High hopes for the project amid the recovery of Hua Hin
An artistic impression of Sasara Hua Hin, a 1.5 billion baht luxury beachfront condominium project in Hua Hin that was launched in the city last year.
Issara United Co, a joint venture between SET-listed developer Charn Issara Development Plc and Thai conglomerate Saha Group, expects the property and tourism industries to rebound to boost sales of a new beachfront condominium project in Hua Hin.
Boonkiet Chokwatana, chairman of Issara United, said reopening the country would help build consumer confidence and revitalize the tourism industry and real estate market.
“Hua Hin is a top destination for local tourists and home buyers in Thai resorts,” he said. “Despite the pandemic, our new condominium project in Hua Hin has received frequent visits from customers as it opens up the upper segment that is less affected by the pandemic.”
Issara United, in which ICC and Saha Group each hold 25% of the shares and the remaining 50% is controlled by Charn Issara Development, last year launched Sasara Hua Hin, a new luxury beachfront housing project valued at 1.5 billion Baht, launched.
The project is being built on a five rai beach lot in Khao Takiab Beach near Hua Hin Soi 97.
It will include five four-story towers totaling 110 units at prices between 5.5 million and 55 million baht per unit, or 200,000 baht per square meter. The sales rate so far is 40%.
“Over the past 10 years, our joint venture Issara United has developed over 10 billion baht total worth of real estate projects, mainly in Hua Hin and Cha-am as these locations are popular with Thai tourists and resort house buyers,” said Mr Boonkiet, who is also chairman of ICC International Plc.
The projects included condominiums, hotels, villas, gas stations and shopping malls.
Most of them were developed on the Saha Group’s land bank lots, with the largest project called Thew Talay World on a 110-rai beachfront lot in Cha-am.
“Hua Hin has remained popular with Thai tourists even during the pandemic, as people preferred nearby destinations within a few hours’ drive of Bangkok to the Charn-Issara development.
He said the occupancy rate at Baba Beach Club Hua Hin, the company’s Cha-am hotel, rose to 70-80% shortly after the country reopened.
Most of the travelers today were Europeans, but Chinese tourists still haven’t returned.
“However, in the third quarter of this year, Chinese high-end homebuyers began to come back,” he added.
For local real estate demand, Mr Songkran said the high-end single-family home segment will be a resilient market during the pandemic as affluent Thais are less affected by Covid-19.