Property developer Tri Property Co, owned by a family that runs a mining business in Phuket, plans to develop a community mall on Chaeng Watthana Road and a high-end hotel in Phuket with a total investment of over 1.2 billion baht over the next few years.
Chief financial officer Chaiwat Tuntiwiwat said the community mall will be on a seven-rai site and mix together a plaza, sports centre and automobile-related shops. Investment will be 200-300 million baht.
"In the next two years, we will diversify our investment for recurring income, while still launching a new condo projects worth 1 billion baht a year," he said. The hotel will have 50 villas located on a beachfront plot in Phuket.
Despite concerns among some developers and the Real Estate Information Center over a condo surplus in Phuket, the company is confident of strong demand in the Phuket condo market.
"Condo demand in Phuket is stable," said Mr Chaiwat. "Though new supply is ongoing, we believe in the future of Phuket as it has high development growth and the airport expanding."
The company will launch the condo project Zcape 3 worth nearly 1 billion baht with 417 units priced from 1.69 million baht a unit. It will be located on a 3.5-rai site near Central Department Store on a new road completed by the first quarter 2014.
The company expects to realise 300 million baht in revenue this year from unit transfers at two condo projects in Bangkok and Phuket, up from 200 million last year.
Three months ago the company got a new shareholder, Bandid Chotiwannaporn, formerly managing director of SET-listed mining firm Thai Capital Corporation Plc, who also joined Tri Property as chief operating officer. As an investment banker, Mr Bandid aims for a net profit of up to 15% in the property developer.