In-depth insights from the executives of “Capstone Asset,” a luxury real estate developer, on their success and over 20 years of experience in creating 5-star hotel projects and world-class branded residences. They reveal their vision to lead the organization to become number one in the Lifestyle and Hospitality Real Estate sector, preparing to partner with a global hotel chain to develop the Branded Residence in Phuket, “Peylaa Phuket Bang Tao,” a mixed-use condominium valued at 3.7 billion baht.

Refining Experience in the Lifestyle and Hospitality Real Estate Market

From the luxurious hotel praised by both Thai and international tourists, “Kimpton Kitalay Samui,” to the luxury condominium project “Tonson One Residence” located in a highly private and convenient area, and the first mixed-use lifestyle project in the Ploenchit area that perfectly integrates flexible workspaces, restaurants, cafes, health facilities, and gyms. The 5-star lifestyle hotel project that Capstone Asset is developing on Na Tai Beach is becoming a new luxury lifestyle destination, including the latest project in Phuket, “Peylaa Phuket Bang Tao,” a mixed-use condominium distinguished as a Branded Residence under the collaboration between Capstone Asset Co., Ltd., led by Mr. Thitiwat Kuvisitsuwan, Executive Director of Capstone Asset Co., Ltd., and a global hotel chain that aims to ignite a unique living experience never seen before in Thailand.

The diversity of various projects shares a commonality: each project is defined by distinctive design and innovation with clear objectives, reflecting the vision set by Mr. Thitiwat, the managing partner of Capstone Asset, which is the commitment to becoming a leader in the real estate development market in the Lifestyle and Hospitality sectors. This vision aligns with the tourism industry, which is a crucial engine for generating revenue for the country.

“We adhere to the principle of “one project, one brand”, designing each project with unique design and innovation that truly meets the context, market, and target audience of that project, ensuring that every brand has its own distinctive identity,” said Mr. Thitiwat.

Aiming for Number One in the “Lifestyle and Hospitality” Real Estate Sector

In the next 3 to 5 years, Mr. Thitiwat revealed that he has set a goal to become the number one leader in the “Lifestyle Real Estate” and “Hospitality Real Estate” sectors, focusing on developing hotel and condominium projects that integrate both experiences. Currently, no developer has clearly targeted this market, and the trend among today’s consumers places increasing importance on living experiences, a trend evident from leading global hotel groups introducing new hotel brands focused on creating experiences that cater to different lifestyles.

Furthermore, he believes that the real estate business within the hospitality sector in Thailand still has significant growth potential, as it is part of the tourism industry, which has continuously generated revenue for the country. Despite the overall economic situation not being very favorable, he is confident that the tourism business this year will still be a major revenue generator for the country, given Thailand's numerous popular tourist destinations, including Bangkok, Phuket, Samui, Pattaya, Krabi, and Chiang Mai. In Phuket, over the past 2-3 years, many real estate projects have been developed, indicating a market with substantial growth opportunities that can continue to thrive, as it is a globally renowned province. The growth of Phuket is no longer dependent on the overall economy of Thailand but has its own driving force.

Success Refined from Classroom to Real-World Experience

After completing his bachelor's degree at the University of Michigan, Ann Arbor, and a master's degree at Stanford University in the United States, Mr. Thitiwat, who has a special interest and passion for real estate, had the opportunity to intern with Lehman Brothers in their real estate division, which further solidified his career path. Subsequently, he worked with Lehman Brothers in Thailand, responsible for real estate investments. In the following years, he gained experience in hotel development and investment while working with Minor International Public Company Limited for over 5 years, overseeing the hotel business in M&A (Mergers and Acquisitions) and business expansion, playing a crucial role in developing hotels and managing projects that included both hotels and branded residences before starting his own business by establishing Capstone Asset Co., Ltd. in 2019, continuously developing a total of 8 projects worth over 14 billion baht to date.

The Charm of Real Estate Lies in Its Daily Novelty

Mr. Thitiwat further revealed that the real estate business is charming due to the uniqueness of the work, which requires constantly solving new challenges. It is always a challenging job, even similar projects require addressing different lifestyle needs. The company does not develop projects under a single brand that covers all areas but focuses on developing projects that meet lifestyle needs, have unique characteristics, and exhibit synergy, blending the essence of hotels and residences.

Targeting the Phuket Market with Confidence in Its Unique Potential

Amidst a fluctuating economy, Mr. Thitiwat sees opportunities in real estate, especially in Phuket, due to its unique characteristics that set it apart from other locations, combined with its status as a global destination, making Phuket one of the most interesting locations. “I have great confidence in the Phuket market and believe it will continue to grow for a long time. Phuket has its own driving force, with an international airport. Regardless of the overall economic situation or the political situation in Thailand, the impact on the Phuket market is minimal. Even if something happens, it will quickly return to growth, and Phuket will grow even more if the country's situation strengthens. Nevertheless, I believe the Phuket market has a long way to go and will become the best resort destination in Asia, as it is a central hub in Asia, easily accessible with direct flights from many countries, close to China and Europe. Therefore, I am confident that Phuket will continue to grow for a long time,” said Mr. Thitiwat.

Preparing to Launch a Branded Residence that Will Create a New Living Experience

With confidence in the potential of Phuket, the company is developing the “Peylaa Phuket Bang Tao” project, a luxury condominium project valued at 3.7 billion baht, located at Bang Tao Beach, covering an area of 10 rai, 1 ngan, and 94.4 square wah, consisting of three 7-story residential buildings with a total of 408 units, including one-bedroom units starting at 45 sq.m., two-bedroom units of 82 sq.m. and 90 sq.m., and special combined three-bedroom units of 127 sq.m. All units are fully furnished and ready for occupancy.

“Currently, we are discussing details with a global hotel chain and expect to officially launch in September this year. I am confident that this will be another unique project that creates an extraordinary living experience, different from any other project in the country,” Mr. Thitiwat concluded.