The number of new high-end property projects in Hua Hin and Cha-am grew by 5-10% during the past 18 months as Thai and foreign investors started building villas, condominiums and hotels both near the beach and in the hills, according to a survey by Ocean Property. Most of the new developments would be located in Cha-am, Hua Hin, Khao Takiab, Khao Tao, Hua Kaloke and Khao Hin Lek Fai, pushing land prices up by 10-15%.
From the start of 2006 to the first half of 2007, four high-end seafront villa developments popped up with a combined 375 units. Most were developed with condominiums and hotel rooms.
Prices range from 10-24.9 million baht a unit for 51% of developed units, with 28% priced from 5-9.9 million baht, 15% priced from 25-49.9 million baht and 6% in the range of 3-4.9 million baht.
Five new condominium developments with a total of 740 units worth two billion baht are also under construction. Some projects downsized the units from two to one bedroom with prices between three and seven million baht to match customer budgets.
Condo prices start at 80,000 baht per square metre or 5-10 million baht a unit for Hua Hin and Cha-am locations and 40,000 to 60,000 baht, or 3-5 million baht a unit, for Khao Takiab and Khao Tao.Meanwhile, seven hotels were either newly developed or renovated. New seafront hotels by Thai developers were very limited, with most coming from from foreign investors or Thai-foreign joint ventures.
Most of the developments were Thai-contemporary style with pool villas and butler service.