SET-listed developer AssetWise plans to launch 1-2 projects annually in Pattaya, with a combined value of 2 billion baht, aiming to capitalise on strong demand from diverse buyer segments, particularly foreigners.
Kromchet Vipanpong, chief executive of the company, said residential demand in Pattaya comes from diverse groups, including foreigners whose interest has surged following Thailand's post-pandemic tourism boom.
"Many foreigners are looking to own a second home in Thailand. Pattaya is one of their key destinations," he said.
"Thai buyers are drawn to vacation homes in locations close to Bangkok."
Mr Kromchet said the incoming US President Donald Trump could boost residential demand from investors seeking to diversify away from China, with Thailand emerging as an attractive investment destination.
"If the government introduces incentives to attract investors, the Eastern Economic Corridor [EEC] is likely to reap significant benefits, increasing residential demand from potential investors," he said.
Investors in the EEC often choose to reside in Pattaya rather than locations near their factories, drawn by its superior facilities and closer proximity to the beach, making it a more attractive option than locations in the EEC.
Last month, the company launched Aquarous Jomtien Pattaya, a luxury condo project valued at 5 billion baht.
The development features 606 units, averaging 150,000 baht per square metre, and already sold 20% of its inventory.
Half of the buyers are Thais, primarily families from Bangkok seeking a second home in a popular tourist destination.
The other half comprises foreign buyers, with Russians making up 80%, followed by Europeans, Chinese and Indians.
"If this project proves successful, we plan to acquire additional land for future developments, aiming to launch one or two new projects annually," said Mr Kromchet.
"The strong demand extends beyond condos to include two-storey single detached houses and pool villas."
AssetWise ventured into the EEC area in 2022, introducing four condo projects in Si Racha, Bang Saen and Rayong. These projects tallied 2,432 units valued at 4.77 billion baht.
Roughly half of the units have been sold, with the majority of buyers Thais.
"The market this year has been very challenging because of weak demand and several negative factors," he said.
"However, we achieved 17 billion baht in presales over the first 11 months and our revenue remains on track with our year-end target."