Property developer Nye Estate Co will launch an upper-end residential project worth 2 billion baht in Khao Yai next week, aiming to boost 2016 presales to 5.5 billion baht by the end of the year.
The project, Thyme Hill Village, will be located on a 40-rai site on Phansuk-Kudkhla Road, comprising of 36 villas priced between 25-30 million baht.
There will be six condominium buildings comprising of a total of 160 units sized 58.5-100.5 square metres, priced from five million baht.
Managing director Sutee Limpanachaipornkul said the Khao Yai project will be the company's final one launched this year.
Two sites in Bangkok, including a townhouse project worth 500 million baht and a condominium worth 3.5 billion baht, were launched earlier in 2016.
"There will be many new condo projects in the pipeline, which will build high competition in the market in the final quarter," Mr Sutee said. "Fortunately, we launched a condo on Sukhumvit Soi 26 in May and scooped up good sales."
"High-end buyers have the purchasing power but the product needs to meet their tastes and requirements," he said. "We will launch the Khao Yai project during the location's high season and aim to have 30% sold until March next year."
During the first eight months of this year, Nye Estate recorded 3 billion baht in presales, mainly from the new projects, Cherkoon townhouse, which has sold 50% and the Sukhumvit condominium, Kraam, which has sold 70%.
The company currently has 20% unsold at luxury single house project Parc Priva, 60% at high-priced townhouse project Quarter Sukhumvit 31 and 30% at Quarter Sukhumvit 39. It aims to have 5.5 billion baht in presales by the end of the year, up from 2.5 billion baht in 2015.
According to property consultant CBRE Thailand, there were only four to five new projects launched in Khao Yai in the first half of the year, with a total of only 500 units, all of which were condominiums.
Charnwit Pasuwat, CBRE's director of development consultancy residential sales services said most of new condominium units launched in the first half were priced between 80,000-140,000 baht per sq m, with no units priced lower than 80,000 baht due to high land prices.
"Khao Yai property market is not booming as in the past four years as small-sized developers have slowed down their development and new project launch," he said. "Buyers tend to prefer a large-scaled project with facilities and amenities than smaller ones."