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Published on July 30, 2007

Although most home-builders have cut back on their developments, ultra high-end niche-market developers are still breaking ground all over Thailand.

Ultra high-end real estate in Thailand can range from beach-front or mountain villas on Koh Samui or Phuket to large luxurious high-rise condominiums in Bangkok. These types of niche-market homes currently sell for a minimum of Bt35 million.

Benjamin Cha, director of HKR Asia-Pacific, a subsidiary of Hong Kong Stock Exchange listed HKR Interna-tional, said globalisation had led to the emergence of a new group of mobile ultra high-end real-estate investors who want to purchase landmark properties in major cities. Thailand, he said, also had many sophisticated high-end consumers who wanted to be associated with a Sukhothai branded jewel property.

"Many of these people have global professional lives and maybe even global personal lives," he said.

Last week, The Nation visited Koh Samui and noticed that beach-front villas were built all around the island. Many were selling for more than Bt80 million. A long-time resident, John Birt, who is managing director of Samui Villas and Homes, said that most of these villas are owned by overseas European investors.

"We have European owners who live in London and some from Hong Kong and Singapore," he said.

Birt's company manages more than 50 upmarket villas on Samui. "Many of these are rented out for more than 100 days per year," he said.

Another Koh Samui resident, Doris Chiatanasen, the Coral Bay Resort and Spa's managing director, said many high-end overseas investors were still looking at beach-front and mountain villas. "Many of these units are priced in excess of Bt35 million," she said.

Cha's HKR group that owns the five-star Sukhothai Hotel on Sathorn Road is building 196 ultra high-end fee-simple condominium units on seven rai behind the hotel. "The Sukhothai Residences have been designed by Ed Tuttle and Carey Hill who did most of the Aman Resorts," he said.

The Sukhothai Residences, Cha said, is being marketed as an ultra high-end lifestyle-driven condominium that is attached to a five-star hotel. "We want everyone to treat the hotel as their living room," he said.

Cha said the Sukhothai Residences' overall design accentuates its attachment to the hotel. The gardens, pools, health clubs and tennis courts will cover about 60 per cent of the site. "We will have one continuous walkway through the hotel to the condos," he said.

In addition, the home owners will also be able to enter their units through three separate entrances. "They can come via Sathorn, Suan Plu or Soi Nantha," he said.

To enhance their luxury appeal, Cha said all units will have 3.05-metre high ceilings and floor-to-ceiling windows. "We will also offer 24-hour concierge services," he said.

For those who want the ultimate home experience, the Sukhothai Residences is offering nine penthouses that will range from 480 to more than 900 square metres. "We already have four committed local buyers for the penthouses," he said.

Cha said that in addition to globally-oriented overseas buyers, wealthy individuals from hot real-estate markets such as Hong Kong, Singapore and Japan have shown a tremendous interest. "In Hong Kong, a small 100-square-metre apartment in Central will cost you more than Bt35 million," he said.

HKR International in Hong Kong is best known for developing a leisure-lifestyle island suburb on 480 hectares at Discovery Bay. "My grandfather, who originally started in the textile business before branching into property, took over what was a distressed property in the 1970s," he said.

The company began building the Discovery Bay complex on the abandoned rock several decades ago and today more than 17,000 people have made their homes there. "Discovery Bay's schools, marina, residents' club, tennis club, golf course and hotel epitomised Hong Kong's changing lifestyle needs," he said.

People who buy at the Sukhothai Residences, Cha said, will realise a luxurious lifestyle-driven experience that will satisfy all their needs when they are in Bangkok.