Property developer Khaokor Highland City is seeking a strategic partner to purchase a big portion of its vacant land in Phetchabun province for the joint development of a new luxury-resort project.
Deputy managing director Yongyoot Fupongsiripant yesterday said the company was developing the second phase of its high-end resort project called Khaokor Highland Resort II.
The project covers 1,500 rai. Of that, only 300 rai will be developed by the company itself, with the rest offered for sale to an investor interested in co-developing the Khaokor Highland project.
The company purchased the land this year from other property developers in Phetchabun that planned to develop land banks on the highland plateau but faced financial problems such that they were unable to proceed with their projects.
Yongyoot declined to reveal the value of the 1,500 rai that Khaokor Highland City purchased this year. The company is currently assessing the value of Khaokor Highland Resort II.
The 1,500-rai plot is the largest land bank waiting for resort development in Phetchabun, he said.
"Khaokor is a tourist destination for both Thais and foreigners. We believe it to be a worthwhile investment at this time, one that will enjoy a good response once the economy recovers," Yongyoot said.
Of the 300 rai to be developed by Khaokor Highland City itself, a high-end resort of about 50 units and other facilities such as a clubhouse, restaurant and swimming pool will be built on 100 rai. Construction will begin early next year. The remaining 200 rai is being sold to people wanting to build their own resort houses in Phetchabun. About 60 per cent of this land has already been sold.
One resort house, requiring 1 rai of land, costs about Bt20 million, including the cost of land and construction, he said.
Khaokor Highland City has operated the Khaokor Highland Resort for a decade. The project is divided into eight phases. In the first phase, the company constructed 30 resort houses.
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