Shinawatra Family Plans to build up a Luxury Project
The Shinawatra family plans to build up a luxury apartment project consisting of a hotel, condominium and villas for sale at $2-3 million each on a 160-rai plot on Mai Khao beach in Phuket in 2009. As per an industry source, the project was not associated to the family's property arm, SET-listed SC Asset Corporation Plc.
''If SC were to build up resort in tourist hotspots outside Bangkok, it would take a few years, not in 2009. This may be the family's personal investment,'' said SC vice-president Kree Dejchai.
The real estate consultant Colliers International expected the project would need an investment of minimum 10 billion baht, not including land cost. The market price for land plots on Mai Khao beach is approximately 10-12 million baht per rai.
Mai Khao is rising as a striking area to local and overseas investors because land prices are lesser than for other beachfront areas on the island. Patong beach, for instance, can cost 30-40 million baht per rai and accessible plots for new development are limited.
Mai Khao is just a 10-minute drive from the airport and the majority of the land is still detained by local people who do not want to hang around for price approval.
In the last decade, there was no fresh development on Mai Khao apart fromthat of the JW Marriott Hotel. Minor International Plc, which have the JW Marriott, plans to launch the luxury villa Anantara at prices of 20,000 baht per night in September 2008. By the end of 2008, it will build up a four-storey building housing a Villa Market supermarket and high-end restaurants to assist its guests.
The family of ex- Prime Minister Thaksin Shinawatra, purchased the Phuket plots with the help of its representatives late in 2007.
A Dubai-based group also paid out US$60 million to get 180 rai on Mai Khao from Thai owners and it plans to spend another $250 million to build up a Venice-style hotel. Additionally, a Hong Hong-based investor is acquiring 380 rai, and a joint project between local and foreign investors is taking another 100 rai to build up a 5-6 star hotel and luxury villas.
SC Asset, in the meantime, will be sticking to its foundation business of mid-market residential development in Bangkok for the time being, as per Mr Kree.
''If SC were to build up resort in tourist hotspots outside Bangkok, it would take a few years, not in 2009. This may be the family's personal investment,'' said SC vice-president Kree Dejchai.
The real estate consultant Colliers International expected the project would need an investment of minimum 10 billion baht, not including land cost. The market price for land plots on Mai Khao beach is approximately 10-12 million baht per rai.
Mai Khao is rising as a striking area to local and overseas investors because land prices are lesser than for other beachfront areas on the island. Patong beach, for instance, can cost 30-40 million baht per rai and accessible plots for new development are limited.
Mai Khao is just a 10-minute drive from the airport and the majority of the land is still detained by local people who do not want to hang around for price approval.
In the last decade, there was no fresh development on Mai Khao apart fromthat of the JW Marriott Hotel. Minor International Plc, which have the JW Marriott, plans to launch the luxury villa Anantara at prices of 20,000 baht per night in September 2008. By the end of 2008, it will build up a four-storey building housing a Villa Market supermarket and high-end restaurants to assist its guests.
The family of ex- Prime Minister Thaksin Shinawatra, purchased the Phuket plots with the help of its representatives late in 2007.
A Dubai-based group also paid out US$60 million to get 180 rai on Mai Khao from Thai owners and it plans to spend another $250 million to build up a Venice-style hotel. Additionally, a Hong Hong-based investor is acquiring 380 rai, and a joint project between local and foreign investors is taking another 100 rai to build up a 5-6 star hotel and luxury villas.
SC Asset, in the meantime, will be sticking to its foundation business of mid-market residential development in Bangkok for the time being, as per Mr Kree.
Labels: apartment project, condominium, Land cost, residential development
0 Comments
Posted by Moveandstay
|
