|
The property firm SG Development (Thailand) Co Ltd plans to continue its
focus on new projects in major tourist destinations, with its top aim to
develop a boutique hotel resort in
Pattaya by the end of this year.
"Demand in the resort market exceeds supply, while the housing market in
Bangkok, especially in prime areas like Sukhumvit, is showing signs of
oversupply," said chief executive Songkran Grachangnetara.
Mr Songkran said that SG Development planned to invest about 50 million
baht in the small hotel and resort in Pattaya, with 15-20 rooms on a
200-square-wah plot on the beach in Tambon Bang Sare, Chon Buri province.
The project hopes to attract customers from upper-middle earners, who are
willing to pay 2,500 to 4,000 baht per night in return for convenient
accommodations and excellent service.
"Not everyone wants a spa or fitness :centre: when they go to the sea,"
he said. "I think what this target group wants is a convenient bedroom and
bathroom, a good location of the resort itself, delicious food, and at a
reasonable price."
He added the project is expected to start construction by the end of the
year.
The company's first project should be completed by October. Called Santi
Pura, it is already 70 percent sold.
Mr Songkran added that the company intends to offer an April
promotion -- a discount of up to 200,000 baht for only 10 units sold this
month.. "It's quite usual here that people from Bangkok and in
Hua
Hin often shop for a seaside resort during the Songkran holidays," he
said.
The company expects to book revenue of 500 million baht from the
project's sales by the end of the year. Since the first sales last year, the
unit prices at Santi Pura have risen three times. Early buyers paid 40,000
baht per square metre, but the current price is around 50,000 baht.
"We adjusted the price, as the project has good cashflow. We don't need
to speed up the sales," he said, adding material and accessories would be
improved.
"Demand rose due to the windfalls from the Dec 26 tsunami, the
government's plan to build a new highway, called Laem Pak Bia, and economic
growth that has driven a lot of people to buy a resort as their second
home."
The company also planned to expand resort development in
Chiang Mai and
Chiang Rai.
|
