High hopes for project amid Hua Hin recovery
Issara United Co, a joint venture between SET-listed developer Charn Issara Development Plc and Thai conglomerate Saha Group, is expecting a recovery in property and tourism to boost sales of a new beachfront condo project in Hua Hin.
Boonkiet Chokwatana, chairman of Issara United, said the country's reopening would help stimulate consumer confidence and revitalise the tourism industry and property market.
"Hua Hin has been a top destination among local tourists and Thai resort homebuyers," he said. "Despite the pandemic, our new condo project in Hua Hin was frequently visited by customers as it taps the upper-end segment, which has been less affected by the pandemic."
Issara United, in which ICC and Saha Group hold a 25% stake each, with the remaining 50% controlled by Charn Issara Development, launched Sasara Hua Hin, a new beachfront luxury condo project worth 1.5 billion baht, last year.
The project will be located on a five-rai beachfront plot in Khao Takiab Beach near Hua Hin Soi 97.
It will comprise five four-storey towers with a total of 110 units priced between 5.5 million and 55 million baht a unit, or 200,000 baht per square metre. The sales rate is 40% so far.
"During the past 10 years, our joint venture, Issara United, has developed property projects worth a total of over 10 billion baht, mainly in Hua Hin and Cha-am as those locations are popular among Thai tourists and resort homebuyers," said Mr Boonkiet, who is also chairman of I.C.C. International Plc.
The projects have included condos, hotels, villas, gas stations and community malls.
Most of them were developed on Saha Group's land bank plots with the largest project called Thew Talay World on a 110-rai beachfront plot in Cha-am.
"Hua Hin has remained popular among Thai tourists even during the pandemic as people preferred nearby destinations within a few hours' drive of Bangkok. Hua Hin is at the top of their minds," said Songkran Issara, vice chairman of Issara United and chief executive of Charn Issara Development.
He said Baba Beach Club Hua Hin, the firm's hotel in Cha-am, saw its occupancy rate rise to 70-80% shortly after the country's reopening.
Most of the travellers today were European, but Chinese tourists have still not returned.
"However, Chinese property buyers in the high-end segment gradually came back in the third quarter of this year," he added.
For local property demand, Mr Songkran said the high-end single detached house segment was a robust market during the pandemic as wealthy Thais were less impacted by Covid-19.