Phuket-based property developer Cissa Group plans to launch two new villa projects worth a combined 2 billion baht by the end of 2023 and will invest at least 4 billion baht to develop a medical centre, an international school and a retirement village next year.
Cissa Group chief executive Autthanop Pandkamnerd said the demand for high-end villas in Phuket among foreign buyers had been remarkably robust, particularly those from Russia, until there was a scarcity of supply since last year.
"Villas in Phuket have been completely sold out," he said. "In addition to the two new villa projects we are planning to launch, we have also prepared a land plot for potential expansion in case of strong sales."
He said both of the company's two new pool-villa projects will target Russians but in different segments.
The first project worth 1.5 billion baht will be located on a 16-rai plot in the Layan Beach area and will have 26 villas with four or six bedrooms priced at US$1-2 million a unit.
The other project, worth 500 million baht, will be the second phase of The 8th Pool Villa, following its first phase which was launched four years ago.
It is situated in Chalong sub-district and will comprise 60 pool villas priced from 7 million baht a unit.
In 2024, the company plans to develop Natai Retirement Village, aiming to cater to European independent retirees, with a particular focus on those from Germany and Scandinavia, who typically spend 3-7 months in Thailand.
This residential project, which is specifically designed for retirees, will receive funding from Singapore for a joint venture. It will be an extension of Natai Medical Center & Resort, in which the fund has also co-invested.
Natai Medical Center & Resort was formerly Natai Beach Resort which was acquired by Cissa Group in early 2020.
The resort, which was located on an 18-rai plot on Natai Beach in Phangnga, originally had 106 rooms before the acquisition took place.
Cissa Group holds a 55% stake, while the Singaporean fund holds another 45%. They will invest a total of 3.3 billion baht including the purchase, and will renovate and develop new properties on the hotel's plot.
The 106 rooms were renovated and transformed into 103 rooms, which are now open for guests at a room rate of 3,000 baht per night.
They are developing 50 additional rooms which will include three-bedroom villas.
Other components will be a convention hotel with 79 rooms, a beach club and a Pehla Wellness retreat and medical clinic, totalling a usable area of 2,000 square metres.