Kirimaya plans B1.8bn Khao Yai luxury project

Kirimaya Co Ltd, a property development pioneer at Khao Yai in Nakhon Ratchasima, plans to launch luxury project Atta The Condo worth 1.8 billion baht, offering a three-year leaseback programme with an annual yield of 5%.

Chief adviser Kitti Thanakitamnuay said the programme would attract investors as it was successful with the company's previous Khao Yai project, Muthi Maya, which now has a yield of 9%.

For the new project, customers will pay 25% or 1.5 million baht as a down payment for a fully furnished unit priced at 6 million baht.

If customers take out a mortgage, they will need to pay 31,500 baht monthly to the bank for a loan of 4.5 million baht over 30 years.

However, they will get a minimum guaranteed income of 12,000 baht a month if their unit enters the leaseback programme.

They will not also need to pay monthly expenses of about 10,000 baht as fees for the common area, maintenance and utilities. Unit owners will also get free stays of 30 nights a year.

Atta The Condo will comprise nine five-storey buildings with a total of 253 units sized 65-240 square metres. The one-bedroom, two-bedroom and penthouse units cost 90,000 baht per sq m, starting at 5.8 million baht.

"Demand gradually comes but [new] supply is large, particularly of condo units priced 1-3 million baht, while premium resort condos are in short supply," said Mr Kitti.

Customers at previous projects have already booked 80 units at Atta The Condo.

Ten years ago, Mr Kitti, also chairman of listed developer Noble Development Plc, acquired The Country Club Khao Yai, an 18-hole golf course on a 600-rai site, and vacant plots totalling 600 rai on Thanarat Road.

In late 2004, Kirimaya Residences was launched on 20 plots near the golf course sized 1.5 rai on average.

It was followed by Muthi Maya with 67 pool villas worth 600 million baht, now sold out.

The third project was Kirimaya Residences Miti with 17 plots priced 20 million baht on average. Only one plot remains for sale.

A fourth project, Kirimaya Residences Atta, was launched last year. The development comprises 18 lakeside villas priced 26-80 million baht. Only three units are available.

Owners of 60 Muthi Maya pool villas joined a rental pool programme. With room rates from 7,000 to 30,000 baht a night, the villas are regarded as the only five-star resort in Khao Yai and have received recognition from international magazines including Vogue, Bazaar and Conde{aac} Nast.

The company's project value at Khao Yai is about 2 billion baht excluding Atta The Condo.

About the author

Writer: Kanana Katharangsiporn
Position: Business Reporter