SET-listed Ananda Development plans to develop a mix of residential projects comprising a wellness centre, hotels and an international school on a 500-rai inland plot in Phuket, with the first phase beginning next year.
Chief executive Chanond Ruangkritya said the new mixed-use project will have several partners co-investing as there will be many components developed on the plot, which the company acquired from the Ruangkritya family.
"Thailand is a safe haven and a plan B among foreigners, with Phuket attracting strong property demand from Chinese and Russians who bought many high-end villas here in recent months," he said.
Mr Chanond said many Chinese wanted to live overseas due largely to the Covid-19 lockdown in China as seen in housing stock in Singapore going down to the lowest-ever level, partly acquired by Chinese who sought a home in the city state.
Three key drivers which will boost Thailand's attractiveness among foreign property buyers include medical services, education and long stay.
"Some Chinese investors I talked with wanted to invest in healthcare in Thailand as they see the potential," he said. "They offered to draw nurses from the Philippines to work in the project if those in Thailand are not enough."
He said a long-term visa which the government recently launched was a good way to attract talented and wealthy foreigners.
However, some regulations were not strong enough to boost Thailand's competitiveness.
"It should be a resident visa like a green card in the US to draw foreigners," said Mr Chanond.
The global recession might be a concern, but the company still expects a strong recovery for the Thai economy, given the tourism rebound and future arrival of pent-up Chinese tourists, he said.
In the fourth quarter of the year, Ananda plans to launch six new residential projects worth a combined 21.6 billion baht after freezing the launch during the pandemic.
It aims to have 6 billion baht in presales from the new projects by the end of the year.
They will comprise four condo projects on Rama IV Road, near Chulalongkorn University, on Thong Lor Road and on Ramkhamhaeng Road with two new brands including Coco and Culture.
The other two projects will be low-rise houses on Rama IX Road and Ratchaphruek-Chaeng Wattana Road where a new brand, Anda, will be launched.
During the first nine months, the company recorded 9.3 billion baht in residential transfers and expects to have 13 billion baht this year.
Ananda also posted 10.3 billion baht in presales for the period and aims to secure 15.7 billion by year-end.