16 Sep Baba Beach Clubs to be opened in Phuket, Hua Hin
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SET-listed developer Charn Issara Development Plc (CI) will open two new luxury resorts under the Baba brand in Phuket and Hua Hin with a combined investment of 4.7 billion baht in October this year, aiming to boost sales of high-priced residential units at both sites.
Chief executive Songkran Issara said the tourism industry has grown 5-7% per year over the past few decades. It was also a key driver for the country’s economic growth despite economic stagnation in some periods.
The company will open a new hotel, Baba Beach Club Phuket on Oct 5, 2017. With an investment of 3 billion baht, the project consists of 16 villas and suites and two 3-5 bedroom villas with an average room rate starting at 18,000 baht per night.
Located on a 42-rai beachfront plot on Natai Beach in Phangnga, 20 minutes from the Phuket airport, it is developed by Issara Junfa Co, a joint venture between Charn Issara and China’s Junfa Real Estate Co, with a 76:24 ratio.
He said this trend — guests shifting from the Caribbean — will continue throughout the next several months as luxury travellers usually spent the winter season in tropical destinations.
Baba Beach Club Phuket will also include six beachfront luxury villas with five bedrooms and a usable area of 1,100 square metre each for sale. Unit prices will be 180 million baht, with a rental programme being offered at a guaranteed yield of 7.5% in the first three years.
He added Charn Issara is a hotel development consultant for Junfa’s new resort project in Hainan, where the Chinese investor will spend 26 billion baht.
The project’s master plan was recently completed and construction will start by the end of 2017, with phase one opening in 2019, which will be managed by Sri Panwa.
Charn Issara plans to set up Sri Panwa Academy by joining with a Swiss hotel school to open a hotel and hospitality course in Phuket next year.
In Cha-am district of Phetchaburi, the company will open Baba Beach Club Hua Hin on Oct 1, 2017 with 18 rooms and 11 pool villas, on a 12-rai site in Thew Talay Estate.
As of the end of June 2017, Charn Issara had sales backlog of around 2 billion baht and expects to realise 1.6 billion baht in the second half.
CI shares closed unchanged yesterday at 1.58 baht, in trade worth 1.04 million baht.
Source: Bangkok Post