Charn Issara Development has announced plans to launch six new projects valued at a total of 16 billion baht, targeting the luxury real estate segment.

The development will primarily take place across Bangkok, Phuket, and Hua Hin, influenced by robust demand for high-end properties.

Teeraporn Srijaroenwong, managing director of the SET-listed company, stated that demand for luxury homes remains particularly strong, despite challenges in the broader economy that have adversely affected the middle and lower market segments.

Stricter mortgage approval processes by financial institutions, attributed to high household debt and concerns over economic stability, have led to increased rejection rates for lesser-priced properties.

The new projects are predominantly in the luxury category, with unit prices ranging from 20 million baht to as high as 250 million baht.

This year, only one project will feature lower-priced units, specifically a condominium in Hua Hin, priced between 3.9 million and 27 million baht.

The remainder will consist of single detached homes in Bangkok, with prices spanning from 25 million to 140 million baht in the Rama IX-Krungthep Kreetha area, following the selling out of an earlier project in the same location.

Teeraporn highlighted that recent buyers have included foreign nationals from Japan, China, and Myanmar, who have purchased properties through their companies.

In a move to accommodate these investors further, Charn Issara is considering offering leasehold contracts as an option.

Projects in Phuket and Hua Hin are expected to attract significant interest, particularly given their status as popular vacation home destinations.

Noteworthy among the developments is Sri Panwa Lagoon in Phuket, an 8 billion baht mixed-use project featuring luxury villas, a hotel, and retail space, developed in partnership with Natee Panicheewa’s family business.

Charn Issara aims to boost its revenue to over 3 billion baht this year, an increase from 2.9 billion baht in 2024 and 2.25 billion baht in 2023. To facilitate sales amid high competition and challenges in cash flow management within the real estate sector, the company plans to implement targeted promotions and strategic pricing initiatives.

In related developments, the State Railway of Thailand (SRT) is seeking investors for its 9.2 billion baht Smart Business Complex project at Bangkok's main rail station, intended to support a larger 2,325-rai development, which will also include a low-cost housing initiative.

Meanwhile, the Stock Exchange of Thailand (SET) is consulting with the Finance Ministry on a new initiative inspired by Japan's individual savings accounts, aimed at bolstering long-term investment in the Thai stock market amid recent declines in the SET index.

In parallel, the Ministry of Transport plans to upgrade Ranong Port, responding to a 200% increase in import-export activity, positioning it as a maritime commercial hub.