Thailand’s Charn Issara Development (CI) has revealed plans to develop two new projects in resort towns Cha-am and Hua Hin in response to growing demands from both local and overseas buyers.
The first project in Cha-am will be a mixed-use development worth THB1.7 billion (US$56.84). The company will co-invest with developer Krisda Mahanakorn (KMC) in the new development which will feature condominiums, villas, a hotel and community mall on a 60-rai plot.
CI’s managing director Songkran Issara said that the company hope to set up a 50/50 joint venture with KMC by the end this month. The first phase construction will include a THB1 billion (US$33.43 million) condominium complex and villas worth almost THB700 million (US$23.4 million) in total.
“Since 2009, there has always been demand for property in Cha-am from local buyers, especially Bangkok people looking to buy holiday homes this area and nearby Hua Hin. And from the beginning of this year, we also see growing demand from foreign buyers, particularly from Europe including Britain, Sweden and the Netherlands,” said Songkran.
In addition, the company will also launch a second phase of its Issara Village townhouse project in Hua Hin later this year. The THB170 million (US$5.68 million) development will remain its focus on local demand.
As reported in The Nation newspaper, CI currently develops four residential projects and operates one hotel, with a combined value of THB3.2 billion (US$107 million). These include 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.
Last year, the company recorded revenue of THB1.1 billion (US$36.77 million) and a net loss of THB17.75 million (US$593,450). It expects at least 15 per cent revenue growth by the end of this year.
