Most small businesses are opened with a dream and a prayer, a perceived “great idea” with limited resources. However before big companies make large investments in their “great idea” a tremendous amount of research is done. Firms filled with highly intelligent people are contracted to study the viability of the investment, its probability of success and its projected rate of return. With all of the facts in presented the project is either given the green light or it’s not.
Major new developments are now being announced for Hua Hin on an almost monthly basis, with the latest being a THB4 billion (US$124.63 million) investment by Proud Real Estate. The firm is set to spend more than THB1 billion on a condominium project, THB2 billion on an 400-room hotel and THB800 million on a state-of-the-art waterpark to be constructed by leading theme park design firm White Water West.
“Ongoing infrastructure improvement programs, including plans for a high-speed train from Bangkok, the Southern Motorway and arrival of international flights at Hua Hin International Airport, will see tourism continue to grow significantly,” said Proudputh Liptapanlop, Managing Director of Proud Real Estate.
Proud Real Estate’s parent company, Proud Group, in partnership with the Mall Group — owners of Siam Paragon — is also behind Hua Hin’s latest shopping mall, the THB4 billion Blu Port, located on 25 rai (40,000 sqm), directly across the street from another Proud Real Estate property, the Hua Hin InterContinental Hotel — recently voted the Best Hotel in Thailand.
Bangkok’s Pace Development is also participating with its highly-anticipated THB2.7 billion project MahaSamutr. This ultra-luxury development, set on 120 rai, has an entry level price of THB35 million and comprises 90 villas constructed around a manmade lagoon. This will be Crystal Lagoon Corporation’s first Asia-based project. A country club and beach club will also feature prominently in this luxury development. Pace is investing THB500 million in the country club, set to include a restaurant headed by Michelin three star Chef Vincent Thierry and a range of sports activities supervised by high-quality coaches, one of which is an Olympic gold medallist.
“MahaSamutr fills a gap in the property market in Hua Hin for a high-end resort villa development,” CEO of Pace Development Sorapoj Techakraisri said. “We are confident on the robustness of high-end property demand as well as demand for top quality property from AEC buyers.” Pace Development is currently constructing Bangkok’s tallest building, a stunning 77-storey pixelated tower that will become a landmark structure in the capital upon completed in 2015.
Other notable developments which have substantially raised Hua Hin’s luxury residential profile of late include Venezia, a Venetian-themed THB1.5 billion shopping mall, SC Asset’s condominium project The Crest Santora and Baan Ratchaprasong’s mind-boggling 6,000 unit condominium development The Energy Hua Hin.
And finally, no article about property development in Hua Hin would be complete without mentioning Sansiri, the ‘granddaddy’ of all Hua Hin property developers.
“Sansiri first entered the Hua Hin market in 1988 with their project Baan Kaimuk,” according to Peerakit Kasemthanapong, senior property consultant at Hua Hin’s Plus Property office. “Since then they have developed more than 20 condominium projects in Hua Hin, Cha Am and Khao Tao and are currently selling units in five projects which cover all market segments.”
It appears Thailand’s major developers have done their research and that research has told them Hua Hin is certainly the place to be.
- Russ Downing, Managing Director of Exotiq Property and Member of the national judging panel of the Thailand Property Awards.
- The Property Report – www.property-report.com