Pattaya developer has great belief in the Tourism Sector, but is the Real Estate Sector becoming simply to overcrowded?”
Pattaya Property Developer Tulip Group has announced that the group’s prime focus will now be expanding their hotel portfolio. For the past 3 years Tulip have focused on bringing branded residences to the Pattaya Real estate sector, these properties include Centara Avenue Residence & Suites, Waterfront Suites & Residences and Centara Grand Residence Pattaya.
These projects have been mixed use developments consisting of both hotel and residential components, and have proved to be very successful for the company.
However Tulip Group will now start developing only standalone hotels, as Vice President Jason Payne explained “Hotel development has always been a priority for us and we have seen this as our core business, branded residences were an ideal opportunity to bring something different to the market, with the focus being on building only in prime locations whether this be in central locations or direct beachfront, however for the last 12 months we have had our concerns that the Pattaya property market is becoming overcrowded and congested. This has led us after taking advice from our Bankers and Financial advisors that developing only hotels for the immediate future was a more sensible business decision”
Tulip Group will open a super luxury 5 Star Centara Grand on the prestigious Phratanmak Hill area in August this year and are currently in talks with three international operators, to bring a further 3-5 luxury hotels to seaside resort of Pattaya, with an announcement of these agreements expected in early July.
“construction of our current projects will continue as planned and we are fully committed to delivering to our buyers true world class properties, we remain very positive about these condominiums as well as the onsite hotels, however all projects that were in planning stages, or not officially launched will now be put on hold, in order that we can fully focus on expanding our hotel portfolio” continued Jason.
Tulip Group currently has 4 Condominiums and 5 hotels currently under construction, and the group expects their hotel portfolio to grow to around 15 properties within next 3-5 years.