By THE NATION
The beachfront site is on Petchkasem Road at Hua Hin Soi 71, opposite Market Village, and was purchased for a record-high price of Bt150 million per rai.
CBRE Thailand has been appointed sole agent for the project.
Proud executive director Proudputh Liptapanlop said it represented a key milestone in the company’s long partnership with IHG. InterContinental Hotels and Resorts is associated with residences around the world, she said, “but only in selected leading cities like Boston and Dubai”.
Residents will have access to benefits and promotions from IHG subsidiaries and affiliates across the world through the IHG Rewards Platinum Elite Membership and through Proud Privileges, including entry to the 111 Social Club, a refurbished beachfront colonial mansion next door.
“We believe the 111 Social Club will become the hot new check-in spot for tourists,” Proudputh said.
Managing director Paisit Kaenchan said the InterContinental Residences Hua Hin would have the accent on “A Residence of Legacy”.
“The new property encompasses the best elements of a super-luxury residence that takes its residents far beyond being simply a place to live and accommodates a closely connected family where different generations live together in harmony,” he said.
Valued at more than Bt3.5 billion, the InterContinental Residences Hua Hin will be 70 per cent open space, including 7,000 square metres of lush garden, a beautiful private beach and seven swimming pools, a seaside acrylic-edge jacuzzi, a “hidden” gym beneath a pool, and a spa.
It will have 238 residential units, between three and 13 units per floor.
CBRE managing director Aliwassa Pathnadabutr said the 2019 outlook for the real estate market in Hua Hin was “positive with an optimised demand-supply balance and cumulative demand for beachfront condominiums”.
“No new residential development has been introduced on Hua Hin beach in more than 11 years, since most of beachfront land is targeted for luxury hotels and resorts and the rest is private residences.”
There are only 356 new beachfront condominium units on offer, of which 85 per cent are sold, Aliwassa said.
But public utilities and infrastructure are fast developing in Hua Hin, spearheaded by the “Thailand Riviera” tourism promotion and transportation network, which includes motorways, dual rail and high-speed trains.