The news that one Pattaya property residential development, possibly out of desperation, is changing at least part of its operation to a buy-to-invest hotel rooms, could also be viewed as a shrewd one to capitalise on what is an increasing market.
No one from the Baan Bangsaray development could be reached for a comment yesterday, however a national media newspaper advertisement in Thailand on Monday offered “buy 10, get one free” hotel room investments, and that those rooms can be personally managed by the buyer.
Several similar incidents have happened in Bangkok where previously exclusive residential developments have turned at least part of their inventory to serviced apartments or hotels.
One Pattaya agent, admitting he did not know much about the Pattaya development in question, said: “There are a number of Chinese groups out there that are looking to make multiple unit purchases, and I think that is what the developer is trying to take advantage of.
He added that the self-management aspect could also be a reflection of more Chinese buyers looking for small, medium and full-sized hotels.
He added: “The Chinese are really starting to make a major impression on the Eastern Seaboard real estate market.”
Social media searches indicate the project was launched as a condominium as early as January 2013.
Defending any thoughts of this move being driven by concerns of a lack of condominium sales at the project, the agent said: “I really think it is most likely a mix of the two – really needing to move these units and taking advantage of the Chinese investment money.”
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