Hua Hin-based developer Banyan Thailand Group plans to develop a mixed-use project worth billions of baht on 600 rai near Banyan Golf Club in Hua Hin next year.
Tjeert Kwant, the group's chief executive, said the company is carrying out a master plan for the new development that will be completed by the first quarter next year.
"The land and building tax, which will start next year, is not the main reason driving us to do the project," he said. "We always comply with any new rules, regulations or taxes."
The project will comprise a health and wellness centre, water sports facilities, a golf academy, a soccer field, hotels, resorts and villa and condo for sales. Banyan anticipates taking 5-7 years to develop the project.
The project will be located on 600 rai on Hua Hin Soi 118, one of the remaining undeveloped plots in Banyan's bank of 1,400 rai. Of the total, 500 rai was developed as the group's 18-hole golf course Banyan Golf Club, Hua Hin, which opened in 2008.
Some 40 rai was developed for 80 two-bedroom villas for a hotel and resort that has been operating since 2009.
The group in 2010 also launched Banyan Residences Villas Hua Hin worth 3 billion baht on 94 rai, comprising 102 units for sales with units priced from 15-80 million baht. Of the total, half was sold so far.
"Sales were slow as we did it by ourselves and used only local agents," said Mr Kwant, formerly president and chief executive of Netherlands-based developer ECC International Real Estate, the operator of Promenada Resort Mall in Chiang Mai.
Yesterday, Banyan Thailand Group joined Richmont's International, the Bangkok affiliate of Christie's International Real Estate, and expects to close sales within 3-4 years.
Timothy Skevington, managing director of Richmont's International, said the company will introduce property projects to its network of foreign buyers in the luxury market. It will also introduce the projects in an auction event in large cities worldwide.
"To attract buyers, developers should offer flexible various options like interesting prices, promotions and campaigns, not only one, for buyers to choose from as the economic outlook is gloomy," he said.
Banyan Residences Villas Hua Hin was the third project in Thailand that Richmont's International has joined, following Banyan Tree Residences Riverside Bangkok, developed by Nirvana Daii, and The Bangkok Thonglor by Land & Houses.