Thai resort and hotel firm Elysian Development Co will launch a hillside residential project in Chiang Dao, Chiang Mai over the next few years and build a hotel at its Swan Lake Khaoyai project.
The company's chairman, Manit Udomkunnatum, said the Chiang Dao project will occupy 300 rai on both sides of the Ping River, with two-kilometre riverfront areas.
The project value was not disclosed.
"We are drilling 10 hot pools and installing a hot pool system to make hot water flow past every villa in the project," Mr Manit said. "Under the Swan Lake brand, we will develop upscale villas as a second home for sales, as well as an onsen hotel."
The company is planting thousands of trees on the Chiang Dao plots, with the same concept as the Swan Lake Khaoyai project, where it spent 100 million baht to plant more than 50,000 trees.
"We will wait for the trees to grow taller before launching sales for the residential units," said Mr Manit, 73, the co-founder and former major shareholder of Robinson Department Store.
Launched in February last year, Swan Lake Khaoyai is located on a 200-rai site in Pak Chong district, Nakhon Ratchasima.
When finished, the project will consist of 10 low-rise condo towers of 3-7 storeys each and a total of 282 units worth a combined 5 billion baht.
Units are sized at 65-249 square metres and priced from 9.8 million baht or 160,000 baht per sq m on average.
The project is 85% sold, mostly to Bangkok-based families in the high-end segment. The company aims to close sales by February next year.
"The sales rate was the highest in Khao Yai, as we used Thai superstar Thongchai McIntyre as a brand ambassador," Mr Manit said. "It worked well because our company and project were unknown."
Mr Manit is also the chairman of executive directors at SET-listed Home Product Center Plc. He owns a unit at Swan Lake Khaoyai and usually spends weekends there if he has no board meetings.
The company is building a hotel with 44 rooms with an investment of 300 million baht at Swan Lake Khaoyai, which will be completed next year.
"The economic situation is unfavourable and the stock market is not so good," Mr Manit said. "Residential sales in resort areas may be difficult to close."
He said it might be difficult for senior living projects to catch on, as there is no social welfare from the government.
Options available today are only for elderly people whose children have high purchasing power, he said.
Elysian Development has three hotels: Rosewood Luang Prabang with 23 rooms in Luang Prabang, Laos; Burasari Phuket with 23 rooms at Patong Beach; and Shanghai Mansion with 79 rooms in Bangkok's Yaowarat area.
