Hotel, mall planned at own complex in Nakhon Ratchasima
Property firm Scenical Co has budgeted Bt3.4 billion to develop a mall and a four-star hotel at its Greenery Khao Yai complex in Nakhon Ratchasima province after seeing strong demand in that market, managing director Thawsirit Sivakom said.
Up to Bt2 billion will be invested to develop Greenery Park Mall, a community mall on 72 rai (11.5 hectares).
The project, which will have 9,612 square metres of retail space, is under construction and is targeted to open in December.
The remaining Bt1.4 billion will be spent to develop a 250-room four-star hotel. Construction will begin the final quarter of the year and will be complete in 2015.
Upon completion of this project, the complex will have a total of 500 hotel rooms, along with its two existing hotels, Botanica Khao Yai and Foresta.
Up to 60 per cent the Bt3.4-billion investment budget will be in the form of a project loan from Krungthai Bank, and the rest from the company’s cash flow.
Scenical is also studying development of a new condominium project in the Khao Yai area next year after its Botanica and Foresta condos are complete and transferred to customers, he said.
At present, most of the tourists who visit Khao Yai National Park and its vicinity are Thais, but when the location has more facilities it will attract more foreign visitors, Thawsirit said.
He added that the company also expected more tourists to come in after its community mall is complete.
This should boost its hotel occupancy rate from an average of 60 per cent now to 80 per cent next year. Scenical targets revenue to double in 2015 from this year’s target of Bt1 billion.
Of that, Bt600 million will be from transfers of its Botanica condominiums to customers, and the rest from its hotel business.
This compares with total revenue of Bt400 million last year, all of which was from its hotels, Thawsirit said.
The Scenical Group was founded in 1999 to develop hotels, condominiums, and retail businesses in the vicinity of Khao Yai National Park in Nakhon Ratchasima’s Pak Chong district.
Thawsirit said the group was studying expansion into other tourist destinations in Thailand next year.
“We cannot say where, but we will do it next year. The project will combine hotel, retail and residential [projects] to serve customers’ demand,” he said.