Roman Hrivnak found his plan B in Thailand. He is now offering investments in paradise to others....

Roman Hrivnak found his plan B in Thailand. He is now offering investments in paradise to others

Businessman Roman Hrivňák first visited Thailand a quarter of a century ago. It was love at first sight and as a real estate entrepreneur he quickly sensed the potential of the real estate there. He first invested in Pattaya on his own and now offers the know-how he has acquired to clients of Pattaya Luxury Properties.

One hundred kilometres from Bangkok, the picturesque beaches of Pattaya, the centre of a metropolitan area of around one million people, are dotted with picturesque beaches. It was here that Roman Hrivňák went on holiday with a group of friends in 1999.

"I was completely captivated by the place. I like the lifestyle here and I get along with the people. That's why I kept coming back," says the fifty-eight-year-old businessman. By that time, he had already started a real estate business in Slovakia, so his holidays in exotic Slovakia quickly took on a professional dimension.

"Very soon I bought my first property directly in Pattaya. Today I have several apartments and other properties that I manage and rent out. I spend at least three months a year here," says Hrivnak. He now offers his experience in the Thai real estate business to European clients under the Pattaya Luxury Properties brand.

Less is sometimes more

A quarter of a century in Thailand has convinced him that less can sometimes be more in Asian real estate. "I definitely avoid poor quality or cheap properties in Thailand. You can find larger apartments in older buildings that may cost less, but what you save you pay for elsewhere. I'd rather guarantee a smaller one-bedroom apartment in a new building from a reputable developer for 140,000 euros than a 70-metre apartment for 100,000 in an old building," explains Roman Hrivňák.

He is not talking about something he has read or heard in a story somewhere. He himself has had a negative experience with an older property, so as a matter of principle he trusts only new development projects.

In addition, Pattaya Luxury Properties makes sure that contracts explicitly describe how utilities are charged or list any fees that clients may be charged for common areas. "You sign the contract directly with the developer and no one can charge you anything beyond that. Moreover, we carefully select developers so that they are really verified and solid," says Hrivňák's long-time colleague Lucie Šišovská Karaková.

Help with investment and renting

The projects that Pattaya Luxury Properties is now offering for pre-sale are expected to increase in value by more than 30 per cent by completion, according to Hrivňák. "So it pays to buy now in pre-sale as an early bird when the best deals are available," he says, adding that he estimates additional appreciation of six to eight per cent a year based on future rents.

Hrivnak will guide those interested in investing in Pattaya through the entire process, including communicating with the developer. "We offer all services, including account opening and necessary administrative tasks. Thanks to our experience, we can arrange things that you would otherwise have to study extremely well," he says.

Pattaya Luxury Properties does not require any payments from its clients, all are made directly with the developer. Each client has to pay a reservation fee in the first phase, usually 2500 euros. "In a month and a half, contracts are prepared and after signing, the first instalment of twenty to thirty per cent is paid directly to the developer," says Hrivnyak.

Another third or quarter of the total price is paid by the investor during construction and the last thirty to forty percent at the end during the process of handing over the apartment and the subsequent transfer of ownership at the cadastral office.

However, Hrivňák's real estate agency can also guide Europeans through the next phase, the actual appreciation of the investment. "We offer an apartment service, which means that we can take care of the management and rental completely. If the client lives in the Czech Republic, of course he won't fly to Thailand for every problem," he says.

He can also help with the eventual sale of the property, but he says he is definitely not making a monopoly on this service. "You can sell through us or you have plenty of local real estate agencies in Pattaya to choose from," he points out.

Five stars

Pattaya Luxury Properties currently has six active Thai projects on the site. Five of them are apartment buildings near Jomtien Beach in Pattaya.

The Skypark Lucean, Copacabana Coral Reef and Arom Jomtien projects are suitable for investment and future rental, while Hrivnak recommends the Riviera Malibu and Embassy projects for family living.

Each of these five projects will meet the standard of five-star hotels. They include a luxury lobby, parking, reception, several swimming pools, spa, business lobby, coworking, children's playroom, restaurant, bar, café and many other services for future apartment owners. For all of these amenities, the monthly fee averages just $1.7 per square foot.

There are studios, one- to three-bedroom apartments and luxury penthouses. Prices start at 70 thousand euros and most projects will be completed between 2026 and 2028. Some banks also provide Czech clients with a special-purpose mortgage to buy property abroad.

About five kilometres from Jomtien beach, Pattaya Luxury Properties offers exclusive villas in the Siam Royal View Pattaya project. "It is located in Pattaya's most lucrative location on a hill with panoramic views of the entire city," says Roman Hrivnak.

Siam Royal View Koh Chang's sister project offers architecturally interesting villas right on the beach. "It's a beautiful island with lush tropical forests and long sandy beaches," says the Slovak businessman.

Plan B

Koh Chang Island is the only location on offer so far outside Pattaya. But Hrivňák is also considering expanding much further south, to Vietnam. "We already have partners and want to offer selected projects over time," he says.

But he's particularly captivated by Thailand, and even wants to move there permanently from next year, with his son already having chosen a high school in the country. "I can only recommend Thailand. For Europeans, the real estate on offer is fantastic. In addition, it has a newly built infrastructure, highways, airports, a great level of services and last but not least, it has a high and professional level of healthcare. Nowadays it is good to have a plan B. So why not Thailand?" he adds.

Article about us – Pattaya Luxury Properties and investment options in Pattaya, Thailand  in 09/24 edition in Czech Forbes