Fragrant sniffs out Pattaya for condo-hotel complex

Condo developer Fragrant Property Co plans to develop a high-rise residential and hotel project worth 13.5 billion baht in Pattaya’s Na Jomtien area.

Despite a sluggish property market dampened by slumping Russian tourist numbers, Pattaya has strong future potential, said chief executive James Duan.

“Pattaya is inactive now, but our project development will look at the next five years,” he said. “In that period, Pattaya’s potential will be stronger with infrastructure like the monorail being completed, as population density is as high as 2,000 per kilometre.”

The Pattaya project, called Sixth Element Na Jomtien, will stand on a 22-rai site with a 30-metre beachfront between Soi Na Jomtien 8 and Soi Na Jomtien 10.

The complex will have five condo buildings: three 50-storey-plus towers and two 10-storey-plus structures with a total of 1,400 units worth 12 billion baht.

The first building with 330 units and a sales value of 2 billion baht will launch on March 28. Units range from 37 to 150 square metres and start at 3.9 million baht.

A 10-storey-plus hotel with 250 rooms worth 1.5 billion baht will be run by the Six Senses chain. Construction will finish by 2018.

For the project, Fragrant Property spent 1.22 billion baht five months ago on a 34-rai plot and will develop 22 rai of the total.

The project is under the direction of a subsidiary, Fragrant Pattaya Co, founded three years ago with registered capital of 5 million baht, which will increase to 500 million baht in the months ahead.

Fragrant Property has a sales backlog of 6.5 billion baht to be realised this year and 10 billion baht to be booked in the next few years.

“We continue focusing on the mediumto-higher-priced segment, as the market is growing and healthier than the mid-to-low-end segment, which is slowing down,” Mr Duan said.