bangkok. Pattaya was chosen because the income of the workers is so high. Many of them rent condos for 6,000 baht per month. We can offer them a condo with a 30-year bank loan with payments at the same price. So we want to sell them their first home and make it a community for them to enjoy."
Lumpini CondoTown is spread out on seven rai of land facing Sukhumvit with sea views. There will be two towers, A and B each 32 floors high. The first building will be built first and will have 753 units. The construction of the first building will begin in June and is expected to be completed by November of next year. Each room is between 22.50-32.50 square meters. There will also be a playground, a fitness center, a pool, shops and convenient stores.
"We will build the entire building and be ready to move in in between 14 and 17 months. We have our own construction contractor who builds exclusively for us and the work is always good. After 200 buildings we have a fair idea of how to do this," Chairman Pakorn added with a smile.
The second building will contain 689 units and construction will begin as soon as the building sales are launched and the sales are strong. L.P.N. is famous for having one thousand to two thousand buyers lined up starting at midnight the day before the launch where numbers are drawn to form a line for buyers who want to reserve units.
In Pattaya, more than 300 people drew numbers. Some of them bought multiple units and the sales in the first five hours were more than 400 units reserved.
Pattaya has been allocated 80% of the units and 20% will be sold in Bangkok. The starting prices are between 32,000 baht and 39,000 baht per square metre depending on the floor plan and floor number.
Once the project is completed it will have cost more than 1,250 million baht to build.
Those who are interested in reserving a unit at Lumpini CondoTown can contact the sales office north of the Esso gas station and located on Sukhumvit Soi 22 or call 038-489 311 or visit their website www.lpn.co.th.
From left: Pattaya Deputy Mayor Ronnakit Ekkasing, Police Colonel Somnuk Junkate, Superintendent of the Banglamung Police Station, Executive Director of L.P.N. Development PCL Amornsuk Narumpha, Chairman of L.P.N. Development PCL Pakorn Thavisin, Publisher of the Pattaya Times and Managing Director of P.A.P.P.A. Legal Services Drew Noyes, Yupa Techakraisri and Kumpee Jongturakit, Executive Directors of L.P.N. Development PCL at the launching of Lumpini CondoTown North Pattaya-Sukhumvit.
An artist's impression of what the completed project will look like.
|Your name: *|
|Your email: *|
|Recepient's email: *|
|Enter code: *|