Enrich Group is known for its Bangkok projects, but the company has now decided to make its 1st investment away from the city. The developer announced plans for a THB1.5 billion mixed-use project in Hua Hin that will have a hotel, condo, and restaurant space, reports local media.
“Enrich Group has developed 4 housing projects in Bangkok and vicinity. The Hua Hin project is the 1st time we are moving out of the capital and also developing a hotel,” says Suphicha Promsentana, Enrich Group Business Office Director, to The Nation.
Dusit International and Plus Property have already signed up to help manage the development which will have a 150-room hotel as well as a low-rise condo equipped with more than 350 units. The hotel will be branded as dusitD2 Hua Hin while Plus Property is set to be the sales agent and manager for the dusitD2 Residence Hua Hin, the condo element of the development.
Construction on the project will start next year with the hotel and condo expected to open in the 1st quarter of 2020. The hotel will contain a restaurant, a fitness centre, a swimming pool, and a rooftop bar. The hotel is valued at THB620 million. Dusit has agreed to manage the property for 5 years with an extension possible.
The dusitD2 Residences Hua Hin is valued at THB820 million and will be managed by Plus Property. Unit prices will start at THB1.9 million and will help Enrich Group meet the demand of visitors from Europe, especially ones from Finland, Sweden, Norway, and Russia who prefer longer stays.
According to Plus Property research, Hua Hin’s condo market has a good absorption rate and an 84 per cent market share. The resale price of new condos on the region’s beach area averages THB135,000 per square meter which is a 10 per cent increase from launch prices.
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