IFA Hotels & Resorts (IFA HR) recently announced the launch of 'Zire Wongamat', the company's third real estate project in Pattaya, Thailand.

The luxury condominiums, which will be built by Thai property developer Raimon Land, are situated along the prestigious Wongamat Beach and offer a unique investment opportunity for GCC residents.

President & COO of IFA HR, Werner Burger stated: "The Thai real estate industry is booming, bucking global trends, and as a result a window of opportunity has been created for astute investors, both from Thailand and abroad. Zire Wongamat is one of these opportunities featuring the rare combination of a prime beachfront location and an affordable price."

Pattaya is ideally situated on the Gulf of Thailand, just 60 minutes from Suvarnabhumi International Airport and easily reached via direct flights on the GCC's major carriers. Perfect weather, popular beaches, international and local dining, excellent shopping and more than 20 world-class golf courses, make Pattaya the most sought after "weekend" destination in Thailand.

Despite global conditions, Pattaya has continued to inspire market confidence and has become a hub of investment with 12 major real estate projects launching in 2010 alone. Investment is also being seen in the area's infrastructure, with U-Tapao Pattaya International Airport securing a US$25.5 million budget to construct a new passenger terminal, parking areas and install a new traffic radar system.

Zire Wongamat will comprise two towers of 37 and 54 storeys respectively, offering panoramic views of the Gulf of Thailand. The residential complex will feature a total of 480 units, with a mix of studios and one- or two-bedroom units, as well as large contemporary duplexes.

Designed by internationally renowned architect SODA, the project will feature spacious studios ranging from 32 to 39 sq. m.; one-bedrooms from 48 to 75 sq. m. and two-bedroom units from 62 to 108 sq. m. All units will feature large living spaces, comfortable balconies, high floor-to-ceiling windows (2.8 metres for single level units and 6 metres for duplexes) and fully-equipped kitchens and bathrooms. In keeping with IFA HR and Raimon Land's standards, clients will also have the option to choose from four contemporary themes.

Tastefully landscaped gardens and open spaces, such as a 200 sq. m. beach terrace, sun decks, a multi-purpose area, a 25-metre infinity lap pool, a state-of-the-art fitness centre and sauna, amongst other facilities, will provide an enviable active lifestyle starting from just US$74,000 (approximately AED270,000). In addition to affordable pricing, an easy payment plan comprising a 10% deposit, 15% over 32 months and 75% on completion is available.

Construction of Zire Wongamat is scheduled to begin in the second quarter of 2011 with an expected completion date in mid-2014.

"For investors in the GCC Zire Wongamat offers an easily accessible holiday home as well as a great rental opportunity. Eighty percent of Pattaya's visitors are weekenders, of which 50% travel to Pattaya more than twice a month amounting to tremendous rental potential. In fact, the project has already attracted buy-to-let investors targeting executives working on the Eastern Seaboard," said Mr. Hubert Viriot, Chief Executive Officer of Raimon Land.

"Furthermore, the ease of securing a Thai retirement visa for foreigners over 50 years of age holds a special appeal to expats living in the GCC who either face a number of barriers as they reach 60 or simply aren't allowed to retire where they reside," added Viriot.

Raimon Land, in which IFA HR owns 41.07%, is a well-established luxury condominium developer listed on the Stock Exchange of Thailand. In 2010, the company saw its sales double and its share value triple thanks to the exceptional quality of its iconic developments across Thailand: most notably The River and 185 Rajadamri in Bangkok, Northpoint in Pattaya and The Heights Phuket.

Burger concluded: "Raimon Land continues to deliver luxurious products designed to meet the specific needs of today's investors. As a result it has generated an excellent reputation, a loyal clientele and positive returns. We will continue to expand our Asian footprint with projects like Zire Wongamat in order to offer our investors superior real estate opportunities abroad within a network and a framework they know and trust."