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
Billion baht condo project planned for Cha-am
Billion baht condo project planned for Cha-am
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Re: Billion baht condo project planned for Cha-am
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?
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- margaretcarnes
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Re: Billion baht condo project planned for Cha-am
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'
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'

A sprout is for life - not just for Christmas.
Re: Billion baht condo project planned for Cha-am
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?
Re: Billion baht condo project planned for Cha-am
Agreed HHF, its a massive Thai market.