Heights prices rise as demand surges at Kata
Raimon Land close to selling off last units
Two years after launching Kata Gardens and The Heights, Raimon Land is close to closing much of its sales at the two prime estates at Kata Bay."Kata Gardens is almost completely sold while The Heights has only 17 units available out of a total of 51," said Raimon's CEO Nigel Cornick. The mood at Kata today is upbeat, erasing the gloom of the post tsunami period following the December 26 2004 disaster. The Kata area has been rebuilt. Hotels, shops and houses have put on a fresh coat of paint and made repairs. The upgrades give the place a spanking new appearance, wiping any trace of destruction from the waves. With the return of direct flights such as Tiger Airways from Singapore, Dragon Air from Hong Kong and JetStar from Australia, the island is again booming as never before. With the massive influx of tourists comes a new wave of property buyers, sending real estate prices to dizzier heights as they shatter old records. Amid the euphoria, Cornick is confident prices will head much higher still. He has already edged up prices at The Heights for the sixth time, which has shot up more than 50 per cent since 2004. Its flashy hilltop sales office recently opened, offering panoramic views of Kata bay. The Heights has 51 condominiums, all facing the sea. They are built from an elevation of 60 metres to 70 metres above sea level. Restrictions do not allow buildings to be erected beyond 80 metres above sea level. Kata Gardens, meanwhile, is fully completed. The Heights will take another 21 months to be fully constructed. The company is also looking forward to building half a dozen projects on newly acquired sites. Today Cornick estimates that the firm has a land bank that could last five years or more to work on, with a total value exceeding Bt25 billion. Cornick is currently busy with several Raimon projects including a 12-rai site on the Chao Phya River near the Peninsular Hotel. He is also building a 13-rai beachfront landmark project called Northpoint in Pattaya. The beachfront estate is expected to contain the tallest landmark in the resort town when completed in three years. Its two towers will rise more than 50 floors, offering spectacular vistas of the resort. Cornick said the floor price is selling for more than Bt90,000 a square metre. Buyers will receive built-in furniture, kitchen sets and air conditioners. The Chao Phya riverfront plot was bought for Bt900 million. It overlooks the Shangri La and Oriental hotels. The development there, tentatively called The River, will enjoy a 120-metre waterfront. The site will be mixed-use and contain residential apartments as well as a five-star hotel. New land acquisitions are expected to be announced later next year. Itthi C Tan The Nation PHUKET
|
