With Thailand’s market struggling, Nusasiri decided to do something different and focus on the high-end segment. The company is introducing a new business model that will include the development of hotels, wellness facilities and residential projects, local media claims.
The move comes as the developer looks to fend off increasing competition as well as higher high mortgage-rejection rates. Nusasiri reveals that it expects to launch 10 new projects worth a combined THB 13 billion next year as it attempts to roll out its new business model.
“The new business model will target upper-end buyers who are much more concerned about health and wellness,” Chief Executive Visanu Thepcharoen tells the Bangkok Post. “These people have high purchasing power and no problem with mortgage loan rejections.”
Nine of Nusasiri’s 10 projects will feature residential units for sale, hotels and wellness services all located in one place. The developer stated that it intends to focus on Phuket, Chiang Mai, Pattaya, Khao Yai and Bangkok for its new developments.
Nusasiri states that it will launch three projects in Phuket with the most notable being the Nusa Pakok Hotel. The resort is worth THB1.3 billion and will have 120 hotel rooms plus 71 villas. The company will also have two projects in Cherng Talay of Phuket’s Thalang district. These are the 300-room Nusa Laya Hotel and the Nusa Laya Condominium. The latter consists of three low-rise buildings and a total of 170 units.
Two projects are slated for Pattaya while in Khao Yai, the company will launch Nusa Colmar Khao Yai Condominium next year. The project will feature 320 units and be worth THB 650 million. Meanwhile, there will be two projects in Chiang Mai. They are the 250-room Nusa Chiang Mai Hotel and a low-rise condo project worth THB 1.3 billion.
