When chatting to ESS Developments’ senior project manager Gavin Perfect about his company’s projects the phrase “niche market” features frequently in the conversation.
The reason for this is clear. Gavin is determined that his consultancy be associated with projects that are out of the ordinary. Commonplace doesn’t work for him.
ESS is currently involved in the construction of two pool villa projects – one on Koh Chang, the other in the heart of Pattaya. Each has its own unique selling proposition (USP). Koh Chang offers the best of island life, while Midtown Villas will have distinct appeal to those who enjoy city living.
The latter offers a rare chance to buy an inner-city house. As the city has developed, available plots of land suitable for building houses at affordable prices west of Sukhumvit have become increasingly rare. There is no shortage of condo developments, but houses are harder to find.
“I can think of only one other project under development in Pattaya that could be considered even remotely similar,” says Gavin.
Gavin is no stranger to the local property market. He has 20-plus years’ experience in engineering, project and construction management both in Thailand and internationally. His experience involves a diverse list of ground-up projects that include high-rise buildings, hotels, resorts, residential and infrastructure.
Hotels, office buildings, shops, luxury estates and resorts are the most common projects his company designs and/or builds. Clients include Marriot Group; IHG (Intercontinental Hotel Group); Holiday Inn Express Pattaya; Nova Group Thailand (multiple hotel and condo projects); Singha Corporation (Maldives Crossroads); and Ikea Mega Bang Na (Home Pro extension).
Gavin was also a partner in the hugely successful Serenity Jomtien villa and condo projects which have recently completed in that part of the city.
The “location, location, location” mantra is appropriate for both ESS projects, but for differing reasons. On Koh Chang the lure of the beach is strong. For Midtown the clue is in the name. Its prime location is bang in the middle of Pattaya.
“I am 100% confident about Midtown,” says Gavin. “The location sells it. Within a very short period we have already sold eight units. I expect the ownership to be equally split between end users and those interested in buy-to-let.”
The Midtown villas will be built on land originally intended for 57 three-storey townhouses. The 32 existing townhouses were built about 15 years ago. Given the original planning permission was specifically for houses it couldn’t be changed, meaning building a condominium was not an option. So, after much negotiation with the landowner, the pool villas plan was agreed upon.
Here is a little more detail on each of the two projects:
Zensiri Pool Villas at Klong Prao Beach (Koh Chang) has 15 plots in total, each with its own pool and double car port. Expected construction period is three years. Three house types are available. Jasmine is a single storey three-bedroom, four-bathroom dwelling, the other two – Cherry and Lily – are two storeys with four bedrooms; five bathrooms. Each type can be specked to include a guesthouse which adds an extra bedroom and bathroom to the standard configuration. Two of the houses are already sold and there are two show villas available to buy and occupy now.
The villas are just 300m from fine white sandy beaches and are close to convenience stores and leading restaurants that offer everything from Thai cuisine to fine dining. Owners will not only have access to the facilities at the nearby Centara hotel, but also enjoy exclusive Zensiri-Centara membership privileges which are being expanded as I write.
Zensiri Midtown Villas has a similar pool and car port arrangement to the Koh Chang development, but will have 26 dwellings when it is complete in about two years’ time. Two house types – Deluxe and Grande – are available. The former has three bedrooms and four bathrooms while the latter adds an extra bedroom and bathroom. A car-charging power point – a good way to future-proof your property is available as an optional extra, as is a solar cell system.
In addition, there will be a large communal pool, a fitness centre and landscaped tropical gardens. The villas can be found on Soi 22 off Third Road, 300m from South Pattaya Road. The development is within walking distance of supermarkets, bars and restaurants. Pattaya’s beach is a quarter of an hour away on foot.
The idyllic island life
There is no doubt that the Covid-19 pandemic has helped to dramatically alter attitudes towards island living.
To many, the concept of an island lifestyle appears idyllic with good reason. But some of the practicalities perhaps made it less so.
For example, getting to your place of work might not be so easy if you live on an island. In the past, such a consideration used to narrow down the field of potential house buyers.
Not anymore.
Since the advent of the Internet, opportunities to work from home have been in existence. But the pandemic helped bring them into sharper focus.
Pre-Covid, bosses would worry about reduced productivity if staff were not in the office where they could be seen at their desks. The pandemic obliged employers to trust staff more. With a decent Internet connection, the work of office-based staff can still be performed with comparative ease from home.
“The impact has been marked,” says ESS’s Gavin Perfect. “We have found that interest in our Koh Chang project has increased among groups such as teachers who can interact with pupils perfectly well through Teams and similar communications platforms.
“Covid meant that many simply could not leave the island. But, even when the restrictions were lifted, people chose to stay.”
The greater acceptance of working from home has definitely helped to further widen the appeal of Koh Chang Pool Villas.
“It’s one of the few positives to emerge from that awful time,” says Gavin.
Guaranteed rental return of 6%
How does the prospect of owning a luxury pool villa and receiving a guaranteed 6% rental return for three years (plus perks) sound?
Too good to be true?
Not so … because that’s what is on offer at two developments from ESS. One promises the tranquil life of residing on a tropical island; the other is best suited to those who prefer city living and wish to be at the heart of everything.
Koh Chang vs Pattaya City.
Whichever your preference, the deal is the same… a 6% net return paid quarterly in advance forthe first three years after purchase with the possibility of extending that period to four or five years (Provided both parties are in agreement).
Note that the 6% is measured against the base prices of the villas which are subject to regular change. At the time of writing the prices at Koh Chang start at Bt17.45m; the figure is Bt18.4m for Midtown. Any added extras will sit outside the guarantee.
And the perks? You, your family and/or friends will be able to use your property free for up to 14 days each year*. If the property is rented on your preferred dates, you may be offered the use of a similar alternative. In addition, you can choose to stay at either of the developments (subject to availability).
And the benefits don’t stop there. Your investment will be hassle-free as the developers will manage your villa. They will pay all maintenance fees (including annual common fee), gardening and pool cleaning services, maid service, minor repairs and upkeep for the first three years.
When signing up for the rental return agreement investors will be expected to adopt the developers’ furnishing, décor and rental packages to help further enhance the rentability of the homes.
For the guaranteed return four plots are available at the Zensiri Pool Villas development on Koh Chang and six is the number at Zensiri Midtown Villas off Third Road, Pattaya.
*As one might expect, you may be asked to avoid dates such as bank holidays and weekends when the prospects of your property being rented are at their highest.
