Kingdom Property, one of Thailand’s top real estate developers has been appointed to oversee the development of a new retail beachfront project called The Bay in Central Pattaya. Owned by Beachfront Capital, the project was fully financed by Krung Thai Bank, whilst Colliers Thailand has committed to marketing the project. Construction of the project is anticipated to commence this November.
The project will be developed over a five year period, ultimately becoming a mixed-use project that will contain hospitality venues as well as residential spaces. Overall, the project will cost roughly THB 5 billion and will stretch from Beach Road to Second Road on a 23 rai site.
The Bay is suited to become a premium dining, leisure and family destination when it opens next year. It will offer three stories 6,800 square metres of lease-able retail space that will stretch along the Beach Road frontage for nearly 100 metres. It will run along the curved beach to offer an uninterrupted view of Pattaya Bay for those dining and enjoying the wide array of cuisines that will be offered, alfresco. While it is a beach location, the building will be far enough back that it will also offer an ideal space for events, festivals and concerts attracting visitors and customers for a wide variety of reasons for years to come.
Construction of phase one is expected to be completed by the end of 2015. This will be the second project on the Eastern Seaboard that Kingdom Property will manage, as it is currently underway with the upscale Southpoint Condominium on Pratumnak Hill. This project is expected to be set for turnover to buyers in late 2015.
“We have significant experience developing property on the Eastern Seaboard over the past decade with Northshore, Northpoint and currently Southpoint projects and we are pleased to contribute to the ongoing rejuvenation of Pattaya,” said Nigel Cornick, CEO of Kingdom Property.
