SCX plans 2 billion baht for new luxury hotel in Pattaya!

SCX plans 2 billion baht for new luxury hotel in Pattaya!

There is a lot happening in the hotel industry in Pattaya, one of Thailand's most popular travel destinations. SCX Corporation has announced it will invest an impressive 2 billion baht to build a second hotel. CEO Rachod Nantakwang revealed that the hotel will be built on a leasehold site with a distinctive high-rise tower design. But the company is still looking for a joint venture partner to advance the project. There may be news about this project as early as next year, which is scheduled to be completed between 2029 and 2030.

The SCX is no stranger to the region. Their first hotel, The Standard Pattaya Na Jomtien, recently opened and is a joint venture with Syntec Construction. Here SCX has a share of 45 percent, while Syntec has 55 percent. With 161 comfortable rooms and an occupancy rate of over 91 percent on weekends, the hotel is already showing high occupancy rates, which certainly speaks for the attractiveness of the location.

Growth and investment in Pattaya

Pattaya has established itself as a magnet for real estate investors. The city benefits not only from stunning beaches and a vibrant nightlife, but also from a thriving economy that attracts visitors from all over the world. Rental prices are rising and the increase in the value of real estate makes buying irresistible for investors. In recent years, large investments have been made in luxury condominium projects and resorts, further boosting the real estate market, according to World of Condos.

To further drive its ambitions, SC Asset Corporation plans to invest a total of 20 billion baht in various sectors, including logistics and hotels, between 2025 and 2029, with the aim of realizing a revenue increase of 10 billion baht. This strategy is managed by subsidiary SCX and includes the development of 700,000 square meters of rental warehouses in various locations.

A diverse real estate market

With two hotel properties already planned, the Kromo, Curio Collection by Hilton in Bangkok and The Standard Pattaya Jomtien, SCX shows a good knack for future-oriented projects. This expansion is supported by joint ventures such as the one with Tokyo Tatemono. Renovation work is also underway on six office buildings, which offer a total of 120,000 square meters of rental space and thus open up additional sources of income.

Pattaya is benefiting from increasing demand from the tourism sector and new infrastructure projects that improve the quality of life and thus further increase demand for real estate. Whether it's short-term rentals on platforms like Airbnb or long-term investments, the opportunities for investors are numerous. The city not only attracts tourists, but also appeals to retirees and high-income foreigners who want to stay permanently.

In summary, Pattaya is on the move and is facing exciting developments. With SCX Corporation holding the reins and initiating new projects, it's exciting to see what the next few years will bring. The combination of exciting tourism, growing population and steady economic growth creates an environment that is becoming increasingly interesting for investors.

For more information, see reports from Bangkok Post and Thai Times.