Hotel and residential developer Veranda Resort and Spa Co will launch a high-end condo project worth 2.5 billion THB in Hua Hin to absorb demand for beachfront condos where supply is limited.
Veranda president Verawat Ongvasith said the company bought a 14 Rai site with a 40 metre beachfront near Khao Takiab last year to develop a low-rise condo project with five buildings and a total of 263 units. Aartist’s rendering of the planned Veranda complex at Khao Takiab “Land plots with the beachfront area in Hua Hin for new property development are very rare, while condo demand in beachfront locations is strong,” Verawat said.
“We are confident to have sales of 80-90% by the end of next year.” Aliwassa Pathnadabutr, managing director of property consultant CBRE Thailand, said there were only two new villa projects with unit prices from 30 million baht newly launched in Hua Hin last year. M
eanwhile, no condo supply has been newly launched either on or near Hua Hin beach since 2013. The outstanding amount numbers about 9,900 units with a take-up rate of 80%.
“If there will be any transaction of beachfront land plots in Hua Hin, the price will reach 70-80 million THB per Rai,” Aliwassa said. “With limited land supply, new condo development will be in the high-end segment.” The new condo project, called Veranda Residence Hua Hin, will have fully furnished units from 3.9 million THB.
Verawat said Veranda will develop a boutique hotel on the same plot of the Khao Takiab site with two four-story buildings and 39 rooms, aiming to add hospitality and property management services to the residential project. The group now has five hotels with revenue growth of 10% last year. The properties include the 130-room Veranda Resort
– Bangkok Post