Issara United buoyed by success

Following up on its initial success in selling 40 per cent of total project value of Baan Thew Talay at Cha-am-Hua-Hin, worth Bt2 billion, Issara United Co plans to begin development of a condominium and luxury hotel worth at least Bt2.5 billion in the last quarter of this year and the next year. 

The proposed venture also will have a community mall and low-rise residences. The project to be developed over 90 rai of land will go on till 2018. Total development value would be Bt10 billion, the company’s managing director, Ditawat Issara, said in an interview to The Nation.

Issara United is a 50:50 joint venture between Charn Issara Development and ICC International – a subsidiary of Saha Group – that was set up last year with a registered capital of Bt80 million. 

Ditawat said the launch of Baan Thew Talay last month got a positive feedback from the market with pre-sales accounting for 40 per cent of total project value. It aims to achieve 70 per cent sales by the end of this year and expects it to be fully sold out in the first quarter of next year. The company aims to launch the second phase of this project in the last quarter of this year. 

“We see strong demand for condominiums in Cha-Am-Hua-Hin as evident from the number of new condominium projects launched there, with more than 7,000 units, by other property developers. They have successfully sold out,” he said.

Meanwhile, the development around Baan Thew Talay will be a mixed-use project that would include a luxury resort hotel, community mall, and low-rise residences with both single detached houses and townhouses. This would entice investors to buy into the project as they will not only be buying a residence but a community to serve their lifestyle, he said.

Baan Thew Talay has been designed with open space for all residential units to have a view of the beach. It has only 270 units with a starting price of Bt2.9 million per unit. Unit price will increase by about five per cent in the second half of this year when presales achieve 70 per cent. The project also has a sky lounge to provide relaxation to all condominium owners.

“We believed that the location of the project about 250 metres from the beach will serve buyer demand at a time when there is a shortage of land located close to the beach in Cha Am and Hua Hin district,” he said.