Summit Global Developments Co, the boutique property developer, has announced plans for three high-priced residential projects and a medical centre in Chiang Mai.
Summit Global Developments director Matthew Lin with a model of The Alps condominium, worth 500 million baht and located on 8.5 rai on Chiang Mai-Hang Dong Road. It will comprise 79 units in three seven-storey blocks along with 30 townhouses.
The company cited the northern province's geographical advantage, pleasant weather and relaxing environment.
Director Matthew Lin said Summit selected the northern capital because it is the second-largest province in terms of area and will prove a strategic location once the Asean Economic Community kicks off in 2016.
"Chiang Mai's weather and environment, which are much better than Bangkok's, as well as its slow-paced lifestyle, are more suitable for medical treatment and recovery," said the 30-year-old Singaporean architect whose Thai wife is a Chiang Mai native.
"Bangkok is like Singapore. We don't just want to escape from one rushed city to another," he said, adding that Chiang Mai has become a top choice among many Singaporeans seeking a good place to relax but which is not too far away.
Mr Lin together with four unnamed Singaporean partners founded Summit as a "niche developer of upmarket residences of rare and exquisite design quality" in June with registered capital of 20 million baht.
Since then, it has paid 100 million baht for three plots for the high-end residential projects.
First will be The Alps condominium, worth 500 million baht and located on 8.5 rai on Chiang Mai-Hang Dong Road.
It will comprise 79 units in three seven-storey blocks.
The first two blocks comprising a combined 55 units were launched in September.
Some 70% of these have been sold, with 70% of the buyers Thai.
The 24-unit third block will be launched after completion in 2014.
Unit sizes will range from 112-340 square metres in size and be priced from 4.5 to 12 million baht, larger and more expensive than most of the present supply.
Mr Lin said studio condos in Chiang Mai are only about 28 sq m and go for 1.5 to 2 million baht, while a two-bedroom unit is generally only 60 sq m.
"After getting the unit, many buyers learn they cannot really live in a 28-sq-m studio or 60-sq-m two-bedroom in Chiang Mai, a relaxing, sleepy town. Many of our customers are shifting from those sizes," he said.
Summit's customers include people living and working in Chiang Mai, those from Chiang Mai but studying or working elsewhere and foreigners including Europeans and Singaporeans.
The Alps will also have 30 townhouses priced from 6.5 to 7 million baht. Of these, 16 units have been sold.
Summit's second project, The Ridges, is being built on 11 rai in tambon Nam Phrae of Hang Dong district.
The tambon is touted as the "Hollywood of Thailand" due to its popularity among Thai celebrities, many of whom live there including film star Ananda Everingham and musician Add Carabao.
Amid a landscape of mountainside, valley and lake, only 19 three-storey houses will be built, with prices starting at 12 million baht.
The 150-million-baht project will be launched in January.
"We will complete construction 90% before launching. Now there are 25 bookings," said Mr Lim.
The third project will be The Plateau, worth 360 million baht. It will comprise 23 villas priced from 14-17 million baht on 12 rai site near the Night Safari in Hang Dong district. The Plateau is slated for a January launch.
As well, Mr Lin said the company is eyeing an 80-rai plot in tambon Mae Hia of Muang district on which to build the Chiang Mai Medical Centre within the next two years.
The 12-storey facility will have a gross floor area of 16,000 sq m.
The first three storeys will be retail space, while the fourth to 12th floors will house 120 medical offices sized 60-120 sq m each.
Unlike in a regular hospital, patients will directly pay the entire bill to their doctor.
The doctor is the one who pays the cost of medical equipment and procedures such as X-rays or lab tests.
There will also be a hotel for the convenience of patients and relatives.
Total investment for this project is estimated at US$280 million excluding land costs.
"We've talked with Chiang Mai University and the local government about this plan. We and other investors from Singapore are just waiting for Chiang Mai's new city zoning."
About the author
- Writer: Kanana Katharangsiporn
Position: Business Reporter