With beachfront land in Hua Hin limited and demand for condos there relatively strong, Veranda Resort and Spa Co decided to take advantage of these favourable conditions. The hotel and residential developer is preparing to launch an upscale beachfront condo project worth THB 2.5 billion, reports local media
The new development is being built on a 14-rai, beachfront site near Khao Takiab that Veranda purchased last year. It will construct a low-rise condo project at the location that will contain 5 buildings and 263 units when completed. Prices at Veranda Residence Hua Hin will start at THB 3.9 million per unit.
“Land plots with the beachfront area in Hua Hin for new property development are very rare, while condo demand in beachfront locations is strong. We are confident to have sales of 80-90 per cent by the end of next year,” says Veranda President Verawat Ongvasith to the Bangkok Post.
In addition to the condo project, the site will also have a boutique hotel that will feature a pair of 4-storey buildings and a total of 39 rooms. The hotel will also add hospitality and property management services to the residential project. Veranda already operates the Veranda Resort in Hua Hin and a total of 5 hotels in Thailand.
The launch comes at a time when developers have been struggling to get their hands on land near Hua Hin’s waterfront. There has been no new condo supply launched on or near Hua Hin beach since 2013 with most supply in the city located further back in the region, according to CBRE.
“If there will be any transaction of beachfront land plots in Hua Hin, the price will reach THB 70-80 million per rai. With limited land supply, new condo development will be in the high-end segment,” says Aliwassa Pathnadabutr, Managing Director at CBRE Thailand.
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