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MQDC to launch new project in Pattaya

Property developer Magnolia Quality Development Corporation Ltd (MQDC) is eager to launch a new mixed-use project in Pattaya next year, following a residential unit transfer worth 10 billion baht at its mega-project The Forestias in early 2024.

Assada Kaeokhiao, chief operating officer, said the company is preparing the Pattaya site, which might launch next year as the first two condo projects at The Forestias are nearly complete.

With a total investment of 125 billion baht, The Forestias is located on a 398-rai plot on Bang Na-Trat Road KM7.

The development is slated to have residential projects, hotels, retail areas, and a medical and healthcare centre.

Started in 2020, The Forestias’s first two condo projects, comprising Whizdom and Mulberry Grove with a total of 1,388 units, are scheduled to have construction completed by the end of this year, with transfers expected next year.

“In 2024, we will launch at least three new condo projects, each worth 6-7 billion baht. Two of them utilise the Whizdom brand, targeting new-generation buyers,” Mr Assada said.

“The Pattaya site may be one of the new projects we will finalise next year.”

Last year The Worldmark, an MQDC subsidiary, received approval for environmental impact assessment reports for three condo projects located on part of a 40-rai site in Na Jomtien, Pattaya.

According to the reports, The Worldmark Condo 1 and 3 will be located on a 13-rai plot, comprising a 64-storey tower with 381 units and a 60-storey tower featuring 470 units.

The Worldmark Condo 2 will be located on a nearly eight-rai site featuring a 57-storey building with 155 condo units and 154 hotel rooms, according to the reports.

Part of the remaining land on the 40-rai plot will be developed for Iconsiam Pattaya mall, according to a source who requested anonymity.

The Worldmark was founded in 2014 by Thippaporn Ahriyavraromp, the youngest daughter of CP Chairman Dhanin Chearavanont, with registered capital of 5.39 billion baht.

She also founded The Worldmark Grand Hospitality and The Worldmark Global Resort in 2020 and 2021, respectively, with combined registered capital of 4.43 billion baht.

On Oct 7, 2023, MQDC plans to launch a new condo project, Whizdom Craftz Samyan, with 423 units worth 7 billion baht.

With unit prices starting from 7 million baht, the project targets students, first-time workers and employees at One Bangkok, which is projected to have 150,000 workers.

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