Surin Hill eyes Phuket market

The company's deputy managing director Wanwipa Horbut said Baan Thai  Surin Hill Pool villas is the third residential project the company launched last year. Construction is expected to be completed by 2009. The project's sale has earned the company Bt240 million this year. Up to 70 per cent of the buyers are foreign nationals.

Given its success, the company has a strong belief in the demand for luxury-residential projects in Phuket, especially for detached houses. The company is presently studying the market further and hopes to launch another project by the second half of the year.

"Our new project will continue to focus on demand for detached houses from foreigners who want to buy a vacation home or second home in Phuket," she said.

Surin Hill Development is owned by the Horbut family and has a registered capital of Bt5 billion.

The company has developed three residential projects. They include Baan Thai Surin Hill, valued at Bt1 billion; Baan Thai Surin Garden worth Bt160 million; and Baan Thai Surin Hill Pool Villas worth Bt240 million.

Baan Thai Surin Hill and Baan Thai Surin Garden have already been sold and transfer of units began last year. Baan Thai Surin Hill Pool Villas is also sold out and construction is expected to be completed by 2009. The three projects offer units at prices between Bt35 million and Bt100 million.

Wanwipa said as most of its customers are foreigners,  the company has suggested a 30-year contract for land ownership for them.

"Our customers know about Thailand's laws and are willing to operate within the legal framework. We have not faced any problem with sales, especially after the government announced the review of the Foreign Business Act last year," she said.