Piya International has decided to work with developer Nye Estate to develop a luxury project in Khao Yai, local media reported. Piya currently owns a large plot of land in the region and decided to sell some of it to help speed up development before the government’s new higher vacant land tax rates begin in 2017.
Nuanlada Ngamtanaphaisarn, managing director of Piya International, said that the company has come to terms on a deal that will see Nye Estate purchase a 40-rai piece of land. The developer revealed that it intends to build a luxury residential project valued at THB2 billion. Nye hopes to launch the new development before the end of the year.
“Our Khao Yai plot is so huge that we should have a partner to accelerate development,” Nuanlada stated. “We decided to sell a plot to Nye Estate instead of forming a joint venture, as the latter way would take longer to start.”
Piya International currently has two large plots in Khao Yai including a 1,700-rai plot that is home to a vineyard, a winery, agriculture and a restaurant. There is also an 800-rai land plot that will be used property development during the next five years. Local media noted that this site will feature luxury villas, low-rise condominiums and a hotel.
“The Khao Yai property market slowed down in the first half, largely due to economic sentiment,” said Nuanlada. “With a better political outlook, the market will pick up in the second half. Market competition in the middle segment remains high, but that is not so in the luxury segment, due to limited supply.”
Pirom at Vineyard, a land allocation and luxury villa project in Khao Yai, was one of Piya’s first projects on the land. A total of 22 luxury villa plots were created and put up for sale with selling prices starting at THB10 million and going up from there. The company recently announced plans to launch the second phase of the complex some time in 2017.
