Hospitality firm Banyan Tree Group has partnered with the owner of a 226-rai plot of land in Khao Yai to develop a branded residence project worth 17 billion baht, capitalising on strong post-pandemic demand for second homes.
Stuart Reading, managing director of the group's property development, said Banyan Tree Residences Creston Hill will be the first-ever luxury branded residence project in Khao Yai.
"This project is also the first one that the group has been involved in since the start, from planning, design, development, sales, marketing and assistance in the project finance process, which is different from other hotel brand owners," he said.
The project will be situated on a 71-rai plot, which is part of the 226-rai plot of land located 100 metres from the main entrance of the Khao Yai National Park in Nakhon Ratchasima's Pak Chong district.
It will comprise 34 lagoon-side pool villas priced from 60 million baht, and 34 condo blocks ranging in size from 65 square metres, with prices per unit ranging from 15-40 million baht or 190,000 baht per sq m.
The residential units for sale will be valued at 15 billion baht, while the remaining 2 billion baht will be allocated to a 120-room hotel and a wellness retreat called Veya, featuring 20 rooms, located in the rearmost part of the project.
The first phase, with 21 villas and 16 condo blocks with 150 units, was launched for sale early in the year and has recorded 1 billion baht in presales so far. The group expects it to be sold out by 2025.
Phase two, comprising the remaining units, is expected to go on sale in 2025 with the aim of being sold out by 2027.
Construction for phase one will start next year, targeting completion in 2026, while construction for the hotel is planned for 2025-27, and phase two is projected for 2026-28.
Chayaditt Hutanuwatra, chairman of Creston Holding, which owns the land, said the company joined Banyan Tree Group two years ago after developing Creston Hills Residence, a 57-luxury villa project on part of the plot, which was now 80% sold.
"Demand for a second home in Khao Yai has been on the rise since the pandemic. Our sales were very robust, especially among business owners and executives who worked from this hillside destination during the lockdown," said Mr Chayaditt.
Founded in 2021 with registered capital of 1 billion baht, Creston Holding is a joint venture between Mr Chayaditt and Jinin Trakarnsuebkun, whose family is the manufacturer of Horse Star flip-flops.