Wellness project eyed in Phangnga
Property developer Cissa Group and V Plast Medical Group plan to spend 3.5 billion baht for a wellness hospital and resort development, Natai Medical Center & Resort, in Phangnga to tap individual investors.
Autthanop Pandkamnerd, Cissa chief executive, said the global wellness economy has a tremendous market, valued at US$4.5 trillion. For medical tourism alone, the market value was $639 billion.
"Our project will capitalise on the medical tourism industry," he said. "The project will be introduced to individual investors, with starting investment of 1 million baht per person."
Mr Autthanop said the project will be sold to a holding firm Cissa and V Plast plan to set up with registered capital of 2.5 billion baht. Cissa will hold a 50% stake and V Plast 10%, with 40% sold to individual investors.
With a total investment of 3.5 billion baht, Natai Medical Center & Resort is to be located on 69 rai on Na Tai Beach in Phangnga.
The resort is projected to cost 2 billion baht and the medical centre 1.5 billion.
"We have 53.5 rai from acquiring Natai Resort with 105 rooms earlier in the year and we are in talks to buy more plots nearby, totalling 16 rai, to combine with the first property. We want to develop the project starting early next year," he said.
Following renovations during the pandemic, the hotel is open. The company wants to develop 30 new pool villas and 12 beach houses.
Dr Pichansak Bunmas, president of V Plast Medical Group, said the development plan of the medical centre would have three phases. The first sees the group submitting a permit to operate a clinic and launch a wellness programme early next year.
The second phase will see the construction of a 30-bed hospital, while the third phase will be the development of a medical centre complex with a 100-bed hospital. The project is scheduled to be completed in two years and operational in 2023.
The medical centre will target medical travellers as the market is large. Average spending per person for medical tourism ranges from 80,000-120,000 baht, while wellness programmes start from 12,000 baht per person.