SET-listed hospitality firm Dusit Thani is developing 114 rai of land in Hua Hin, home to the Dusit Thani Hua Hin hotel, for a branded residence with 96 units worth 2 billion baht, offered under a 60-year leasehold agreement.
Suphajee Suthumpun, group chief executive, said the plot spans both beachfront and Phetkasem Road, with development of the branded residence on 20 rai facing the road.
"Dusit Ajara Hua Hin will be the first Thai-branded residence in Hua Hin," she said.
"We are offering the project under a leasehold agreement because we want to retain this rare freehold land in Hua Hin."
Mrs Suphajee did not disclose selling prices, but said market prices for freehold branded residences range from 200,000 to 250,000 baht per square metre.
Freehold non-branded units are priced from 120,000 to 180,000 baht per sq m.
She confirmed the leasehold price would be lower than the freehold rate.
The project consists of seven low-rise buildings, comprising three six-storey towers and four three-storey buildings, with no more than 20 units in the former and 10 units per building in the latter.
Thai buyers are expected to account for 60% of sales, as Hua Hin's property market is primarily driven by domestic demand.
The remaining 40% will be foreign buyers, mainly from Scandinavian countries, who tend to favour Hua Hin over other beachfront destinations in Thailand.
"Based on our hotel guests, more than half of whom are returning visitors, we hope to attract foreign buyers looking for extended stays," said Mrs Suphajee.
The company is building a sales gallery in Hua Hin and plans to launch the project next month.
To ease financial burdens, construction will begin next year, with completion scheduled for 2028, she said.
"We have made significant investments in Dusit Central Park in recent years. The residential projects within this development are set for transfer by the end of the year, allowing us to realise revenue," said Mrs Suphajee.
Dusit Central Park is a mixed-use development featuring the Dusit Thani Bangkok Hotel, two residential projects, as well as retail and office spaces.
Sales of the residential projects have already exceeded 90%.
