Buritara operator to open condotel by end-2013
EZY Thai Group is diversifying from Buritara Resorts and Spas to residential development by launching a Bt1.4-billion condotel in the Rama IX area of Bangkok.
Located on the same 11-rai (1.75-hectare) site of the Buritara Resort and Spa Bangkok, the 42-storey Buritara Condotel Bangkok will feature 630 units in three styles – 36-square-metre standard room, 45sqm deluxe room and 40-50sqm suites. Prices start at Bt70,000 per square metre or Bt2.5 million per unit.
Chief executive officer Tite Chinsonboon said yesterday that despite the recent heavy flooding in Greater Bangkok, the company believed that the property market would recover next year.
However, first-home buyers are like to seek a condo, rather than a house, to stay safe from flooding. The company decided to expand its business portfolio to real-estate development to cash in on this rise in demand.
Presales for the condotel will open next month, construction will commence midyear and completion is expected by before the end of 2013. The project will be financed by internal cash flow and a bank loan.
Thais are expected to account for 70 per cent of total sales and expatriates the rest. The company aims to realise Bt2.4 billion in revenue from this project.
EZY Thai Group operates three Buritara Resorts and Spas.
The Buritara Resort and Spa Kanchanaburi, comprising 20 villas on 21 rai by the Khwae Noi River, is worth Bt50 million.
The Buritara Resort and Spa Koh Phangan in Surat Thani, featuring 24 villas, cottages and houses on 7 rai on the side of a hill, is worth Bt120 million.
The Buritara Resort and Spa Bangkok near Royal City Avenue, with 68 deluxe glass house tents and Thai-Italian restaurants and a bar, is worth Bt200 million.
