Charn Issara Development, a publicly listed real estate firm, has announced plans to launch six new projects valued at a total of 16 billion baht, primarily within the luxury housing segment across major locations including Bangkok, Phuket, and Hua Hin.

Teeraporn Srijaroenwong, the managing director, indicated that demand for luxury properties remains strong despite economic headwinds that have negatively impacted the middle to lower-end market segments.

The developer noted that the luxury home market continues to attract interest, with completed projects consistently sold out.

For instance, single detached houses priced between 100 and 125 million baht at the Issara Residence Rama 9 were fully sold last year, drawing attention from international buyers, particularly from Japan and Myanmar.

Despite a tightening mortgage approval process by financial institutions, which has led to increased rejection rates for lower-priced segments, Charn Issara is moving forward with its luxury projects.

The company reported that last year, higher rejection rates were prevalent for a completed project priced from 1.9 million baht per unit due to banks’ concerns regarding the stability of prospective buyers' employers, rather than their credit histories.

This year's lineup includes five luxury projects with unit prices ranging from 20 to 250 million baht.

The sixth project, a condominium in Hua Hin, offers units priced from 3.9 to 27 million baht.

Notably, the luxury houses in Bangkok will cater to varying budgets, with prices ranging from 25 million to 140 million baht across two different locations in the Rama IX-Krungthep Kreetha area, as demand in this segment remains robust from both local and international clients.

Charn Issara has also witnessed foreign buyers investing through their businesses, prompting consideration of leasing options to enhance attractiveness for non-resident clients.

The developments planned for Phuket and Hua Hin are strategically positioned in areas experiencing significant demand for vacation homes, with Phuket witnessing a predominantly foreign buyer market while Hua Hin attracts more domestic buyers.

Among the notable projects is Sri Panwa Lagoon in Phuket, a mixed-use development valued at 8 billion baht and covering a 62-rai plot in Cherng Talay, featuring luxury villas, hotels, and a community mall.

Teeraporn has set an ambitious revenue goal for the company, targeting over 3 billion baht in revenue for this fiscal year, an increase from the previous year's 2.9 billion baht and a significant rise from 2.25 billion baht in 2023. To achieve this, the firm plans to utilize promotions, campaigns, and strategic pricing in response to the competitive real estate landscape and challenges in managing cash flow, an issue pervasive among developers this year.