Major property developers in Thailand are looking to invest heavily in Condo developments in Hua Hin in 2012 – 2013.
It is projected that around 8000 residential units are set to be developed at a value of around THB 50 Billion (US$1.65 Billion)
These units will mostly be targeted at the domestic market as access to Hua Hin from Bangkok is a very straight forward journey and a massive selling point.
Construction on Baan Ratchaprasong condominium complex named (Energy Hua Hin) is set to begin this year, the project is worth THB 10 Billion (US$330 Million) and when finished will have 5000+ units. Priced in the medium to low range bracket with units starting at 1.7 Million THB to 7 Million THB.
The 8 storey project will consist of 33 separate buildings as well as featuring a Luxury 177 room hotel resort in the same location.
Sansiri Development Company are developing a low rise Condo project named (Chelona) at Koh Tao Beach which is set for completion late next year, comprising of 174 Units.
SC Asset Corporation are set to launch a Condominium project in Hua Hin later this month with a value of an estimated 2 Billion THB (US$66 Million) and also in the latter part of the year will launch Detached home and townhouse projects in the area.
Issara United, a joint venture between Charn Issara and ICC International have recently launched a Condominium project called (Baan Thew Thalay) worth 2 Billion THB (US$66 Million) The second phase of the project will begin later in the year when they have reached 40% sales of the total project value. This will also feature a Community shopping mall, a hotel as well as detached homes and townhouses. The project is worth an estimated 10 Million THB and will take around 5 years for completion.
Land in Hua Hin and particularly Beachfront areas is becoming increasingly limited pushing prices extremely high with prices rising at an average of 15-20 % per annum and Prime beachfront land is now fetching prices of about 50 Million THB (US$1.6 Million) per Rai.
Beachfront land in Cha Am is selling at present at around 30 – 35 Million THB per Rai an increase of about 20% on last years prices.