Dubai: IFA Hotels and Resorts and Thai developer, Raimon Land, on Tuesday announced their launch of $200 million (Dh730 million) project, The Lofts Southshore in Pattaya, Thailand.
With Thailand being a popular destination for Gulf residents, many Middle Eastern investors are expected to invest in Southshore.
Nigel Cornick, chief executive officer of Raimon Land, said, "We are confident The Lofts Southshore will attract plenty of investors given the quick pace that investors are buying new condominiums coming into the market in Pattaya.
"We also believe we'll see a great amount of interest from Middle East investors as we've seen in some of out other Thai properties," Cornick said.
While Pattaya itself is not to everyone's liking, The Lofts Southshore is located on 674,000 square feet of hillside, overlooking Pattaya town. The project is comprises 720 apartments.
Talal Jasem Al Bahar, chairman and managing director of and, 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 Southeast Asian real estate developer."
Prices will start at $87,000 per unit. The units range in size from 355 square feet studios, to one, two and three bedroom apartments measuring between 624 and 1,820 square feet.
Duplexes and penthouses are also available.
Construction will start in the fourth quarter this year and be completed by 2011.
IFA Hotels and Resorts acquired 26.15 per cent of Raimon Land and owns 49 per cent of The Lofts Southshore development.
"We always partner with leading local players in every new market we enter. It's a stepping stone for us to enter other markets in Asia and grow further into South East Asia," said Piaras Moriarty, vice-president of sales in IFA.
"The real estate market is growing in Thailand. We've been seeing a great amount of foreign investors in our properties in Bangkok, Pattaya and Phuket," Moriarty said.
