Phuket-based property developer, Cissa Group, has announced plans to launch two new villa projects worth a combined 2 billion baht by the end of 2023.
The company will also invest an additional 4 billion baht to develop a medical center, an international school, and a retirement village in the following year.
Cissa Group’s CEO, Autthanop Pandkamnerd, stated that the demand for high-end villas in Phuket among foreign buyers, particularly Russians, has been remarkably robust. This has led to a scarcity of supply since last year.
“Villas in Phuket have been completely sold out,” he said. “In addition to the two new villa projects we are planning to launch, we have also prepared a land plot for potential expansion in case of strong sales.”
The first project, worth 1.5 billion baht, will be located on a 16-rai plot in the Layan Beach area. It will consist of 26 villas with four or six bedrooms, each priced at US$1-2 million. This project specifically targets foreign buyers, largely wealthy Russian buyers, a demographic that has shown increased interest in the Phuket region due to sanctions on Russians thanks to the country’s war on Ukraine.
The second project, worth 500 million baht, will be the second phase of The 8th Pool Villa. This follows its successful first phase launched four years ago. Located in the Chalong sub-district, it will comprise 60 pool villas priced from 7 million baht a unit. This project also targets Russian buyers but in a different segment.
In 2024, Cissa Group plans to develop the Natai Retirement Village, aiming to cater to European independent retirees, particularly those from Germany and Scandinavia, who typically spend 3-7 months in Thailand.
This residential project, designed specifically for retirees, will receive funding from a Singaporean joint venture. It will be an extension of the Natai Medical Center & Resort, in which the fund has also co-invested.
The Natai Medical Center & Resort, formerly known as the Natai Beach Resort, was acquired by Cissa Group in early 2020. The resort, located on an 18-rai plot on Natai Beach in Phangnga, originally had 106 rooms before the acquisition.
Cissa Group holds a 55% stake, while the Singaporean fund holds the remaining 45%. They will invest a total of 3.3 billion baht, including the purchase, and will renovate and develop new properties on the hotel’s plot.
The 106 rooms were renovated and transformed into 103 rooms, which are now open for guests at a room rate of 3,000 baht per night. They are developing 50 additional rooms which will include three-bedroom villas.
Other components will be a convention hotel with 79 rooms, a beach club, and a Pehla Wellness retreat and medical clinic, totaling a usable area of 2,000 square meters.
These ambitious plans reflect Cissa Group’s confidence in the robust demand for high-end villas in Phuket, particularly among foreign buyers. The company’s strategic investments aim to cater to this demand and contribute to the growth of Phuket’s real estate market.
Source: BangkokBizNews
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