The construction investment group in Phuket is diving into real estate development by establishing Royal CPH Development with a registered capital of 154 million baht. They are launching their first condominium project, Lake Avenue Phuket, located in the Cherng Talay area on over 5 rai of land, featuring two 7-story buildings with a total of 206 units. The average selling price is set at 141,000 baht per square meter, with pre-sales scheduled for August. Plans for an additional pool villa project in the Cherng Talay area are also in the works.

Ms. Sukanya Takeuchi, the financial executive of Royal CPH Development Co., Ltd., revealed that the company was founded in 2014 to develop residential properties for sale in Phuket, starting with a registered capital of 2 million baht, which has now increased to 154 million baht. The main shareholders include five individuals, both Thai and foreign, with over 20 years of experience in the real estate sector, including construction, finance, and interior design. The company was founded by Mr. Hugh John Butler, along with executives Mr. Thanakorn Wongsawat, Ms. Luraya Saengkrajang, Ms. Narudeesiri Min, and Ms. Sukanya Takeuchi.

The group initially started as a construction contractor under ASL Management Contracting Co., Ltd. in 2003, primarily working on condominiums, hotels, hospitals, and international schools. They also operated Athena Siam Co., Ltd., focusing on construction, architecture, and consulting for high-rise buildings. This experience led them to see opportunities for investment in real estate development in Phuket, where they have continuously studied the feasibility of projects and gradually acquired land, particularly in the Cherng Talay area, a popular location among both Thai and foreign investors.

The company initially planned to launch its first low-rise condominium project between 2018 and 2019, but the COVID-19 pandemic caused a global economic slowdown, including in Thailand, leading to a postponement of their investment plans. They are now set to relaunch in the second half of 2024 with the project named Lake Avenue Phuket, valued at 1.94 billion baht.

The project is located on 5 rai and 40 square wah in Soi Cherng Talay 3, less than 200 meters from the main road, surrounded by two large lakes. It consists of two 7-story buildings with 206 units, offering spacious living areas starting from 34 square meters for one-bedroom units, 48 to 61 square meters for two-bedroom, one-bathroom units, and 67 to 70 square meters for two-bedroom, two-bathroom units, with three-bedroom, three-bathroom units ranging from 92 to 142 square meters.

Additionally, there will be junior penthouse units of 118 square meters with three bedrooms and three bathrooms, and penthouses ranging from 174 to 180 square meters with four bedrooms and four bathrooms, all fully fitted with kitchen sets, air conditioning, wardrobes, and bathroom fixtures. The residential units will be located from the first to the seventh floor.

The project design is inspired by the area's historical mining activities, reflected in the facade's copper, gray, and black colors. The swimming pool is designed in layers, resembling a mine dug deep into the ground. The design was executed by a Bangkok-based company, making the project distinct from local competitors, with MAKE A SCENE handling the design, LANDSCAPE TEXTONIX managing the landscaping, and GALLERIA overseeing the interior decoration.

Surveys indicate that most buyers in Phuket prefer two-bedroom units priced under 8 million baht, catering to families looking for second homes. Consequently, Lake Avenue Phuket has designed the most units as two-bedroom, one-bathroom apartments with approximately 48 square meters, making up 54% of the total, priced between 7 to 8 million baht, or about 141,000 baht per square meter. There are also 38 units of two-bedroom, two-bathroom apartments at 70 square meters, averaging 10 million baht. In contrast, only 11 one-bedroom units of 34 square meters are available due to a surplus of similar units in the Phuket market. The primary target customers are Thai buyers seeking second homes or vacation properties, as well as investors, while foreign buyers are expected to come from Europe, Russia, and North America, with an anticipated 49% of units reserved for foreign buyers.

The project's amenities will occupy 1 rai, featuring a one-story clubhouse with a fitness center and co-working space, two swimming pool zones, a large public park with both natural and rock gardens, and underground and first-floor parking for 113 vehicles, or 50% of the total units. Additional features include EV charging stations, a restaurant, and a pet-friendly area for dogs and cats weighing no more than 1.5 kilograms, with 24-hour security and access control through facial recognition and key cards.

The Lake Avenue Phuket project has already passed environmental impact assessments and construction has commenced on the foundation and piling. Completion and handover of the units to customers are expected by the end of 2026, with official pre-sales starting in August, while the Sale Gallery is currently under construction in Cherng Talay Soi 1, adjacent to the project located in Cherng Talay Soi 3.

Ms. Sukanya noted that the competition in the Phuket condominium market is quite intense, especially within a 2-kilometer radius of the project site, where 3-4 projects from publicly listed companies are currently selling, such as The Title Legendary Bang Tao by Rompho Property Co., Ltd. (Public), the So Origin Bang Tao Beach project by Origin Group, and The Standard Residence Phuket Bang Tao by Sansiri Group. In contrast, Lake Avenue Phuket offers a competitive price advantage of 15-20% lower than its rivals and features a lakeside location, making it the first of its kind in Phuket. Additionally, the project management team consists of local professionals with over 20 years of experience, providing a deep understanding of the area and the needs of local buyers. Future investment plans include launching a new pool villa project priced under 16 million baht in the Cherng Talay area, with land acquisition negotiations currently underway, aiming for a launch in 2026.