Charn Issara Development announced plans to launch four luxury housing projects, two in Bangkok and two in beach destinations, worth more than THB3.7 billion, local media reported. The developer is confident in the high-end segment and will go ahead with the new launches during the second half of this year.
The two projects in Bangkok will be single-house developments while Chan Issara will also launch villa projects in Phuket and Cha-am. According to chief executive Songkran Issara, unit prices at the projects will be between THB40-350 million. The reason the developer is targeting the luxury market is that it is one of the few property segments in Thailand with strong demand despite the country’s struggling economy.
“The land and buildings tax will have a minimal impact on demand in the high-end segment but may slow decision-making for a second unit or resort home,” Songkran told the Bangkok Post.
He also pointed out that the vacation home market should bounce back eventually. That’s because buyers will soon understand the tax rate is still low when compared to the value and appreciation of real estate assets.
The projects in Cha-am and Phuket will focus more on exclusivity featuring a limited number of units. The Phuket site will be featured under the company’s Sri Panwa brand and have only one villa available for THB350 million. The Cha-am project will be called Issara United Residence & Villa and feature a total of 12 units with prices starting at THB40 million.
In Bangkok, Issara Residence Rama 9 will be situated on a 10-rai land plot along Rama IX Road and is valued at THB1.4 billion. The project will have 20 houses with prices starting at THB80 million. The second development in Bangkok will be a joint venture with Nawarat Patanakarn. The project is worth THB1.7 billion and will be located on Bang Na-Trat Road. There will be 43 units at the development.
