Billion baht condo project planned for Cha-am

Ask here about the pleasures and pitfalls of buying, selling or renting property and real estate in Hua Hin. Building, design and construction topics welcome. Commercial or promotional posts for real estate companies or private properties are forbidden.
Post Reply
User avatar
buksida
Moderator
Moderator
Posts: 24134
Joined: Tue Dec 31, 2002 12:25 pm
Location: south of sanity

Billion baht condo project planned for Cha-am

Post by buksida »

Property firm Charn Issara Development plans a mixed-used project worth Bt1.7 billion in Cha-am district, Phetchaburi province, in the second quarter in response to demand for homes in this location from both local and foreign investors.

Managing director Songkran Issara told a news conference yesterday that the project on 60 rai (9.6 hectares) would have condominiums, villas and a community mall.

The first phase will introduce a condominium complex worth Bt1 billion, and villas worth nearly Bt700 million in total.

"We decided to launch a project in Cha-am when we saw strong demand for residences in this location," he said.

He added that since 2009, there had been demand for residences there from local investors, especially Bangkok people looking to buy vacation homes in Cha-am and nearby Hua Hin. But early this year a number of buyers from overseas, especially European countries such as the Netherlands, Sweden and Britain, returned to buy residences in the area.

On average, newly registered residences in Cha-am and Hua Hin amount to about 6,000-7,000 units annually, more than 80 per cent of them condominiums. Popular residences average Bt2 million to Bt7 million per unit.

The company also plans to launch a townhouse project called Issara Village worth Bt170 million in Hua Hin that focuses on local demand.

Currently, the company has four residential projects and operates one hotel. These are Issara Ladprao in Bangkok, Chan Talay in Cha-am, the first phase of Issara Village in Hua Hin, and Sri Panwa, which is both a hotel and residential project in Phuket. They have total value of about Bt3.2 billion.

The company now has a backlog (projects already sold and awaiting transfer to the customer) worth Bt1.7 billion from Issara Ladprao, whose total project value is Bt2.6 billion and has sold about 65 per cent. The company also has inventory worth Bt1.5 billion.

Songkran said Issara Ladprao would be complete and transferred to its customers by October. The project's price has increased by 10-15 per cent to between Bt80,000 and Bt110,000 per square metre from its starting price of between Bt70,000 and Bt90,000 per square metre in 2009 when it was launched. As a result, the project will generate gross profit of about 25 per cent, higher than the original estimate of 20 per cent.

The company expects revenue growth of at least 15 per cent this year over 2010.

Charn Issara Development recorded revenue of Bt1.1 billion and a net loss of Bt17.75 million last year.

Source: The Nation
Who is the happier man, he who has braved the storm of life and lived or he who has stayed securely on shore and merely existed? - Hunter S Thompson
User avatar
Big Boy
Moderator
Moderator
Posts: 49312
Joined: Fri Nov 04, 2005 7:36 pm
Location: Bon Kai

Re: Billion baht condo project planned for Cha-am

Post by Big Boy »

Is this the same as reported by The understudy here viewtopic.php?f=1&t=17212&p=201698#p201698 , or is it yet another one?
Championship Plymouth Argyle 1 - 2 Leeds Utd :cry: :cry: :cry: :cry:

Points 46; Position 23 RELEGATED :cry: :cry:
User avatar
margaretcarnes
Rock Star
Rock Star
Posts: 4172
Joined: Wed Jan 02, 2008 8:28 am
Location: The Rhubarb Triangle

Re: Billion baht condo project planned for Cha-am

Post by margaretcarnes »

Sorry but I really can't fathom the HH area property market at the moment. Plenty of perfectly good condos/villas festering on the market which are within easy travel distances of HH centre - even by Baht bus - yet we now get a so called 'demand' for new build on new sites further out of town.
If these prospective buyers were looking at - for example - retirement homes in their home countries they would be considering local facilities and transport connections first and foremost. Then they would be looking at security and neighbours. In Thailand they seem to lose the plot completely and go for bling first.
Oh well -'up to them' :bow:
A sprout is for life - not just for Christmas.
User avatar
hhfarang
Hero
Hero
Posts: 11060
Joined: Fri Mar 12, 2004 1:27 am
Location: North Carolina

Re: Billion baht condo project planned for Cha-am

Post by hhfarang »

I really think these planned multi-billion baht developments on the highway between Hua Hin and Cha-Am are aimed (or should be realistically) at the Bangkok Thai weekend/holiday home market.
My brain is like an Internet browser; 12 tabs are open and 5 of them are not responding, there's a GIF playing in an endless loop,... and where is that annoying music coming from?
JW
Rock Star
Rock Star
Posts: 3207
Joined: Sun Sep 11, 2005 8:53 pm
Location: hua hin

Re: Billion baht condo project planned for Cha-am

Post by JW »

Agreed HHF, its a massive Thai market.
Post Reply