Property developer Koon Estate Co will spend nearly 5 billion baht to develop a luxury hotel on Koh Samui to capitalise on growing tourism, as well as a condominium project worth 1.3 billion baht near National Stadium to tap startups.
Thanet Aroonvanichporn, the executive director, said the tourism sector has been growing robustly, which has driven revenue per available room, occupancy rates and room rates in many tourist destinations nationwide.
"Hotels are attractive for investment because of tourism sector growth," he said. "After our environmental impact assessment is approved, we will start construction of the hotel by the end of the year."
The Samui hotel will be located on a 20-rai site with a 200-metre beachfront, comprising 100 villas and rooms operated by a six-star hotel brand. It is slated to open by the end of next year.
In Bangkok, Koon will launch Cooper Siam, a 24-storey condo project with 188 units worth 1.3 billion baht next month. The condo will be located on a 1.5-rai plot on Rong Muang Soi 5, which it bought from the Leenutaphong family.
As the location is near Chulalongkorn University which is introducing Siam Innovation District to promote startup business, two-thirds of the units will be available as locations to register such enterprises.
"By law, a condominium unit can only be used as a residence, and not as a place to register a company. But our plot is located in a red zone which allows for commercial use," said Mr Thanet.
He said the number of people who want to own a business, work from home, work as freelancers or run an online business is on the rise. For 18,000 baht per month, such businesses can rent a serviced office to use as a registered workplace, said Mr Thanet.
"To develop a condominium with a mix of units, some which can be used as registered companies, key factors are being in a red zone and having a university as a neighbour," he said.
The condominium project will be Koon's first sole development.
During the past three years, the developer has formed a joint venture with Nye Estate Co to develop luxury low-rise houses in Thonglor, Sukhumvit Soi 31 and Soi 39, under the Quarter brand.
Currently, Quarter Thonglor is sold out, while 50% of Quarter 31's units are available and two units remain at the Sukhumvit 39 site.