Kirimaya budgets Bt1 billion for developments outside Khao Yai

“We see business opportunities outside Khao Yai after the company’s success in developing both residential projects and luxury hospitality and villa projects there since 2005,” he said yesterday.
“As a result we will expand the same business model in others provinces. And we may also expand overseas later.”
Kitti said up to Bt50 million of the Bt1 billion would be spent on renovating the Kirimaya Golf Resort and Spa in Khao Yai and the five-star Muthi Maya Forest Pool Villa Resort there.
Kirimaya is owned by the Thanakitamnuay family.
It has spent Bt1 billion on both the Kirimaya Golf Resort and Spa and the Muthi Maya Forest Pool Villa Resort, while the golf course has a residential development that is expected to achieve sales of Bt1.5 billion.
The company’s latest project near Khao Yai National Park is the Bt1.98-billion Atta Lakeside Resort Suite and Condo.
Kirimaya owns 1,200 rai (192 hectares) in the Khao Yai of Pak Chong district, with nearly half of that already developed.
The company plans to develop the rest of the land over the next five to 10 years, depending on market demand.
Atta Lakeside Resort Suite and Condo’s construction has finished. Kitti said sales of 75 per cent had been achieved and would be transferred to the owners by end of the year.
The owners can rent the properties out, which the company will handle while guaranteeing an average return on investment of 4 per cent a year.
Kitti said the demand for hotels and resorts in the Khao Yai area grew by an average of 10 per cent a year.
According to the company, the rental income for four- and five-star properties in Khao Yai reached Bt207 million in 2005, with the estimated figure this year Bt1.29 billion.
That is the result of the room inventory doubling in that time as tourist numbers increased.
Kirimaya Golf Resort and Spa and Muthi Maya Forest Pool Villa Resort record average occupancy rates of about 65 per cent a year that generate on average Bt100 million a year, or about 25 per cent of the company’s total revenue.
Kirimaya averages Bt400 million in revenue a year.
This year, the company expects to achieve Bt550 million in revenue, Bt150 million of which is targeted to come from its hospitality business and the rest from sales of its residential projects.