SET-listed developer Proud Real Estate plans to launch three new residential projects worth a combined 9.2 billion baht next year, including its first venture in Phuket to capitalise on the booming luxury residential market.
Pasu Liptapanlop, executive director, said while Thailand's economic growth in 2025 is projected to be 3%, Phuket's economy is expected to grow by 10%, fuelled by a surge in tourist arrivals.
"The Phuket property market remains robust, with demand continuing to rise," he said.
"The buyer base is more diverse than in Bangkok or Hua Hin, with strong interest from Russian, Israeli and Middle Eastern buyers."
This month, the company plans to finalise the purchase of a land plot in the Kamala Beach area, not far from InterContinental Phuket, a high-end hotel owned by Proud Group, whose major shareholders include Mr Pasu and his sister Proudputh.
Proud Real Estate plans to develop a low-rise luxury condo project worth roughly 2 billion baht on the site, slated for launch in the second half of 2025 and completed by 2027.
"Phuket's property boom will continue, with significant new supply entering the market, but demand remaining strong," said Ms Proudputh, also an executive director at Proud Real Estate.
She said the foreign buyer market holds strong growth potential, driven by ongoing geopolitical conflicts. Thailand's appeal as a top retirement destination further enhances its attractiveness, though demand from the key Chinese market has yet to fully recover, said Ms Proudputh.
Expanding to Phuket is a strategic diversification, complementing its existing focus on Bangkok and Hua Hin, she said.
In Bangkok, the company plans to launch a single detached house project worth 4.05 billion baht on 345 Road in the Chaeng Watthana area.
For Hua Hin, a high-rise condo project valued at 3 billion baht is slated for launch in the second half of 2025.
"Our performance will normalise from next year onwards, and we expect to achieve a record high in revenue of 9.6 billion baht in 2025," said Mr Pasu. "We also expect to set a new milestone in land investment, increasing to 3 billion baht from 1 billion in 2024."
During the first nine months this year the company reported revenue of 2 billion baht, a 52% year-on-year increase from 1.32 billion, and it expects to achieve 2.55 billion baht by the end of 2024.
However, net profit in the first nine months declined to 92 million baht from 149 million, attributed to additional expenses incurred from acquiring two condo projects from Noble Development Plc.
One project is Nue Cross Khu Khot Station, valued at 2.1 billion baht, which was sold out and achieved an 88% transfer rate.
The other is Nue District R9 Phra Ram 9, valued at 6.6 billion baht, which is 97% sold and set for transfer in the second quarter of 2025.
"Both projects will help bridge the revenue gap in 2024 and 2025, while also supporting the company's increased land investment next year," said Mr Pasu.