Khao Yai-based property developer, Kirimaya Co., is looking at building projects in other areas in the Nakhon Ratchasima province. The company has set aside an investment budget of more than THB1 billion for the next three years to develop residential and hospitality developments in new areas.
“We see business opportunities outside Khao Yai after the company’s success in developing both residential projects and luxury hospitality and villa projects there since 2005,” Kitti Thanakitamnuay, the company’s owner and chairman of the advisors stated. “As a result we will expand the same business model in others provinces. And we may also expand overseas later.”
The Kirimaya Golf Resort and Spa in Khao Yai and the five-star Muthi Maya Forest Pool Villa Resort in Khao Yai will receive an upgrade with the developer setting aside THB50mil for renovations.
Kirimaya has spent THB1 billion on both projects already. The residential development at the golf course is expected to achieve sales of THB1.5 billion.
The THB1.98-billion Atta Lakeside Resort Suite and Condo is the company’s latest project and can be found near Khao Yai National Park.
Construction at the project has been completed and Kitti noted that sales of 75 percent were reached. Units will be transferred to the owners by end of this year. The owners have the option to rent the properties out, which Kirimaya will take care of the details. The developer guarantees an average return on investment of four percent year-on-year.
Kirimaya Golf Resort and Spa and Muthi Maya Forest Pool Villa Resort have occupancy rates that average nearly 65 percent over the course of a year. This generates an estimated THB100 million a year for the company.
According to Kirimaya, four- and five-star properties in Khao Yai recorded rental income of THB207 million in 2005. That total is estimated to jump to THB1.29 billion this year. This increase is due to room inventory doubling in the past ten years as tourist coming to region have increased.
