Reaching for the sky in Pattaya
After starting a property-management business in Pattaya with Bt100,000 of savings, Bruno Pingel is now overseeing the development of a Bt12-billion project - Ocean One, a 91-storey condominium.
The 46-year-old German said he decided to set up business in Pattaya because of its potential and proximity to Bangkok. For 17 years, he has provided information to foreign investors interested in buying properties in Thailand. He has established six businesses in Pattaya: Siam Best Enterprises Co Ltd, Pattaya Properties Co Ltd, View Talay Property Management Co Ltd, View Talay Construction Co Ltd, Jomtien Properties & Law Adviser Co Ltd, and the Pattaya Post newspaper. Property developer Siam Best Enterprises is the biggest company. It is now developing six condominiums with an investment budget of Bt1.4 billion. Its first four condominiums are now sold out, while the fifth and sixth are 50 per cent sold out while still under construction. Prices start at Bt1.8 million per unit. The six buildings are the second property project for Pingel, who seven years ago completed a successful residential project, View Talay Villa, a Bt400-million detached housing scheme. Pingel said more than 90 per cent of his customers came from Europe, Australia and the United States. Siam Best Enterprises is now developing the massive Ocean One condominium on Jomtien Beach. The 91-storey building is selling units ranging from Bt5.5 million to Bt150 million. Construction will be completed in 2010. Half the budget will be borrowed from TMB Bank, while the remainder will come from the company's revenue from selling the units. Siam Best Enterprises' current four residential projects have an investment value of about Bt10 billion. Their sales value of Bt15 billion will generate income until 2010. Pingel said most foreign buyers were interested in Pattaya because of the city's proximity to Bangkok and the Eastern Seaboard, where a number of expatriates work. As a result, Pattaya is a prime location for property investors to expand their business in Thailand. "I started property development in Pattaya seven years ago when there were only two developers. Now there are up to 40 firms doing business here," Pingel said. "I have worked hard with my partner Michael Suttie, who is from Australia, to establish my business. I believe Pattaya is the best location for my expansion in the future when Ocean One is complete."
Somluck Srimalee The Nation PATTAYA
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