Kingdom Property have been appointed to oversee the development of The Bay on behalf of the owners Beachfront Capital, with financing provided by Krung Thai Bank, one of Thailand's largest financial institutions.
PATTAYA, Thailand – Leading Thailand real estate developer, Kingdom Property will develop a major new beachfront retail project called The Bay in Central Pattaya.
The Bay is phase one of a larger mixed-use vision that will be developed over the next five years encompassing hospitality and residential on a 23 rai site stretching from Beach Road to Second Road for a total project value of THB5 billion.
Construction on phase one of the Beach Road retail development will commence next month and will be complete by Q4 2015.
Kingdom Property have been appointed to oversee the development of The Bay on behalf of the owners Beachfront Capital, with financing provided by Krung Thai Bank, one of Thailand’s largest financial institutions.
The Bay becomes Kingdom Property’s second project on the Eastern Seaboard, following on from the upscale 672-unit Southpoint condominium on Pratumnak Hill, featuring two towers of 30 and 20 storeys, the tallest of which was ‘topped off’. Southpoint will transfer to buyers in the fourth quarter of next year.
“It is very exciting to work with RDG, a pioneer in retail design in Thailand,” said Mr Cornick. “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.”
“We believe in the long-term strength of Pattaya and its development as a major city and as a family destination. The Bay will ideally suit these conditions and will be outstanding as a premium dining and leisure destination when it opens this time next year.“
The Bay will offer 6,800 square metres (sqm) of retail leasing space over three stories along 100 metres of Beach Road frontage. The generous set back from the main road allows for an extensive ground floor plaza area of 1,800-sqm that integrates the retail space with its beachfront location, providing an ideal space for events, festivals and concerts, attracting customers for tenants and establishing it as a destination in its own right.
The curved structure will offer pure, uninterrupted views of Pattaya Bay for diners who will be able to choose from a range of internationally recognised brands and individual gourmet outlets in alfresco or indoors environments.
Colliers Thailand have been engaged to handle leasing and are already in discussions with a number of leading international brands in addition to successful food and beverage operators in Bangkok looking to spread their footprint to Pattaya and the Eastern Seaboard.
The team of international consultants and contractors behind The Bay also includes Beaumont Partnership, EEC WSP and Warnes and Associates.
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