SET-listed developer Property Perfect (PF) plans to launch a second phase of its luxury villa project in Khao Yai worth 1.6 billion baht after selling two-thirds of the units from the first phase -- valued at 1 billion baht -- in two years amid a fivefold increase in land prices over a five-year period.
Managing director Wongsakorn Prasitvipat said the property market in Khao Yai registered consistent growth over the last three years, emerging as a prime choice for buyers with a high level of purchasing power who are seeking luxurious vacation homes close to Bangkok.
"Buyers of luxury homes in Khao Yai purchased them as their third residences, following a second home at a beach destinations," he said. "Single detached houses or villas priced at 20 million baht or more have experienced solid sales, while those priced less than 20 million have not."
The company purchased 180 rai of land by Rural Highway 3052, also known as the Khao Yai-Wang Nam Khiao route, six years ago. The average price of land at the time was roughly 2 million baht per rai, which has risen to 10 million baht per rai this year.
On Thanarat Road, where there are properties in all categories, such as condos, low-rise houses, hotels, adventure parks, restaurants and cafes, land prices are roughly 15-20 million baht per rai.
Mr Wongsakorn said the company launched Bella Del Monte Khaoyai, a luxury pool villa project, within the 180-rai plot in 2020. However, because of the pandemic, it was difficult to ascertain the sales rate at that time, he said.
"Surprisingly, we sold several units without any advertisements," said Mr Wongsakorn. "Buyers believed it was a good opportunity to purchase property during the pandemic, and we managed to sell them at a good price."
The first phase, worth 1.5 billion baht, comprised 30 units priced between 29.9-100 million baht per unit, recording 1 billion baht in sales during the period 2021-22. The land price was between 55,000-72,000 baht per square wah.
"About 80% of the units will be situated on the waterside, meeting the strong demand seen in the first phase," he said.
The land price for the second phase would range between 61,500-83,000 baht per sq w, said Mr Wongsakorn.
The majority of buyers in the first phase were doctors and business owners selling cosmetics and health products, he said.