Charn Issara looks to Cha-am seaside for surging sales
|Charn Issara looks to Cha-am seaside for surging sales|
|BANGKOK POST Issued date 13 January 2012|
Despite having over 1,000 rai of land in Bangkok outside the flood zone, property developer Charn Issara Development Plc (CI) remains committed to tourist destinations with the launch of a jointventure condominium project worth 1.7 billion baht in Cha-am.
Managing director Songkran Issara said the new project would be located on a 13-rai plot with 57 metres of beachfront on Phetkasem Road Kilometre 209 in Cha-am, where the company would co-invest equally with the plot's landlord,Sahapat Group's ICC International.
Last year the pair set up a joint-venture company, Issara United Co, with registered capital of 80 million baht to develop the Cha-am project. Sahapat Group still has 80 rai remaining for future development that could include a condominium and a hotel, worth over 10 billion baht,which would take seven years to complete.
"It's difficult to develop a housing project in Bangkok after the great flood,even though we have large plots of land in the Suvarnabhumi area that was not flooded," he said.
Charn Issara's last project in Bangkok was The Issara Ladprao near an MRT station, which was launched four years ago. It still has 20% of units available from a total of 567. It also has three units at Issara @42 condominium project on Sukhumvit Soi 42.
"We are talking with a Singaporean investor to sell some of our plots sized 100 rai and priced 300 million baht,with the investor planning to develop a water market," he added. Last year it sold a 100-rai plot to a football club to develop a sporting academy.
The company also plans to launch a townhouse project worth 250 million baht on an eight-rai site in Cha-am near its existing Issara Village. Another project is a villa worth 450 million baht on a 27-rai plot in Pak Chong, Nakhon Ratchasima.
The new project in Cha-am, Baan Thew Talay, will comprise 270 condominium units sized 44.6-166.94 square metres and priced between 6-29 million baht a unit, or starting at 72,000 baht a sq m. It is 30% sold and CI expects 50%sales by the end of the month.
Patima Jeerapaet, managing director for property consultant Colliers International Thailand, said demand for residential units in Cha-am and Hua Hin as a second home or an escape from flooding is on the rise as it is not far from Bangkok with several facilities.
"Condominiums have the highest demand, as they don't require too much care and are suitable for weekend vacations," he said.
The company's research noted there were 7,280 condominium units completed in 2011. Some 46% were on the Cha-am beach,43% were on the Hua Hin beach,6% were in inland Hua Hin and 5% were in Pran Buri.
A total of 9,000 units are still unsold,both those completed and under construction. Of those, 71% were on the Cha-am beach, 16% on the Hua Hin beach,9% in inland Hua Hin and 4% in Pran Buri.
Unsold units account for 17% of the total in Cha-am, 60% on the Hua Hin beach,45% in Hua Hin inland and 4% in Pran Buri.
Condominium prices in Cha-am average 75,000 baht a sq m,78,500 baht a sq m on the Hua Hin beach,51,000 baht in inland Hua Hin and 55,000 baht in Pran Buri.
CI shares closed unchanged yesterday on the Stock Exchange of Thailand at 3.74 baht in total trade of 174,000 baht.
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