Shinawatra family plans luxury project in Phuket

Mai Khao Beach

Mai Khao Beach

The Shinawatra family plans to develop a luxury residential project comprising a hotel, condominium and villas for sale priced at $2-3 million each on a 160-rai plot on Mai Khao beach in Phuket next year.

An industry source said the development was not linked to the family’s property arm, SET-listed SC Asset Corporation Plc.

”If SC were to have resort developments in tourist destinations outside Bangkok, it would be over the next few years, not in the next year. This may be the family’s own investment,” said SC vice-president Kree Dejchai.

The property consultant Colliers International estimated the project would require an investment of at least 10 billion baht, excluding land cost. The market price for land plots on Mai Khao beach is 10-12 million baht per rai.

Mai Khao is emerging as an attractive area to local and overseas investors as land prices are lower than for other beachfront locations on the island. Patong beach, for example, can command 30-40 million baht per rai and available plots for new development are scarce.

Mai Khao is only a 10-minute drive from the airport and most of the land is still held by local people who do not want to wait for price appreciation.

JW Marriott Hotel Mai Khao Beach

JW Marriott Hotel Mai Khao Beach

In the past decade, there was no new development on Mai Khao except for the JW Marriott Hotel. Minor International Plc, which owns the JW Marriott, plans to launch the luxury villa Anantara at rates of 20,000 baht per night next month. By the end of the year, it will develop a four-storey building housing a Villa Market supermarket and high-end restaurants to support its guests.

The family of former Prime Minister Thaksin Shinawatra, who fled to England last week claiming his pending court trials in Thailand would not be fair, bought the Phuket plots through its representatives late last year.

A Dubai-based group also spent US$60 million to acquire 180 rai on Mai Khao from Thai owners and it plans to invest another $250 million to develop a Venice-style hotel.

As well, a Hong Hong-based investor is taking up 380 rai, and a joint venture between local and foreign investors is taking another 100 rai to develop a five- to six-star hotel and luxury villas.

SC Asset, meanwhile, will be sticking to its core business of mid-market residential development in Bangkok for now, according to Mr Kree.

This year the company plans to launch five new projects worth 2.1 billion baht, comprising two single-house projects and three townhouse estates.

After launching Vista Park Vibhavadi 2 early this month, only seven of 37 units remain for sale. The prices of three-storey townhouses range between 5.9 million and 6.9 million baht each. The company plans a similar project in the Chaeng Watthana area to tap rising demand from people working at the new government centre.

SC Asset reported a first-half net profit of 280 million baht, down 10% year-on-year, on sales of 1.91 billion baht, up 17%. Last year, its recorded high profits because of it had extra earnings from investments in three subsidiaries.

SC’s net profit in the second quarter 129 million baht, up 21%, on revenue of 958 million baht, up 34%. Revenue in the second quarter included 757 million baht from sales of units and 199 million baht from rentals.

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