The Pattaya property market has potential to stage a full recovery this year, spurred by 15 billion baht in spending planned to improve transport and utilities services, communities and the environment.
Of the total budget, 4.79 billion baht will be spent on 12 transport projects, 3.39 billion for 14 public utilities projects, 2.73 billion for 16 development projects in Pattaya and neighbouring areas, and 4.08 billion for 90 community and environmental projects.
The funds will be used in Pattaya and the municipalities of Nong Prue, Bang Lamung, Takian Tia, Pong, Huay Yai, Na Jomtien, Nong Pla Lai and Khao Mai Kaew, said Thiti Chantangpol, a director at the Designated Areas for Sustainable Tourism Administration (Dasta).
Also benefiting Pattaya will be two developments planned by the State Railway of Thailand (SRT) and one by the Highways Department.
The SRT plans to construct a 106-kilometre rail line from Kaeng Khoi in Saraburi to Chachoengsao to link with the 78-km Chachoengsao-Si Racha-Laem Chabang route. As well, an express rail link from Bangkok to Pattaya and onward to Chanthaburi will cut travel time to one hour and 53 minutes.
The Highways Department plans to construct a third extension (Chon Buri-Pattaya) and a fourth extension (Pattaya-Map Ta Phut) of Highway No. 7 with four traffic lanes in each direction. The roads will end at Sukhumvit Road in Pattaya.
Of the budget for Pattaya development, around 1 billion baht will be for beachfront revitalisation to address deterioration and increase safety at night as well as improve the Pattaya Sai 1 landscape and its surroundings.
Dasta expects the improvements to help generate around 300 billion baht in income by its completion in 2019.
The figure includes the value from employment of approximately 128 billion baht, while the government would earn 50 billion baht from business taxes.
Spending on Pattaya development would significantly help the real estate market recover, said Wason Khongchantr, managing director of Modern Property Consultants Co Ltd.
He said the number of tourist arrivals to Pattaya last year totalled 7.2 million, an increase of 1-2%, and was expected to rise to 14.4 million in 2019. Many of these tourists are real estate buyers.
“There has been huge demand for Pattaya land plots for investment in hotel development, boosting land prices of beachfront plots,” said Mr Wason.
In Jomtien Beach, asking prices for beachfront land are around 20 million baht a rai but offering prices have soared to 60 million in some cases.
Source: Bangkok Post
