IFA launches $200 million Lofts project in Thailand
IFA Hotels & Resorts (IFA HR) and Thai developer Raimon Land announced the launch of The Lofts Southshore in central Pattaya. This brings Bangkok’s well established modern and functional lifestyle concept at an affordable price to Thailand’s most popular beach resort.
IFA HR 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 said, “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.”
The Lofts Southshore site is perched on a hillside in the Khao Pratamnak area overlooking Pattaya Bay, and offers 360 degree views of the sea, Pattaya City and surrounding area near downtown and the beach. The project offers 720 apartments with a total size of 674,000 sq feet.
Raimon Land chief executive officer, Nigel Cornick, 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. 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.”
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 and 1,820 sq ft. Duplexes are also available as are spacious 3,035 to 3,315 sq ft penthouses with private gardens. Construction will start in the fourth quarter of 2008 and the project will be completed by 2011.