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Charn Issara Bets on Market Recovery

By on Oct 08, 2014 in Property News, Residential

Plan for 7 projects worth B13.5bn

SET-listed developer Charn Issara Development Plc plans to launch seven new projects in five provinces worth a combined 13.5 billion baht over the next 15 months after market sentiment recovers.

“One project will be a joint venture with a Hong Kong investor that develops condos in China and wants to diversify,” said managing director Songkran Issara.

The venture is Baba Beach Club, worth 3 billion baht and located on a beachfront 40-rai site in Phangnga where it plans to develop 50 pool villas priced from 120 million baht, as well as 100 condo units. The joint venture structure will be finalised next month and the project launched by year-end.

The Issara Chiang Mai condo project is scheduled to open in December with 560 units worth 2 billion baht after the environmental impact assessment approval took longer than expected.

Mr Songkran said the new projects planned to launch next year include a mid-priced condo project worth 1.8 billion baht in the Bearing area and a high-end single-house project worth 2.5 billion baht on a 35-rai site on Bang Na-Trat Road.

An expansion of Sri Panwa Hotel in Phuket costing 400 million baht is slated, adding 30 new rooms that will be put into a real estate investment trust with an estimated value of 900 million baht.

Another provincial project is two new phases of Baan Thew Talay in Cha-am, which will comprise 80 hotel rooms and an investment of 800 million baht, as well as a condotel project worth 1.5 billion baht to be managed by Amari Hotel.

Next month it will launch Issara Collection-Sathorn, a luxury condo project worth 1 billion baht with 33 units sized between 108-244 square metres and priced 155,000 baht a sq m, starting from 15.9 million baht.

The project will be located on a one-rai site on Nang Linchee Soi 4 and targets families who own a car, as it will have 60 parking spaces.

Aliwassa Pathnadabutr, managing director of property consultant CBRE Thailand, the project’s sole agent, said Nang Linchi is popular among European expats because the German and French embassies are nearby.

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Source | Bangkok Post 8 October 2014

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