THURSDAY, March 28, 2024
nationthailand

Good 4U plans health village in Chiang Mai

Good 4U plans health village in Chiang Mai

Good 4U Co Ltd, a unit of Vongvanij Group, plans to develop residential projects with a health-conscious theme worth Bt1.2 billion in Chiang Mai's Mae Rim district, focusing on buyers of second homes as well as the retirement market.

Good 4U president Luenchay Vongvanij said at a press conference last week at the Jirung Residences project in Mae Rim that the property market in Chiang Mai was growing strongly, in both condominium and low-rise residences, including single detached houses, townhouses and semi-single detached houses.
The demand for residences in Chiang Mai came from both Thais and foreigners who want to buy second residences for vacations and as retirement residences, Luenchay said.
According to research by the Agency for Real Estate Affairs, Chiang Mai had 223 residential projects last year involving some 29,603 units, up 23 per cent and 12 per cent, respectively from the year before. In 2011, 20,558 units were sold, up 18 per cent from 2010.
Seeing strong demand in the market, the company decided to develop its first single detached housing project last year, the Bt400 million Jirung Residences, on 20 rai close to the Jirung Health Village, a resort and spa in Mae Rim district. The project has 50 units at a starting price of Bt5 million. So far, the firm has sold 10 units since opening to pre-sales in the last quarter of last year.

BT250M REVENUE
The company is targeting total re-|venue of Bt250 million this year from Jirung Residences, and Bt150 million next year.
“We believe that our first project will succeed in selling out at least by the middle of 2013, and we will transfer all of our residences to our customers by the middle of 2014,” Luenchay said.
When the company has succeeded in selling out this project, it plans to develop its next project under the same health village concept worth Bt800 million on land located about 600m from this first project.
For the next step, the company is studying developing a condominium project on 5 rai in Mae Rim district within the next three to five years.
The company also has undeveloped land in Nan, Trat and Phuket that it will develop under the health village concept when its three residential projects in Chiang Mai succeed in selling out, he said.
He added that before the company develops its health residence projects, it plans to expand its spa and resort projects in the provinces.
Good 4U is owned by the Vongvanij family, which also owns the cosmetics and pharmaceuticals firm British Dispensary (LP) Co Ltd. Good 4U Co Ltd will be the parent’s property arm, developing residential projects and health spa and resort businesses in Chiang Mai.
Vongvanij Land & Housing Limited Partnership, which is also owned by the Vongvanij family, develops residential and office buildings in Bangkok.

RELATED
nationthailand