Property company Prime Nature Villa has established a joint venture with EG Group to develop a Bt700million condominium project in Hua Hin. Ratkai Eakpetch, managing director of subsidiary EG Construction, said yesterday that the company had bought 2 rai of land worth Bt100 million at a Prime Nature Villa site in Hua Hin.
It decided to use the land for a condominium project to be built as a joint venture with Prime Nature Villa. EG Group has 80 per cent of the JV, with Prime Nature Villa holding the remainder.
The project will have only 93 units, with prices starting at Bt10 million.
Ratkai said the company also planned to join with Prime Nature Villa in developing another residential project worth Bt800 million at Prime Nature Villa Soi OnNut. The originally planned villa project will now be a lowrise condominium estate comprising three and fourstorey buildings.
"We believe that changing the project from villas to a condominium will speed up sales, especially to foreigners," Ratkai said.
EG Group is a construction firm that has expanded into investment in residential projects and serviced apartments. The company owns seven apartment buildings under the Lelawadee brand, together generating between Bt1 million and Bt2 million in monthly rental income.
The company's construction business brings in another Bt1 billion a year. Nation