Two real estate and property entrepreneurs in Thailand have made the list of the world’s richest billionaires, issued by Forbes magazine. Charoen Sirivadhanabhakdi, owner of the property arm of Fraser & Neave is Thailand’s richest entrepreneur with a net worth of $11.7 billion. Thai real estate mogul and self-made billionaire Thongma Vijitpongpun, reportedly worth $1.15 billion is the chief executive of Pruksa Real Estate, Thailand’s largest developer of townhouses. While both men are extremely wealthy, both of their net worth was impacted by softening property values across the region. Pruksa, for example has seen a 40% decline in shares over the past year.
A new property on Na Jomtien Beach in Pattaya will be the fourth property built in the area by Veranda Group, a luxury hotel company. The project, excluding the cost of land will cost at least 2 billion baht and should be completed within the next two years. The property will be for mixed-use, consisting of 150 hotel rooms and 364 condo units and four villas to buy or rent. Should all go according to plan, the group is actively seeking opportunities to build another hotel in Phuket that will be targeted toward foreign travelers.
Managing director of Veranda, Surasak Wongkiatthaworn, said the company is looking at tourism destinations for new property developments in both domestic and international markets. The proportion of foreign and Thai tourists at each hotel should be similar as a way of avoiding risks, however tourist arrivals to Pattaya are projected to increase by 10% to 9.6 million this year, generating income of 170 billion baht. With its good infrastructure and close proximity to Bangkok’s airport, Veranda group sees a large room to grow thanks to its strong popularity among both local and foreign tourists .
