THG banking on B3.7bn retirement home project

THG banking on B3.7bn retirement home project

Elderly exercise at the 3.7-billion-baht Jin Wellbeing County.
Elderly exercise at the 3.7-billion-baht Jin Wellbeing County.

Premiere Home Health Care Co, a subsidiary of SET-listed Thonburi Healthcare Group Plc (THG), expects the 3.7-billion-baht Jin Wellbeing County, a retirement home project in Pathum Thani, to sell 200 units in 2019.

Yesterday the company opened the project, comprising 500 units with two types of elderly residences: one 43-46 square metres priced 4.5 million baht, and the other 63-66 sq m priced 6.2 million.

The project is THG's first retirement home, located on 110 rai on Phahon Yothin Road.

THG's medical and wellness services are not included in the prices.

"The project has secured 146 units, 83 of which have already transferred to buyers," said Tanatip Suppradit, THG's vice-chairman.

Dr Tanatip said once the first 500 units are sold, it plans to develop the second phase for Jin Wellbeing County in the next couple of years.

The second phase will be on a 70-rai plot, adjacent to the first phase, comprising 800 units.

In addition, THG has two facilities in the same area: Thonburi Burana Therapy Hospital and the Jin Wellness Institute.

The 200-million-baht Thonburi Burana has 51 beds and is projected to open in the third quarter. The institute is on 40 rai.

"Both projects will serve residents of Jin Wellbeing County and other elder patients," he said.

"We are also in talks real estate developers to be the management operator of this retirement community."

Dr Tanatip said Thailand will soon become an ageing society, so having residential projects to serve them is crucial, which provides a new opportunity for THG.

"We are planning a mixed use project for residence and medical services," he said.

THG plans to launch its second senior living condo project worth 850 million baht in the Pracha Uthit area, named Thonburi Health Village Pracha Uthit, to tap younger demand at lower prices.

THG spent 250 million baht to acquire a suspended condo project at the 8.5-rai site last August from former owner Super P&S Co.

The project will consist of two phases. Phase one will be on a four-rai site and have two 11-storey buildings with a total of 412 units sized at 32 and 64 sq m. They will be priced at 2 million and 4 million baht, respectively.

THG expects total revenue to grow by 10% in 2019 from 7.33 billion baht a year before.

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