Luxury project comes with plane-parking

The extra budget brings the total investment to Bt10 billion.

Scheduled for completion in 2013, the project will consist of a 54-hole golf course, a luxurious hotel, a small airfield and residences. Already, Bt800 million has been spent to build 18 holes, the airfield runway and a clubhouse.

Yesterday, the company launched the Bt1.6-billion Best Ocean Airpark at the same location: 62 single-detached houses, each with private parking for a small plane.

Sittichai Jareonkhajornkul, owner and board chairman of Best Ocean Golf and who also owns Bond Warehouse and 12 other firms, admitted Thailand’s property market had dropped significantly during this quarter. However, he said by including a private airfield and aeroplane parking, the residential project was focusing on a niche market.

“If we can develop residences to match customer demand, we believe our projects will succeed”“We have only 62 detached houses priced from Bt16 million to Bt29 million each. Each one features parking for a small private aircraft out in front,” he said.

Two units have been sold so far.

“Ours is only the second project in Thailand to offer aeroplane parking in front of the house, with access to an 800-metre runway,” he said.

The first project to do this was the Pattaya Country Club.

Sittichai said the entire development budget would come from the group’s cash flow.

Sittichai owns 14 companies that develop warehouses, golf courses, construction firms and retail outlets upcountry. The group usually records revenue of Bt300 million to Bt400 million a year.

Best Ocean Golf has registered capital of Bt700 million. It expects revenue of between Bt50 million and Bt60 million this year from golf-course fees. However, the company expects total revenue to reach Bt400 million to Bt600 million next year, thanks to the Best Ocean Airpark project, he said.

“We believe our project will attract customers who love adventure, especially sport flying. Tom Claytor, a renowned bush pilot who has been featured by the National Geographic Society, is our adviser on this project,” he said.

Meanwhile, next year the group plans to launch a Bt200-million residential project on Rama III Road in Bangkok and another one in Hat Yai worth Bt1 billion.

“We think this is a good time to invest, with other property firms suspending their investment but market demand continuing to grow. If we can develop residences to match customer demand, we believe our projects will succeed,” he said.

Apisit Limlomwongse, managing director of Nexus Property Consultants, the project’s marketing consultant, said the company expected to sell two units a month on average, focusing on a niche market of people with a unique lifestyle and love of adventure. Up to 80 per cent of customers are expected to be Thai.

The company will hold a roadshow for the project in Singapore and Hong Kong, he said.

“Although demand for residential projects has dropped in the fourth quarter, we believe this project’s selling points differ from others and that we’ll meet our target as a result.”

About the author

Somluck Srimalee Somluck Srimalee
Somluck Srimalee is a journalist with The Nation, Bangkok's independent English language newspaper and specialises in the property and real estate sectors.
Other posts by Somluck Srimalee ( 34 )
Website: http://www.nationmultimedia.com

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