Thai Property developer Koon Estate Co. is set to capitalize on the growing market, which has lead to the increase in the number of those looking to rent or buy property on Koh Samui, with two investments in the area amounting to approximately Bt6.3B in total. The two investments are a Bt5B luxury hotel in Koh Samui, and a condominium development worth Bt1.3B near the National Stadium, in Bangkok.
Executive Director ThanetAroonvanichporn, says that the tourism sector in the country has been growing quite nicely, which has lead to increases in revenue per available room, room rates, and occupancy rates in the tourist hotspots of Thailand. He adds that hotels are attractive investments right now because the tourism sector is in a very good place. Once the environmental impact assessment has been properly handled, he says, construction on the new hotel will start sometime at the latter part of 2018.
The KohSamui hotel will stand in prime real estate, considering how many are looking to rent or buy property on KohSamui, and will be located on a 20-rai plot of land, complete with 200m of beachfront, 100 villas and rooms, and will be handled by a six-star hotel brand of Koon’s choosing. If the schedule holds, the new hotel should open by the end of 2019.
Meanwhile, in the capital, Koon will be launching the Cooper Siam, a new condominium project composed of 188 units distributed across 24 storeys on a 1.5 rai-plot located on RongMuangSoi 5. The condo project cost Bt1.3B, and will be launched in February of 2018, after it was purchased from the Leenutaphong family.
Two-thirds of the units will be for startup enterprises, since the development is located near Chulalongkorn University, which has been working on bringing in startup businesses into the Siam Innovation District. Mr. Thanet says that, by law, condominiums can only be for residential use, but the plot the Cooper Siam is located on is a red zone, in which commercial unit use is legal.
The Cooper Siam condo project will be Koon’s first solo development.
Koon Estate Co. has already tried their hand at housing, having partnered with Nye Estate Co for the development of luxury low-rise housing, operated under their Quarter brand, throughout Thonglor, Sukhumvit Soi 31 and Soi 39.