DESPITE reaching the last phase of its large but well-designed 78-rai seaside development, Boathouse Hua Hin has postponed the launch of its fifth condominium tower until this resort market improves, Praphaisith Tankeyura, managing director of Boathouse Hua Hin Company said recently.
Almost 60% of the fourth condominium tower has been sold and only 10% of the units in the first three towers remain to be sold.
“We still have two beachfront villas left but we have empty land plots where we could build more villas in future.
“However these might be in a modern style, we talked to SCG Heim to build modern Japanese-style houses here for senior citizens but we haven’t proceeded any further.
“These are out-of-the-box houses, very fast construction and good for both the environment and old people.
“We have talked to them but no conclusion has been reached, we are waiting for the market recovery.”
However Mr Praphaisith mentioned that prices are staying stable at 100,000 baht a square meter in the fourth tower, up from 56,000 baht a sqm when the project was newly launched.
“Others are selling at a higher price than us because they got the approval to build low-rises; they are under Hua Hin regulation but because we are at the border of Hua Hin and Cha-am, we can use the latter’s regulations and go up 18 stories.”
The current bear market at this resort city has led to most property investment being long term with rental return too being low at around 3-4% a year because condos and homes here are only in demand on weekends and holidays.
“But legally, because of the hotel regulations, people are not allowed to rent out on daily basis, they have to let out their units for at least a month.”
The huge influx for Russian property buyers in Pattaya prior the crash of the ruble in 2014 did spill over to Hua Hin with this development able to draw a lot of them. However, after completely disappearing for a long while they are now starting to slowly return.
“The people who appreciate Hua Hin are mostly Europeans and Americans, on the other hand Germans like going to Pattaya for the nightlife – Hua Hin caters mainly for family-oriented vacationers.”
Mr Praphaisith added that the Chinese also mostly prefer holidaying in Pattaya with only a few coming to Hua Hin.
“The Chinese love bargaining and they buy at a discount.”
TOP: The expansive Boathouse Hua Hin estate with its pools and gardens looks picture perfect at the edge of a calm sea.
INSET: Mr Praphaisith is waiting for Hua Hin to shake off the bear market.
By Nina Suebsukcharoen