Hospitality firm Standard International is planning to launch two projects of The Standard Residences in Phuket and Hua Hin in the second quarter, with combined sales of 8.5 billion baht, aiming to achieve a 60% target in presales.
Amar Lalvani, executive chairman of Standard International, said these projects will be the first and second in Asia-Pacific, and third and fourth globally, following Miami and Lisbon.
"The projects in Miami and Lisbon have recorded sales of 85% and 91% of units, respectively. Their selling prices are 20% higher than other projects in the same market as they are branded residences," he said.
The Standard Residences, Phuket Bang Tao will be developed by CG Capital, a private equity fund management arm under the Chirathivat family, with an initial investment budget of 10 billion baht.
Scheduled for launch in April, the project will be located on a 12-rai site in Bang Tao, featuring six seven-storey buildings totalling 188 units worth 4 billion baht.
Ranging in size from 75 to 313 square metres, the units will include one-bedroom, two-bedroom, three-bedroom and duplex layouts, with prices starting from 11 million baht.
"Following the challenges posed by Covid-19, over 11 million tourists flocked to Phuket last year. This surge has led to the introduction of various residential projects in Phuket," said Phoom Chirathivat, managing partner of CG Capital.
CG Capital has a total of 19 rai in Bang Tao, of which 12 rai have been allocated for The Standard Residences, Phuket Bang Tao, while the remaining seven rai are designated for The Peri Hotel Phuket Bang Tao.
The Standard Residences, Hua Hin, worth 4.5 billion baht, will be developed by SET-listed developer Sansiri.
It will be located on a nine-rai beachfront plot, comprising 245 units sized from 40 to 153 sq m and priced from 8.9 million baht.
Being launched in May, the project will also have two pool villas with a useable area of 220 sq m and priced around 100 million baht, said Uthai Uthaisangsuk, chief operating officer of Sansiri Plc.
"We have a long history in Hua Hin with the development of 25 condo projects totalling 25 billion baht over the past 35 years," said Mr Uthai.
"The Standard Residences need to be in locations where we are well-known."
Sansiri expected to have 60% of units sold before the project's construction is completed in the second quarter of 2026.