Published on July 04, 2006 - CVS Thai Modern Home, a Thai-style knock-down home-builder, is shifting to become a property project developer aimed at deep-pocketed foreigners.

Managing director Komkrit Chantaravisoot said the housing projects developed by the company would be located at travel destinations, including islands.

He said the first housing project would start in the next two months and feature modern Thai-style homes made of teakwood. Each home will occupy 400 square metres of land and priced above Bt20 million.

CVS discovered considerable demand after it built a number of knock-down homes for resort owners over the last two years. The company saw that many foreigners were interested in buying units at those resorts. Moreover, housing projects located at travel destinations can command prices as high as Bt50 million to Bt100 million per unit.

Komkrit said the beautiful landscaping and luxury facilities of its upcoming housing project would increase the value of each home. The company can also produce finished teakwood products for construction. Komkrit said its factory was located in the outskirts of Bangkok.

CVS said the market had a bright future, because there was no other project developer with this style of home. The company has experienced a 50-per-cent drop in sales this year, due to the faltering property sector, plus it recently raised its house price to Bt1.6 million, from Bt1 million before.

Nitida Asawanipont
The Nation