Piya International Co, a property company owned by Piya Bhirombhakdi, plans to develop 400 luxury villas on an 800-rai site in Khao Yai worth over 6 billion baht spanning the next five years.
The first two phases of the Pirom at Vineyard project, which will be launched early next year, will comprise 72 units worth 2.82 billion baht on plots covering 99 rai. The company targets closing sales by the end of 2015.
"We may be new in the property development business but not for luxury projects," said managing director Nuanlada Ngamtanaphaisarn.
Five years ago the company developed Phulay Bay A Ritz-Carlton Reserve, a six-star hotel in Tub Kaak, Krabi. The 54 villas have room rates of between 10,000 and 100,000 baht per night. Reserve is a new Ritz-Carlton brand for resort destinations.
Mr Piya then turned to the Khao Yai site where he has PB Valley, the first winery in Thailand, established in 1989. The 72-year-old winery pioneer has plots of 2,500 rai in the area, with 1,700 rai for PB Valley and 800 rai for the new project.
Mrs Nuanlada said luxury residential demand in Khao Yai remained healthy among Bangkokians looking for a second home in a resort or natural destination within driving distance.
"Price is not the first consideration for luxury buyers when considering a resort home. They want a good project and location, then comes price," she said.
The project will sell a land plot and build a villa with land prices of 30,000-40,000 baht per square wah and villa prices starting from 12.3 million baht. Future phases will include villas and two-storey condo buildings.
The company also plans to develop a four-star hotel near PB Valley in the next few years with around 50 rooms, supporting villa buyers as Khao Yai is a seasonal market for hotel business without any chains.
She added the Khao Yai property market had potential as a motorway from Bang Pa-In in Ayutthaya to Nakhon Ratchasima is planned with an exit in Pak Chong.
The company has PB Valley Chiang Rai on a 5,000-rai plot as well as plots on Koh Samui, Krabi, Nakhon Si Thammarat, Chumphon and Chiang Mai.