Property company Phupobfa Co plans to develop a luxury villa project in Khao Yai to tap strong demand among high-net-worth Thais.
The Creston Hills Residence will have 57 units with prices starting from 55 million baht.
The project, The Creston Hills Residence, will be worth 4 billion baht and have 57 units with prices starting from 55 million baht.
Executive director Jinin Trakarnsuebkun said demand for resort homes among wealthy Thais remained strong despite the sluggish economy.
"Khao Yai is a resort destination with weather similar to that of northern provinces, but located near Bangkok. This continues to drive resort home demand in Khao Yai," she said.
Ms Jinin said the planned motorway from Bang Pa-in to Nakhon Ratchasima, which contractors will announce this year, will boost demand as it will shorten the travel time from Bangkok to Khao Yai to only an hour.
After buying a 199-rai site from the Thai Asset Management Corporation five years ago for an undisclosed sum, the company late last year launched high-end residential project, The Creston Hills.
The first project will be located on a 99-rai plot, including 30 rai for a lake, with 57 villas in American contemporary style. Units will be priced 55-100 million baht on land priced 65,000-75,000 baht per square wah with entrepreneurs and chief executives as the target group.
"Many wealthy people have built their own houses in Khao Yai but then found it was not safe to stay alone, unlike living in a gated project," she added.
Currently, the project is 30% sold and sales are expected to close by the end of the year as Phupobfa is confident about the project's location, adjacent to Khao Yai National Park's entrance.
After the first project is completed, scheduled for the end of 2016, the company plans to develop a second project on the remaining plot, which will comprise nine three-storey buildings with a total of 200 condo units and 73 three-storey townhouses with a total sales value close to the first project.
However, if the villas sell well the company may change the plan to develop additional single houses, said Ms Jinin, who diversified into property development five years ago from the jewellery and export business.
Earlier, Ms Jinin worked for her family business, makers of Mah Dao brand flip-flops which were exported to Asia.