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Monday, April 22, 2024

Property Perfect Plans 1.6 Billion Baht Luxury Villa Project in Khao Yai Amid Rising Land Prices

Property Perfect (PF), a SET-listed developer, is set to launch a second phase of its luxury villa project in Khao Yai, worth 1.6 billion baht. This strategic move comes on the heels of the successful sale of two-thirds of the units from the first phase, valued at 1 billion baht, over a two-year period. The decision to expand the project reflects the sustained growth observed in the property market in Khao Yai.

Managing Director Wongsakorn Prasitvipat highlighted the consistent growth of the property market in Khao Yai over the last three years. The region has emerged as a prime choice for buyers with high purchasing power seeking luxurious vacation homes in proximity to Bangkok. Wongsakorn noted that buyers of luxury homes in Khao Yai often consider them as their third residences, following a second home at a beach destination.

The company initially purchased 180 rai of land along Rural Highway 3052, known as the Khao Yai-Wang Nam Khiao route, six years ago when land prices averaged around 2 million baht per rai. Over the last five years, there has been a significant fivefold increase in land prices, reaching 10 million baht per rai this year. On Thanarat Road, known for its diverse property categories, land prices range from 15 to 20 million baht per rai.

The first phase of the project, named Bella Del Monte Khaoyai, was launched in 2020, featuring luxury pool villas. Despite the challenges posed by the pandemic, the project achieved remarkable sales without extensive advertisements. Buyers seized the perceived opportunity to invest in property during the pandemic, resulting in successful sales at favorable prices.

The first phase, valued at 1.5 billion baht, comprised 30 units priced between 29.9 and 100 million baht per unit, recording 1 billion baht in sales between 2021 and 2022. The land prices ranged between 55,000 and 72,000 baht per square wah. The upcoming second phase, with land prices ranging between 61,500 and 83,000 baht per square wah, is expected to continue meeting strong demand, with approximately 80% of units situated along the waterside.

Wongsakorn revealed that the majority of buyers in the first phase were doctors and business owners involved in the sale of cosmetics and health products. The success of the initial phase underscores the attractiveness of Khao Yai as a sought-after destination for upscale real estate development.

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