Banyan Thailand Group, a real estate developer with headquarters in Hua Hin, will launch a new mixed-use project in 2020. Located near Hua Hin's Banyan Golf Club on a 600-rai plot, the project would cost billions of baht.
Banyan chief executive Tjeert Kwant said the company will follow a master plan to construct the property. Construction will begin in the first quarter of 2020.
"The land and building tax, which will start next year, is not the main reason driving us to do the project," said Mr Kwant. He also added that the group always complies with the government's "new rules, regulations or taxes."
Hua Hin residents and visitors can look forward to a number of facilities for rest and recreation. The project will include, among others, water sports facilities, a golf course and academy, health and wellness centres, a soccer field, hotels, resorts and Thai properties for sale (e.g. villa, condo). It will take between 5 and 7 years to finish the project.
The property will span approximately 600 rai along Hua Hin Soi 118. The Banyan has undeveloped plots, totalling 1,400 rai. The mixed-use project is but a fraction of the company's remaining unutilised plots. In 2008, Banyand used 500 rai to build the 18-hole golf course Banyan Golf Club.
9 years ago, the group built Banyan Residences Villas Hua Hin. The property, which cost 3 billion baht, stands on a 94-rai plot. It has 102 units for sale but only half of the total number of units managed to sell out. Units are priced from 15 to 80 million baht.
According to Mr Kwant, ECC International Real Estate's former president and chief executive, which operates Promenada Resort Mall in Chian Mai, slow sales were the result of self-marketing. They also used local agents instead of international ones.
Recently, Banyan Thailand Group partnered with Richmont's International, an affiliate of Christie's International Real Estate. The collaboration will hopefully sell out the remaining units in 4 years' time.
Richmont's International managing director, Timothy Skevington, asserted that the company will showcase upscale Thai properties to a network of foreign buyers. The projects will also be presented during auction events in major cities around the globe.
Mr Skevington said: "To attract buyers, developers should offer flexible various options like interesting prices, promotions and campaigns, not only one, for buyers to choose from as the economic outlook is gloomy."In addition to The Bangkok Thonglor by Land & Houses and the Banyan Tree Residences Riverside Bangkok, Banyan Residences Villas Hua Hin is Richmont's International's third joint property project in Thailand.