SET-listed Thonburi Healthcare Group (THG) expects to sell all units under its Jin Wellness accommodation and elderly care service by next year, believing the sales will get a boost from an economic recovery following the reopening of the country.
Jin Wellness, a mix of facilities including low-rise buildings with 500 units and a 50-bed hospital, was affected by Covid-19, which led to lockdown measures and a subsequent economic downturn.
The 3.7-billion-baht healthcare establishment is located on 142 rai of land in the Rangsit area of Pathum Thani, north of Bangkok.
Tanatip Suppradit, chief executive of THG, said he is positive about the reopening scheme and the government's ongoing economic stimulus packages as they will help restore the economy and benefit the healthcare industry.
"Jin Wellness will benefit from these factors and is expected to enjoy better sales," he said.
Currently, its sales stand at 4-5 units a month, with starting prices of 4-6 million baht per unit. So far, 200 units have been sold.
THG is considering expanding its elderly care service in the second phase. The expansion will also depend on unit sales in the first phase.
Dr Tanatip said the company will conduct a feasibility study on opportunities and challenges if it expands the service upcountry.
"It's not easy to expand this project to other provinces because rural people's families and lifestyles may not suit the elderly care service provided in Bangkok," he said.
Timothy Emen Lertamitivanta, chief executive of Thonburi Wellbeing Co, said the firm aims to expand Jin Wellness to Chiang Mai and Phuket because both provinces are tourist destinations.
Thonburi Wellbeing Co was established to run Jin Wellness.
"At Jin Wellness in Rangsit, many foreigners show interest in buying the units, so we think Chiang Mai and Phuket will also have the potential for the expansion plan," he said.
Residents at Jin Wellness include Thais, Americans and Chinese.