Video Report: Sansiri targets Phuket’s high-end with Baan Mai Khao condo project

PHUKET: With prices starting from 8 million baht and reaching up to 52mn baht, Sansiri’s latest Phuket development, the Baan Mai Khao seaside condominium in the island’s north, is targeting the high-end of the Phuket property market.

“The high-end market begins at prices of more than 100,000 baht per square meter,” explained Uthai Uthaisangsuk, senior executive vice president, Business Development and Project Development division of Sansiri, who was present at the new project’s recent unveiling.

“Here in Baan Mai Khao, the average price for a square meter is 140,000 baht, so we’re targeting the high-end market, as well as the second home and holiday-residence markets.”

Of Baan Mai Khao’s 206 condominium units in nine low-rise buildings, which have been developed on 13-2-90 rai of premium beachfront land, half have already sold; 40 per cent to Thai buyers and 20 per cent to Russians, with buyers from Singapore and Hong Kong also featuring prominently.

“In Thailand, the purchasing power is also increasing. At Baan Mai Khao we target 50 per cent to be Thai customers, but the other half is aimed at people from abroad. The Chinese and Russians who come here find the property more affordable than in their home countries,” said Mr Uthai.

Asked about other reasons for the growing prices of condominium units in Phuket, and Thailand as a whole, Mr Uthai quoted rising costs of construction and labor, as well as land.

“It’s simple economics. The costs grow and the prices have to grow too. The land prices are still increasing, and so are construction costs and labor costs, so I think the prices will keep on growing,” he explained.

However, Baan Mai Khao has one more advantage over its competitors, which allows the developer to dictate prices – the location. Not only is it located in an area hailed as Phuket’s luxury enclave, it’s home to a number of high-end five-star hotels and resorts. In addition, it is built directly on the beachfront.

“Baan Mai Khao has no competitor in Phuket. It is the only project with direct access to the beach. Other condominiums might be within walking distance of the beach, but only Baan Mai Khao is situated directly in front of it,” explained Mr Uthai.

Buyers can choose from a number of options, including 1 bedroom/1 bathroom (59.5-72sqm); 2 bedrooms/2 bathrooms (79-98sqm); 2 bedrooms/3 bathrooms duplex (115-137.5sqm); and 3 bedrooms/3 bathrooms (134-162.5sqm); with the largest units being the six spectacular penthouses (260-263.5sqm).

Additionally, eight unique interior design and furniture packages will be available, which include a selection created by Chanintr Living and two designs created specifically for buyers who wish to join the “Rental for the Holidays” program.

— Maciek Klimowicz