Charn Issara Development has a budget of THB2 billion to buy land plots in Bangkok that it will use for future real estate launches. In addition to this, the company is set to spend THB1.9 billion to build a new hotel, condo, and community mall in Cha-am, reports local media.
The Cha-am investment will help the company expand its Thew Talay Estate development that features several holiday-focused residential projects along Cha-am Beach just north of Hua Hin. The complex is a joint venture project between Charn Issara Development and 2 companies that are under Sahapat Group. The project is situated on a 110-rai plot of land.
“Since starting development 5 years ago, we see a clearer picture of the project and our main target group. For a large-scale project, design should be adjustable as the plot is huge,” says Charn Issara Development Assistant Managing Director Ditawat Issara to the Bangkok Post.
A new aspect of Thew Talay Estate will be an 11-storey hotel with 50 rooms that is expected to open in 2020. The developer will also build 10 more villas that are going to be sold to investors and rented out as part of a rental scheme. The company is also preparing to build a community mall with a gas station that should appeal to both residents and visitors.
The final new component at the development will be a timesharing condo project that is expected to cost THB700 million to build. Charn Issara Development is already conducting a feasibility study for this condo.
“Time sharing is new for us. We are studying and designing a programme that will fit with our hotels as well as target customers. It should be finalised by the 3rd quarter. This year we will focus on the Cha-am project to develop it as a family-based destination,” says Ditawat.
More insights about Bangkok property market, check out DDproperty Property Index Report and DDproperty Property Market Outlook Report and find out how much you can afford for your new house, try our mortgage calculators .