Hua Hin Real Estate to Expand with New Developments from Charn Issara
It seems this year will be a good one for Hua Hin’s real estate market. SET-listed Charn Issara Development Plc (CI) is planning to start a new condo project in Khao Takiab. The company will invest 1 billion baht. Their last project in Hua Hin was in 2004 in the Cha-am area.
Hua Hin Real Estate Expansion
Ditawat Issara, the company’s assistant managing director, said the Khao Takiab plot was acquired last year. It is located 8 kilometres from Hua Hin’s centre. This will be a high-rise condo project with a projected unit price of 180,000 baht per square metre.
According to Mr Issara, the company only selects “prime locations for new projects, as the property market and the economic outlook is unfavourable.” They aimed to start another project in Hua Hin for a long time now but finding available land was a challenge. It was not until last year that the firm finally acquired a plot that matched their requirements.
Experienced Thai Property Developer’s Cha-am Projects
For 15 years, Charn Issara has built several property projects in Cha-am. In 2004, they developed their first project – a condo Baan Ploen Talay. The move was to break away from the very competitive residential market in Bangkok. They wanted to diversify their condo projects and tap new markets.
Charn Issara has pursued massive real estate development Cha-am. Their repertoire of development projects includes:
(1) The 100-rai Thew Talay Estate Cha-am-Hua Hin
(2) Baan Thew Talay Aqua Marine
(3) Baba Beach Club Residence Phase 1 (units already sold out)
Fuelled by Tourism
Mr Ditawat applauds Hua Hin’s healthy local and international tourism market. The coastal vacationers’ hotspot appeals to both Thai and foreign tourists. Moreover, it is also the subject of “marketing campaigns of the Tourism Authority of Thailand.”
Before the year ends, Charn Issara is likely to sell 2 projects into the Sripanwa Hospitality real estate investment trust (REIT). The projects have a combined value of 2 billion baht
The first project is Baba Beach Club Hua Hin’s main hotel, valued at 1.5 billion baht. The hotel consists of 12 storeys, 50 guest rooms, meeting rooms, and conference/convention rooms. Its opening date will be towards the end of 2020.
The second property to be added to the REIT will be Baba Beach Club Phuket Hotel on Na Tai Beach. This Thai property has 16 beachfront units with a total value of 500 million baht. Operations began the other year.
With the two properties, Mr Ditawat said the Sripanwa REIT’s value will rise from “4 billion baht to 6 billion baht.”
Other beach properties in Thailand you might be interested in:
(1) 1 Rai plot of land located on Peth Kasem Road to Hua-Hin
(2) Arcadia Beach Resort
Find more properties for rent or sale here.