Proud Real Estate, formerly Focus Development and Construction, owned by the Liptapanlop family, will focus strictly on residential development this year.
The company plans to launch two condo projects worth a combined 5.5 billion baht in Hua Hin.
Executive Director Proudputh Liptapanlop said the company will forgo the construction segment after she and elder brother Pasu became majority shareholders earlier this year.
“We will focus only on residential development, starting with Hua Hin because it is one of the most popular tourist destinations and our business base,” she said.
The company is an affiliate of Proud Group, a property arm owned by the Liptapanlop family, which runs the Vana Nava Water Jungle entertainment complex, the InterContinental Hua Hin and Holiday Inn Vana Nava hotels, and retail shops.
Proud Real Estate will launch a low-rise condo project worth 3 billion baht on 7.5 rai of beachfront property at Hua Hin Soi 71 in the fourth quarter this year and a high-rise condo worth 2.5 billion baht on 5.5 rai near the water park in early 2020.
Proudputh said the condo market in major tourist destinations is more attractive than in Bangkok, where competition is fierce.
According to the Real Estate Information Center, condo transfers in tourist destinations grew by 29% a year on average during 2015-18, compared with 20% growth nationwide.
Hua Hin reported an increase of 1.5% a year for visa extensions during 2016-18, with 48% staying for tourism.
Sarath Pavorndechapong, the company’s managing director, said Hua Hin has strong demand from both Thai and foreign buyers but limited condo supply, particularly in units priced from 7 million baht.
He said Hua Hin drew 8 million tourist arrivals last year and saw average growth of 13% a year during 2016-18. Of the 2018 amount, 6 million were Thais and 2 million were foreign visitors. Hua Hin hotels saw the third-highest revenue per available room in Thailand last year. At Holiday Inn Vana Nava Hua Hin, 52% of guests were Thai, followed by guests from China (14%), Hong Kong (8%), South Korea (7%), Taiwan (4%) and elsewhere (15%).