SET-listed developer Charn Issara Development Plc (CI) plans to launch four high-priced housing projects worth a combined 3.73 billion baht in the second half as a show of confidence in the segment.
Two single-house projects are in Bangkok, while villa projects are in Cha-am and Phuket.
Chief executive Songkran Issara said unit prices would be 40-350 million baht in a segment believed to have strong demand despite unfavourable economic sentiment.
"The land and buildings tax [which will tax a house valued at 50 million baht or more] will have a minimal impact on demand in the high-end segment but may slow decision-making for a second unit or resort home," he said.
The vacation home market, however, will revive eventually as the tax rate will be quite low compared with an asset's value and appreciation, he said.
The Phuket site will be Sri Panwa Residence with only one villa priced 350 million baht.
In Phetchaburi's Cha-am district, Issara United Residence & Villa will have 12 units priced 40 million baht on average. This project is being developed by Issara United Co, which has been formed by Charn Issara, Saha Pattanapibul Plc and ICC International Plc.
Issara Residence Rama 9 worth 1.4 billion baht is located on a 10-rai site on Rama IX Road in Bangkok and comprises 20 houses priced 80 million baht.
The other Bangkok project will be a joint venture with SET-listed contractor Nawarat Patanakarn. Baan Issara Bangna worth 1.7 billion baht is on nearly 25 rai on Bang Na-Trat Road and will comprise 43 houses priced 40-50 million baht.
Mr Songkran said Charn Issara was drafting a master plan for a luxury resort project on a 100-rai beachfront site in Hainan, China, where it will operate hotel management under the Sri Panwa brand.
The management contract will include a two-year development and a 15-year hotel operation. The latter will generate a recurring income of 1 billion baht as a management fee throughout the contract period.
The Hainan project is a joint venture between Charn Issara, Chinese developer Junfa Real Estate and Hainan Huasheng. Construction started last December and will take two years.
The project will be a second joint venture with Junfa following Baba Beach Club, a hotel and villa site worth 3 billion baht on a 42-rai plot on Na Tai Beach in Phangnga.
Charn Issara also had a joint venture with China's Tian Yuan for The Issara Chiang Mai, which will have two seven-storey condo buildings with 265 units worth 660 million baht in San Sai district.
CI shares closed yesterday on the SET at 2.16 baht, unchanged, in trade worth 3.71 million baht.