SET-listed Charn Issara Development launched four super-luxury villas priced between 250 and 300 million baht in the Sri Panwa project in Phuket, targeting affluent Thai, Chinese and Russian buyers.
Ditawat Issara, assistant managing director, said demand for luxury villas in Phuket among Thai and foreign buyers has been on the rise since 2020, driven by the pandemic.
"Phuket is a global tourist destination, attracting both foreign tourists and investors," he said.
"The luxury villa market has recovered since tourism in the province revived," he added.
According to the Tourism and Sports Ministry, the number of international tourists visiting Phuket was estimated at 14 million in 2023, up from around 3.32 million in 2022 and 224,537 in 2021, which represented the lowest level on record.
The Airports of Thailand reported that the number of international flights to and from Phuket totalled 82,283 between January and September 2023, compared with 47,629 in 2022 and 18,246 in 2021, which plummeted from 115,525 in 2019.
The cumulative sales rate of villas in Phuket had been recovering since 2020, at 78.2%, 80.4% and 82.2 % for the years 2020 to 2022, respectively.
The sales rate previously faced a decline from 81.9% in 2018 to 77% in 2019, according to property consultant Knight Frank Thailand.
In the first half of 2023, demand for both the villa and condo markets surged to the highest level in over a decade with 251 villas and 1,244 condos sold, representing a cumulative sales rate of 85% and 87%, respectively, according to property consultant CBRE Thailand.
In terms of price range, the largest segment (67%) was priced between 15 and 35 million baht per unit, accounting for 168 villas sold, followed by the 35-90 million baht range (15% with 37 villas sold), 5-15 million baht (11% with 28 villas sold) and over 90 million baht (7% with 18 villas sold).
On Monday, Charn Issara launched The Sky Series, the last phase of the Sri Panwa Phuket residential development.
Valued at 1 billion baht in total sales, it will occupy a 1,152-square-wah plot hosting only four pool villas.
Each villa, situated on a 200-sq-w plot, will have a usable area starting from 1,225 square metres, priced between 250 and 300 million baht.
Three units were expected to be sold to Thai, Russian and Chinese buyers, said Mr Ditawat.
"We expect to finalise the sales of two units in 2024 and the remaining two in 2026 upon completion of construction," he said.
The most recent phase of villas in Sri Panwa was launched seven years ago, comprising 22 units with a usable area of 1,500 sq m, priced at 250 million baht. The final unit was sold in 2019.