Privilege Estate Co, a property developer and owner of St Andrews International School in Bangkok, plans to launch a mixed-use residential project worth 6 billion baht on 400 rai in Khao Yai.
Baan Tiew Khao will be located on 400 rai on Thanarat Road Km 3 in Nakhon Ratchasima's Pak Chong district and comprise 800 condominium units, 400 single houses, 100 shophouses and a 50-room hotel worth a combined 6 billion baht.
Chief executive Thammarat Nirandara said his company was confident of a good sales rate at the project on Thanarat Road Km 3, close to main facilities in Nakhon Ratchasima's Pak Chong district.
Baan Tiew Khao will comprise 800 condominium units, 400 single houses, 100 shophouses and a 50-room hotel.
The company started development in late 2013 and had planned to launch last year but postponed the date until this Saturday due to the political unrest.
The condo on 30 rai will have six buildings of four to six storeys. Three buildings with 300 units sized from 35-112 square metres and priced at 60,000 baht per sq m had pre-launch sales and were sold out late last year.
The rest will be launched this year with units priced 90,000 baht per sq m, Mr Thammarat said.
The single-house development will have five phases on 300 rai that will be divided into 400 subplots with land prices starting from 40,000 baht per sq wah. Unit prices will range from 12-18 million baht.
Privilege has sold 35 plots in the first phase of 70 plots. Half the buyers were from Bangkok, 30% locals with businesses in Pak Chong district and 20% from other provinces.
"Property development in Khao Yai is not easy, as new projects are launched each month," Mr Thammarat said.
"In some periods, they're launched every week. Some succeed, some fail."
Major reasons for failures include project sites located too far from main facilities, too many speculators buying into a project, projects that do not have sufficient demand and projects without facilities to support residents.
Mr Thammarat said buyers would be required to build a house on their purchased plot within two years of the land transfer or the company would buy back the plot at the same price. This will prevent a sold plot from being left empty and tarnishing the project.
Privilege is developing 50 hotel rooms with a room rate of about 3,000 baht a night to support buyers' guests. The hotel will be completed this year, said Mr Thammarat, who plans to spend his retirement at the Khao Yai project.
Mr Thammarat and the Nirandara family, who entered the international school business in 2000, have developed many housing projects in Bangkok over more than 20 years with a combined value of 10 billion baht.
Recent projects include two single-house schemes, The Privilege 1 and 2, on Bang Na-Trat and Vibhavadi Rangsit roads.