Sansiri Cements Leader Status in Hua Hin Vacation Condominium Market in Thailand
HUA HIN, Thailand, April 30, 2018 /PRNewswire/ — Sansiri Public Company Limited, Thailand’s leading full-service real estate developer, solidifies its dominant position in Thailand’s Hua Hin’s vacation condominium market with the launch of Spanish architecture-inspired “La Casita” condominium. Located at the most attractive spot in downtown Hua Hin surrounded by five-star hotels, Bluport Shopping Complex, Bangkok Hospital Hua Hin and renowned culinary venues, the 2.3-billion-baht spacious property features a total of 705 units and 4,000 sq.m. common area spaces with a starting price at only 1.99 million baht. Already with a success rate of 50% units sold to its existing Sansiri home owners, on its two-day presale date, the entire project is expected to be sold out by the second quarter of 2018.
Mr. Piti Jarukamchorn, Assistant Executive Vice President of Project Management Department, Sansiri Public Company Limited, said, “A top player of the industry for 35 years, Sansiri has been cemented as a leader of the vacation condominium market in Pattaya, Hua Hin, Chiang Mai and Phuket. In Hua Hin alone, we launched our first project in Hua Hin, Baan Kai Mook in 1991. Up to now, Sansiri has established a total of 21 condominium projects in the Cha-am-Hua Hin area. Every project we deliver in Hua Hin has been receiving positive feedback with all sales closed successfully. With our experience in property development in the city of Hua Hin, Sansiri has leveraged its market understanding to ensure that the real estate is developed based on the ever-changing needs of all groups of customers and that the brand can maintain solid capabilities to continue to achieve high potential projects.”
La Casita is a Spanish-styled condominium inspired by the distinguished architecture of the nation, featuring vibrant and pastel color ranges combined with classical vibes of Ibiza (an island located off the eastcoast of Spain) where paradise in a form of white sand beaches and a beautiful ocean can be indulged. A compound of four eight-storey buildings consisting of 705 units, La Casita offers one and two bedroom units of 26.50-91.00 sq.m. and 4,000 sq.m. common area on the 6-rai (9,600 sq.m.) land. Sections within the property can be divided as: Palm Court for common kitchen installment and living space; Blooming Wall for the residents’ private leisure, a large Spanish-styled garden called Paradise Garden; clean-air space for relaxation called The Great Lawn; and Lap Pool, a 1,000 sq.m swimming pool with a 100-meter length, making it the longest condominium pool in Hua Hin. The property also features a surrounding walk path shaded by an abundance of trees and foliage that exude a calm and homely ambience in the common area.
“The average price of Hua Hin condominium market has increased by up to 15% for the past five years and it is expected to continue to rise every year with rental yield typically 4-5% per year. Following the growth of online leasing businesses, Sansiri has joined partnership with Hostmaker, an award-winning global hospitality management service provider to offer hassle-free rental management for customers by using technological assistance. As a result, complications usually experienced during accommodation reservation or rentals have been diminished, thus paving ways to more monthly rental opportunities, particularly long-term leasing by tourists and full-time workers who come from other cities. The average rental rate at the Sansiri condominiums start from 20,000 baht for one-bedroom units to 40,000 baht for those of two bedrooms,” Mr. Piti added.
In 2018, the Hua Hin condominium market is likely to prosper and recover thanks to the support from the government through its investment plans on the transportation infrastructure to tourism destinations in the east region of Thailand. Projects listed in the plan include: connecting ferry services from Pattaya to Hua Hin launched in early 2017, which shorten the travel period between both cities from 5-6 hours to only 1.4 hours; high-speed train between Bangkok and Hua Hin; a motor way from Nakhon Pathom to Cha-am (Tha-yang) which is set to improve the traffic flow; and extensive real estate investment in the tourist destinations in the Gulf of Thailand, especially Hua Hin, one of the cities that have seen continuous growth over the years. Regarding foreign visitors in 2018, it is estimated that Thailand will see over 37.8 billion arrivals, or a 7% increase from that of 2017. The factors contributing to the increase include: increase of daily flight and new international airline routes, especially those between Thailand and cities of China that lead to the arrival of approximately 9.81 million Chinese tourists. Meanwhile, the number of domestic tourists is also expected to grow with forecasted cash flow of around 9,900 billion baht (*ref: Kasikorn Research Center) leading to a revived state of the real estate market in resort towns. It is recently reported that condominiums in Hua Hin records the highest selling rate at 140,000 baht per square meter and profitability rate of up to 59%.
To find more information on La Casita and Sansiri:
Visit the Thai Festival 2018 in Singapore, which will be held at the Royal Thai Embassy, Orchard Road from3-6 May 2018, with the theme of Thainess with a fun attitude. Sansiri’s Team will be on hand at booth A6-8 to provide exciting details of upcoming Holiday Vacation Home developments in booming cities of Thailand, such as Pattaya and Hua Hin. While there, enjoy delectable authentic Thai food, fruits, fashion & accessories, cultural performances and an exciting Muay Thai match.
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Kamonwan Prasitwuttivech / Mark Kingpayom
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SOURCE Sansiri Public Company Limited
Source: http://markets.businessinsider.com/news/stocks/sansiri-cements-leader-status-in-hua-hin-vacation-condominium-market-in-thailand-1022831279