Lunique Real Estate to launch 4.8bn baht Pattaya condo next month, avoids Bangkok oversupply
Lunique Real Estate Co will focus on mid-priced residential projects in Pattaya, steering clear of Bangkok's oversupplied market. Next month it will launch Lucean Bay Jomtien Pattaya, a 60-storey, 4.8 billion baht condominium with 588 sea-view units.
Property developer Lunique Real Estate Co will maintain its focus on mid-priced residential projects in Pattaya, avoiding Bangkok's oversupplied market and Phuket's increasingly expensive property segment, chief executive Uradee Kunkiratiyut said.
Demand in Bangkok's residential market had been slowing for some time, while developing sea-view or beachfront condominiums in Phuket required prices per square metre to reach luxury-market levels, she said. "We remain focused on residential projects in the mid-priced segment, with prices of no more than 250,000 baht per square metre, as this segment has a broader customer base," Ms Uradee said.
In Pattaya, buyers include foreign retirees seeking second homes as well as people with genuine housing needs who work in the Eastern Economic Corridor (EEC). According to the Real Estate Information Center (REIC), the condominium market in Chon Buri, particularly in Pattaya, Bang Saen and Sri Racha, performed strongly in the first half of 2026, with sales rising by 18% year-on-year to 3,580 units, driven by a recovery in tourism.
The monthly absorption rate reached 3% in the second quarter, the highest since the fourth quarter of 2024, when it stood at 3.7%, before declining to 2.7% in the first quarter of 2025. Residential transfers were driven by both domestic buyers purchasing holiday homes and foreign buyers, mainly from Russia, China and Europe, the REIC reported. The Pattaya–Na Jomtien area, where condominium prices ranged from 1.69 million to 7.41 million baht per unit, recorded the highest sales rate at 21%, compared with an average of 20% across Chon Buri's condominium market.
Ms Uradee said the company's first condominium project, Skypark Lucean Jomtien Pattaya, had achieved a sales rate of 60% since its launch in 2023, with only 4% of the foreign ownership quota remaining. Russian and Japanese buyers accounted for the largest groups of foreign purchasers, alongside buyers from Europe, the US, and other Asian countries. Russian buyers included both those purchasing second homes for personal use and investors seeking rental income, while Japanese buyers were mainly expatriates working in the EEC, Ms Uradee added.
Next month, the company plans to launch its second project, Lucean Bay Jomtien Pattaya, a 60-storey condominium development worth 4.8 billion baht. The project will comprise 588 sea-view units, ranging from 29 square metres in size and priced from 160,000 baht per sq m. "Pattaya is shifting from a short-stay tourist city to a home for quality living," she said. "Amid rising demand for wellness real estate, the project will combine wellness-focused design and facilities with a health partnership with Bangkok Hospital Pattaya."
