Sincere Group is preparing itself for a few firsts. Local media reported that the developer is launching its first residential project in Hua Hin, X2-Hua Hin Oasis. In addition to this, the company is preparing to enter the high-end market with two luxury projects planned for Bangkok.
Chayaphon Hunrungroj, managing director of Sincere VP, told media that the new Hua Hin development will feature 23 pool villas with prices expected to range from THB14 million to THB17 million per unit. The entire project is estimated to be worth nearly THB300 million.
While Sincere will not launch the first phase until next year, the company has already secured sales for eight units at the development. Units at the second phase of the project will go up for sale later on in 2017.
The reason Sincere has targeted Hua Hin is because land prices there are cheaper than in other resort areas such as Phuket, Koh Samui and Chiang Mai. The region also offers a better return on investment since average room rates at hotels in Hua Hin are higher.
“The strong point for Hua Hin is cheaper investment. Hua Hin is the No 1 family destination, which means the tourism business is not seasonal like in other cities,” Chayaphon explained. “More than 60 percent of its tourists are [Thais], and they travel to Hua Hin throughout the year.”
Sincere Group also revealed that it would launch two new projects in Bangkok before the end of this year. The first will be a luxury detached-housing project on Phaholyothin Road. The second project is going to be a commercial townhouse development on Rama IX Road. These two projects will be Sincere Group’s first foray into the luxury-housing sector after focusing a majority of their efforts in the low-end market.