Charn Issara Development Plc (CI) will launch six new projects worth a combined 6.4 billion THB in 2019. The company will tap the high-end segment only and aims for 25% revenue growth.
Baba Beach Club Hua Hin is the residential estate and luxury beach club hotel in Hua Hin-Cha-am. Situated in a beachfront compound of the Thew Talay Estate, the club boasts a 160 metre beach frontage and seven pool villas. Baba Beach Club Hua Hin features all the amenities of a five-star hotel and an extensive range of facilities you would expect from a sophisticated hotel, including a beachfront swimming pool, a fitness centre, private spa, landscaped gardens, all-day dining, beach bar, connoisseur restaurant, an event space, and 24-hour security. Charn Issara will expand a new hotel to be a 12-story tower with 50 rooms at Baba Beach Club Hua Hin, worth 1.5 billion THB.
The current project at the Hua Hin site will be sold to Sri Panwa Hotel Real Estate Investment Trust (REIT) at a price of up to 550 million THB. The existing hotel entrance and a luxury pool villa Chief executive Songkran Issara said the property market this year will be harder, as mortgage rejections continue to hit the middle to lower-end segment and demand from Chinese buyers slows. “We will get less of an impact from banks’ stricter rules in mortgage lending and a slowdown in the Chinese buyer market, as we used campaigns to drain our existing inventory in the middle to lower-end segment throughout the past 10 months,” Songkran said. Chief executive Songkran Issara with friends and family The number of Chinese buyers in the condo market has dropped amid fallout from the US-China trade war and capital controls imposed on outbound investment.
As the high-end segment will see less impact from mortgage rejections and the central bank’s new lending curbs, one of Charn Issara’s new projects will be a luxury high-rise condo worth 2 billion THB under the Issara brand. Unit prices will be 180,000 THB per square metre. Charn Issara expects the value of the Sri Panwa REIT to rise to more than 4 billion THB from the current 3 billion. Meanwhile, the new hotel will be added to the REIT in the next 18 months. At Thew Talay Estate in Cha-am, the company will launch seven pool villas worth 200 million THB, with units priced from 31.9 million THB, as well as develop a vacation club with a 10 story tower and a total of 80 units worth 1.5 billion THB, tapping high-end tourists.