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Chone Sophonpanich enters realty

Chone Sophonpanich enters realty - Veyla Khao Tao - Thailand - Real Estate

Chone Sophonpanich, who is in the third generation of the Sophonpanich banking family, has entered the property business by launching his first luxury villa and condominium project.

The Bt360-million Veyla Khao Tao Residences, to be built in Prachuap Khiri Khan's Hua Hin district by Ideas 1606, are targeted at local millionaires and foreign investors planning to shift their money from financial markets to residence properties.

Half of the money needed to build the residences will come from the company's capital and the rest is being borrowed from Bangkok Bank, which extended a loan to Ideas 1606 following presales equalling half the project's value.

Chone is the second Sophonpanich family member to enter the property industry. Chali, son of Bangkok Bank chairman Chatri, established City Realty 10 years ago. Chone is the son of Bangkok Life Assurance vice chairman Choedchu.

Chone, who is a major shareholder in Ideas 1606 and part of the management team, said the company decided to build its first residential project in Khao Tao because the location was suitable for luxury-residence development - 4.5 rai located near a beautiful 45-metre-long beach.

Chone said even though the economy was bad, his company believed there was a market for residential projects at the best locations and with the best designs, especially among Thai millionaires and foreign investors wanting a vacation residence close to a beautiful beach.

"There are a number of residential projects in Hua Hin, but unlike ours, most of those are far from the beach. We believe we'll sell the rest of the units this year after already selling 50 per cent of the project's value in presales - three penthouses in the condominium and one villa," he said.


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