Ocean Property plans to return to property development after a five-year hiatus. Local media reported that the firm is expected to launch four residential projects worth a combined THB2.6 billion in 2017. The projects will be situated throughout Thailand, but none are set for Bangkok.
The developer’s first project will be Ocean Gate, a THB800 million townhouse complex in Suphan Buri. The project will be located on a 22-rai plot in Muang district of Suphan Buri and feature 176 townhouses along with 48 shophouses. Ocean Gate is slated to launch in early 2017 and will target servants, doctors and people in mid-level management working at factories in the region.
“Our priority in property development during 2017-20 will focus on land plots owned by the company, other affiliate firms and the Assakul family, who is the group’s major shareholder,” managing director Tirachai Pipitsupaphol explained to the Bangkok Post. “Their land plots nationwide exceed 10,000 rai.”
The eight-storey condo Ocean Residence is scheduled to launch during Songkran next year. The THB300 million project is situated in Khon Kaen and will contain 224 units with prices starting at THB1 million.
“Khon Kaen is a fulcrum for meetings, incentives, conferences and exhibitions. It is an educational center of the Northeast with a lot of international institutes, but there are limited residential products in the middle-to-high segment,” Tirachai told the newspaper.
Ocean Property also hopes to launch two projects in Phuket, which will be built near the government centre. The first development is Ocean Town, a THB700 million project that will be located on a 22-rai plot of land and boast 240 townhouse units when completed. The second project is Ocean Village, a single house and duplex development valued at THB800 million. The developer is planning to launch both Phuket projects in the fourth quarter of 2017.
