Pattaya: Thai consortium latest to believe in Pattaya's future - 1.8 billion baht investment in "cut price" Jomtien hotel

[webfact]

Pattaya: Thai consortium latest to believe in Pattaya's future - 1.8 billion baht investment in "cut price" Jomtien hotel

 

Picture: The Standard

 

One of Thailand's leading real estate groups based in Bangkok - Asset World Corporation - are the latest major company to believe in Pattaya's future.

 

This comes after yesterday's news that the Chinese are plowing billions into a Jomtien area project.

 

AWC had indicated earlier that they were on the lookout for investment opportunities for businesses failing due to the pandemic. They were examining anything valued at 100 million baht up into the billions. 

 

One hundred businesses were being considered. 

 

There are plenty of those in Pattaya and now AWC have signed a deal to purchase the 14 story, 287 room Sigma Resort Jomtien Pattaya on beach road. 

 

The Standard reported that AWC had been on the lookout for deals for development projects going at "half price".  

 

Source: The Standard

 

 

-- © Copyright Thai Visa News 2021-02-17

 

- Whatever you're going through, the Samaritans are here for you

- Follow Thaivisa on LINE for breaking COVID-19 updates

[petermik]

Brave folk indeed...

[canopus1969]

10 minutes ago, petermik said:

Brave folk indeed...

Not really as it's not their money

[Susco]

If 1.8 billion is considered half price deal, that would mean at 3.6 billion, each of those 287 rooms would be valued at 12.5 million baht?

 

Bit gross in my opinion

[champers]

They also own Grand Sole Hotel on Pattaya 2nd Road, currently undergoing renovation. Getting ready for the arrival of casinos is my guess.

[Cake Monster]

4 hours ago, webfact said:

The Standard reported that AWC had been on the lookout for deals for development projects going at "half price".  

If they pay " Half Price " for any failing Business now in Pattaya they are being robbed.

25 -30% of the Value would be closer to the Mark

[Burma Bill]

2 hours ago, champers said:

They also own Grand Sole Hotel on Pattaya 2nd Road, currently undergoing renovation. Getting ready for the arrival of casinos is my guess.

 

 Yes indeed, and I quote from OP:-

 

5 hours ago, webfact said:

the Chinese are plowing billions into a Jomtien area project.

 

To become another Sihanoukville with tens of thousands of Chinese punters pouring in??

[jacko45k]

2 hours ago, champers said:

They also own Grand Sole Hotel on Pattaya 2nd Road, currently undergoing renovation. Getting ready for the arrival of casinos is my guess.

Renovation? Darn that place is ancient and hardly a solid base  for a bit of facia!

[champers]

30 minutes ago, jacko45k said:

Renovation? Darn that place is ancient and hardly a solid base  for a bit of facia!

Built to last. ????

Was a favourite for local bigwig meetings prior to closing. Connections, connections.

[Surelynot]

They must know the casinos are coming......no other reason I can see for so much confidence.

 

I imagine Uncle Tu has already given them the nod.....and in return he will receive.......... sincere thanks.

 

It will be the end of Pattaya for farangs.......it will be unbearable.

[redwood1]

15 minutes ago, Surelynot said:

They must know the casinos are coming......no other reason I can see for so much confidence.

 

I imagine Uncle Tu has already given them the nod.....and in return he will receive.......... sincere thanks.

 

It will be the end of Pattaya for farangs.......it will be unbearable.

I hope not...I really hope not...

[Surelynot]

Just now, redwood1 said:

I hope not...I really hope not...

Cannot see for the life of me why the Chinese would suddenly be throwing so much money at this......high speed train from Swampy on its way.....new hotels plus casinos......going to happen....

 

[hotchilli]

6 hours ago, webfact said:

One of Thailand's leading real estate groups based in Bangkok - Asset World Corporation - are the latest major company to believe in Pattaya's future.

BS if they were so confident about Pattayas future they would be the ones investing... not relying on Chinese billions which will only go into Chinese pockets.

[hotchilli]

1 hour ago, jacko45k said:

Renovation? Darn that place is ancient and hardly a solid base  for a bit of facia!

Whitewash always works in Thailand.

[ftpjtm]

It was announced in November 2020 that Asset World is planning JW Marriott and Marriott Marquis hotels in Pattaya. 

 

https://hotelintel.co/asset-world-corporation-to-bring-four-more-marriott-hotels-to-thailand/

 

[sammieuk1]

Any 100m+ laundry business's could be very useful to a lot of people here ????

[Susco]

10 hours ago, champers said:

They also own Grand Sole Hotel on Pattaya 2nd Road, currently undergoing renovation. Getting ready for the arrival of casinos is my guess.

 

Asset world is owned by Thaibev, and they own most part of the land in that area, at both sides of second road

[champers]

46 minutes ago, Susco said:

 

Asset world is owned by Thaibev, and they own most part of the land in that area, at both sides of second road

Plenty of room for some major developments too. What used to be the big coach park has been vacant for 18 months now after they evicted the restaurants and other stalls at either end. The land between Grand Sole and 2nd Rd Soi 4 has been derelict for years, 5 at least. AWS have tentative plans for a new hotel on land "next to Centric Sea".

Apropos of nothing, the Runway 88 developers have put up hoardings touting for foreign renters for premises with the promise of no key money.

[mikebell]

21 hours ago, webfact said:

AWC had been on the lookout for deals for development projects going at "half price". 

AWC - the C stands for China who are now cashing in after ruining the World's economy.