There are groups of eight story apartment buildings behind the imposing entry and sports complex with a ‘6 Star’ hotel still under construction. It’s a ‘white forest’ of condominiums buildings stretching between the main road and ocean frontage. We joined MBA and business studies students from Stamford International University who were given the opportunity to learn on site from Chanok Chaisin, Marketing Director Baan Rajprasong, the development company.
His presentation; ‘Hua Hin Millionaire Talk’, delivered investment words of wisdom from an industry leader as invaluable exposure for the students to the real business world away from more theoretical campus lessons. The group then visited display units before riding in golf buggies to take a look at the expansive project area (around 130 Rai) to understand more about ‘The Energy’ first hand. First it must be stressed that this development is all about offering holiday homes for people from Bangkok with around 80% of the new owners in that category.
The units vary in size and do not attempt to include all the necessities of a permanent home environment. Something similar to a ‘condotel’; available for a weekend away from the ‘big mango’ anytime. Mr. Monthien Innoi, CEO of Baan Rajprasong Co. Ltd., has said, “After The Energy Hua Hin, a holiday home that renews your energy was launched, many people came to take a look and book units. Most customers bought their condominiums as holiday homes.” The sales staff commented that about 90% of the units have sold. The commencing price started at 1.8 million THB, with remaining limited sales now at 2.1 million, going up to 17 million THB for those with ocean frontages and on a larger scale. We drove our golf buggies along wide avenues between the now completed stage one (6,000 units) towards the ocean and stage two (500 units). Between the condo blocks there are green spaces and meandering swimming pools so that the feeling is not too enclosed or confining. The 130 Rai of land has 95 Rai (73%) retained as communal common areas.
Unit owners are starting to make use of the facilities although with building work still ongoing, it may be some time before there are more visiting holiday makers. The sales literature describes an unusual concept for the payment of common fees. Owners only pay for the first year and no more thereafter. This includes the inclusion of lifetime membership of the Sports Complex. Mr. Monthien Innoi, CEO of Baan Rajprasong Co., Ltd. says, “Owners will only pay fees for the first year and no more thereafter.
The Communal Fees and a contribution to a trust fund will be collected from condominium owners only once at the transfer of ownership. The company will also make a significant contribution and the total amount from these three components will be used to establish a Condominium Juristic Person’s Fund, which will be managed by BBL Asset Management Co., Ltd., a professional company fund management.
They will invest the fund in a proper manner and will cover the annual common maintenance expenses with the profits.” The Energy is not about to become the destination of a many new residents to our region though it could be anticipated that the economic opportunities will become significant to both local businesses and to the region in general. Infrastructure needs, including traffic management for Cha-Am and Hua Hin is perhaps a looming issue; often discussed by the local population. Holiday makers to Hua Hin are always welcome; assuming that these needs can be met.
A site visit can be made without appointment each day from 9 AM from the Sales Office. Visit www.theenergy.co.th for more information.