The SET-listed developer Charn Issara (CI) plans to expand in Cha-Am, Phuket, Phangnga and Bangkok with projects worth 4.2 billion baht next year.
Managing director Songkran Issara said the company will focus more on Provinces, particularly major tourist destinations where urbanisation is growing. “When choosing a destination for new projects, we will take into account convenient transportation, border trade, revenue per head and benefits that provinces will get from Asean integration,” he said.
Charn Issara will launch a new phase, Baan Thew Talay 3, on an eight rai site in Cha-Am with 500 condo units worth 1.9 billion baht.
The Phuket project will include a hotel on a five-rai site near Sri Panwa Hotel. CI will invest 500 million baht to develop 30 pool villas with room rates from 10,000 baht per night.
In Phangnga, the company will develop two seaside single houses sized 600 square wah and priced 120 million baht each, 18 pool villas priced from 12 million baht and a hotel on a 20-rai plot. The project is valued at over 1 billion baht.
The Bangkok project will be a seven-storey condo with only 28 units sized 120-200 square metres in Sathon’s Nang Linchi Road area worth 800 million baht.
The company has also launched a condo project in Chiang Mai worth 1.8 billion baht, aiming to tap the middle-to-high-end segment. Information from banks’ branches in the northern city shows an increasing number of higher-income earners using mortgage loans this year, he said.
Mr Songkran said CI expects this year’s revenue to be unchanged from last year at 2.1 billion baht, but profit should triple after the sale of Sri Panwa Hotel into a property fund. The developer has a massive sales backlog of more than 3 billion baht, of which 60% will be realised next year and the rest will be in 2015.