About the company
New Nordic Group is a development and hospitality group that started in Pattaya and built a whole cluster of small condominiums under the New Nordic name on Pratumnak Hill. Its Thai entity is New Nordic Development Co., Ltd., with an office on Pratumnak Soi 4. The local press and the group’s press releases name the Norwegian Kurt Svendheim as its head. In 2013 Pattaya Mail reported that the company had been active in Pattaya for more than a decade, had invested about 12 billion baht in Thai property and had 23 projects, with buyers then mostly European, especially Scandinavian.
According to the group itself, it now has more than 20 buildings in Pattaya with over 1,400 rooms, and it has expanded to Cambodia, Bali and the Philippines, with Phuket, Samui and Chumphon also listed in Thailand. In 2019 it handed management of 542 rooms in nine buildings of its Pratumnak “campus” to Far East Hospitality.
What their projects are like
The New Nordic model is compact six- to seven-storey buildings with a pool, studios and one- to three-bedroom units, grouped around Pratumnak Soi 4 and nearby streets: the VIP, Suites, Trend, Marcus and Kristine series, among others. Units were sold mainly as investments: in 2013 buyers were offered a guaranteed 10% a year in rental income for up to ten years after completion, with the group handling the letting. As a result, some units in these buildings were managed by the company, which said in 2023 that it was still letting them out.
Projects in Thailand
- New Nordic Dream Paradise — one of the early buildings on Pratumnak Soi 4: 7 floors, 51 units, 2010.
- New Nordic VIP 2 — completed in 2011.
- New Nordic VIP 3 (2014, 6 floors, 62 units) and New Nordic VIP 4 (2016, 7 floors, 79 units).
- New Nordic Trend 6 — 7 floors, completed in early 2016.
- New Nordic VIP 6 — 7 floors, 2017.
- New Nordic Phuket — a project in Cherngtalay, Phuket.
What buyers should check
This developer has a history buyers need to know about. In 2021 Thailand’s Department of Special Investigation (DSI) accepted investor complaints against New Nordic Development Co., Ltd. as a special case, relating to the Phetchaburi Park project and a promised 10% annual return; this is an investigation, not a verdict. In 2022, according to the company’s own notices, the Central Bankruptcy Court refused its application for business reorganisation; the company appealed and in August 2023 said it was still awaiting a decision.
For a resale buyer this translates into specific checks. Find out whether the unit is tied to a rental or management agreement with the developer and what happens to it after the sale: in 2023 the company told owners that rental income from their units goes first to its own costs and repairs. Ask the juristic person who actually runs the building, whether there are fee arrears and how large the sinking fund is. Have a lawyer verify the title documents at the Land Office. Finally, these buildings are small, with 50–80 units, so the foreign quota may already be used up.
