Charn Issara Development plans to launch six new projects worth a combined 16 billion baht, primarily in the luxury segment across Bangkok, Phuket and Hua Hin, driven by strong demand.
Teeraporn Srijaroenwong, managing director of the SET-listed developer, said demand in the luxury segment remains strong despite an unfavourable economy and negative factors affecting the middle to lower-end segments.
"Amid the economic slowdown and high household debt, financial institutions have tightened mortgage approvals," she said.
"Some of our customers were rejected solely because banks deemed their employers unstable, even though the customers had no negative credit history."
Stricter mortgage lending by banks caused the company to report higher rejection rates last year, particularly for a completed project in a lower-priced segment starting from 1.9 million baht per unit.
This year, five of the six new projects are in the luxury segment, with unit prices ranging from 20 to 250 million baht.
The remaining project, a condo development in Hua Hin, has unit prices of 3.9 to 27 million baht.
The projects in Bangkok are single detached houses, with prices ranging from 25-140 million baht across two locations in the Rama IX-Krungthep Kreetha area, as the company's existing luxury project on Rama IX Road was sold out.
"Demand in this segment is robust, both from local and international buyers," said Mrs Teeraporn.
"In recent years we have had customers from Japan, China and Myanmar purchasing single detached houses in the Rama IX and Bang Na area."
All foreign buyers who were business owners and investors purchased through their companies.
However, Charn Issara is considering offering a leasehold contract as an option for these customers this year.
The other four projects being launched this year are located in Phuket and Hua Hin, with two in each area.
These locations benefit from strong vacation home demand, with Phuket primarily attracting foreign buyers and Hua Hin catering to Thai buyers.
One of the new projects in Phuket is Sri Panwa Lagoon, a mixed-use development worth 8 billion baht located on a 62-rai plot in Cherng Talay, comprising villas priced from 30 million baht, hotels, and a community mall.
The project is a joint venture with Natee Panicheewa, whose family owned insurance and finance businesses before shifting to property development.
Mrs Teeraporn said Charn Issara wants to increase revenue to more than 3 billion baht this year, up from 2.9 billion in 2024 and 2.25 billion in 2023.
"We have completed unsold inventory that can generate revenue once sold," she said.
"To increase sales of these units, promotions, campaigns, and strategic pricing will be essential amid high competition and the challenge of cash flow management, a key concern for all developers this year."