New Nordic, with its roots buried deep in the Pattaya property market, is one of the kingdom’s real estate success stories.
Now a Hong Kong-based real estate firm, it is developing property projects throughout Southeast Asia. In addition to Thailand it is active in Indonesia, Cambodia and the Philippines.
The group currently has more than 100 projects under its management, with more than 50 buildings completed.
ThailandProperty.News was granted an exclusive interview with New Nordic visionary Chief Executive Officer Kurt Svendheim, who has more than 30 years of expertise in real estate around the world.
TPN: Did New Nordic see more overseas interest in its residential projects during the first half of 2018 as compared to the last 6-months of 2017?
KS: Yes, we did. There was more overseas buyer interest this year compared with the latter part of 2017. There has been a steady increase in buyer interest year-over-year. Our latest projects in new locations have created interest from international buyers.
TPN: Where are the overseas buyers coming from? What are they buying; specifically, what price-point, project and location?
KS: New Nordic Group buyers are diverse. We work with buyers from all over the world. Our buyers invest in a mixture of our condominium and hotel products across all locations where we operate. Average investment levels are between US$ 120,000 and $180,000.
TPN: Chinese buyers are in the news a lot. Is New Nordic seeing significant numbers of Chinese buyers?
KS: “New Nordic Group does experience significant interest from the Chinese market. They are also currently the largest group of tourists who stay at our properties. According to the Association of Thai Travel Agents, as of July this year Chinese made up almost 60 percent of all international tourists arriving in Thailand.
TPN: What is the most challenging part of the business right now?
KS: For me, the most challenging part of the business is always seeking the most suitable land plots for development. The region in which we operate is fast-changing and requires that we always rely heavily on local knowledge to stay ahead of the curve. We have spent a lot of time recently searching new territories and, therefore, have been working very hard.”
TPN: Finally, we know New Nordic is active in Pattaya. What is your view of the current market? Is there still an oversupply, or has a reduction in the number of new launches generally helped stabilise the situation?
KS: Our condominium units in Pattaya have been sold out for some time now. However, we do have very positive thoughts on Pattaya’s future. This due to initiatives such as the government’s Eastern Economic Corridor project, the upgrading of U-Tapao international airport and plans for high-speed rail links. We have recently been focusing on our other key tourist locations. notably Phuket, Koh Samui, Chumphon, Cambodia, the Philippines and Bali. We also continue to research interesting and upcoming destinations.