PHUKET: Despite a nationwide slow-down in the property market, a new residential estate construction project is on track, according to the scion of a local tycoon family.
Boon Yongsakul, deputy managing director of Boat Development Company, said Hideaway@Bypass is up and running as transfers of the company’s first project near Bypass Road, Bypass Biz Town, are underway.
“We have about a thousand rai of land here and have a vision of turning it into a town,” Mr Boon explained.
“We started selling about 60 Bypass Biz Town units in March and have almost sold out. Let’s say 99 per cent are gone, so the reception was much better than anticipated. Single houses sold best and we ourselves were surprised.”
He said the company’s success was a result of “getting the mantra right with the location.”
Mr Boon said the location of 200 meters off Bypass Road is ideal for a resort-style residential estate.
“And the price point from 2.5 million baht for a townhouse, climbing to 12mn baht for a pool villa is easy on the pocket,” he added.
Mr Boon said the residential estate will eventually occupy about 15 rai and comprise 60 pool villas, houses, twin houses and townhouses with an investment of 450mn baht.
Although Thais living in and around Phuket are the primary target, foreign buyers have purchased 10 to 20 per cent of the units. Mr Boon said Boat Development Company has established a new department, Boat Assessment Management, which will provide maids and gardeners to maintain units for off-site owners.
“We have asset management as a support service because this is a long-term investment in building up our brand,” Mr Boon explained.
Mr Boon’s plans for the future include a furniture and housing center and an entertainment complex similar to Fantasea in Phuket or Asiatique in Bangkok.
“We are looking for a partner who might want to develop another Phuket Fantasea or Magic Land or Asiatique, or even Thai boxing,” he said.
“But the positioning is daytime entertainment because there is already plenty going on at night. We have the hardware – the land and the branding – and we are searching for software from a partner with a similar mindset.”
— Nina Suebsukchareon
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