Despite the property market slowdown, vacation home developer Blue Hills Khaoyai Co launched a new luxury condo resort worth 380 million baht in Khao Yai to capitalise on demand from high net worth families.
Supinda Tanpetcharat, the company's executive director, said demand from buyers looking for a luxury vacation home in resort destinations remains strong despite the gloomy economic outlook.
"The land and building tax, which will take effect next year, will not have much effect on vacation homes as buyers in the luxury segment have high purchasing power," she said.
The new project, Akas Villa Khaoyai, will be situated on a four-rai plot on Phan Suk-Kud Khla Road near the company's first project Akas Khaoyai. It will comprise a one-storey tower and a pair of two-storey towers with a total of 23 villa-style condo units.
Unit sizes will range from 130 to 195 square metres and will be priced from 13.2 million baht a unit as there was no supply of luxury vacation homes and large-sized condo units in Khao Yai, said Ms Supinda.
Pornpirai Nigviroj, managing director of The Property A Co, a property consultant and sole agent of the project, said there was strong demand for large condo units with two bedrooms and larger in Khao Yai.
"Khao Yai saw too much supply launched four years ago and sales were not so good because the majority of the supply was small-sized condo units targeted at mid-level customers who were more sensitive to the economic situation," she said.
Mrs Pornpirai said Akas Villa Khaoyai will only have large-sized units as there were 4-5 customers from the first project that wanted to buy two-bedroom units, but the large-sized units were sold out.
Blue Hills Khaoyai's first project Akas Khaoyai was launched in 2015 and has six units remaining out of 83 worth 600 million baht.
All of the unsold units are smaller at 54 sq m and priced from 5 million baht.
Mrs Supinda said the company expects to sell 60% of units by the end of the first quarter next year and be sold out by early 2021 when construction is completed.
With registered capital of 50 million baht, Blue Hills Khaoyai was founded by four families in four businesses, including the Kraipisitkul family that own snacks business under Bento and Jele brands. The other three own imported cars, logistics and transport businesses.
One of the shareholders has a plot in Khao Tao for the development of low-rise condos in the future.