Local developer raises serviced apartment living to higher level

BOONJUMNONG Modern Apartment is a new icon in modern living launched by a Koh Samui local who wants to further test the waters in the island’s high-end property market. “Boonjumnong” is derived from the name of the owner Mr. Jumnong and the prefix boon, meaning “merit” or “blessing in Thai.

Khun Threerayuth, the nephew of the owner, said that the inspiration to engage in the property business in the highly competitive market of Koh Samui arises from a desire to show that Samui locals like them can succeed in doing projects that provide the most modern accommodation.

According to Threerayuth the development of the project was more focused on the amenities as the total cost had been cut down by half since the developer, being a local landowner, didn’t have to allot money for land acquisition.

Boonjumnong Modern Apartment is also advantaged by a convenient location on the ring road in Chaweng, close to the Tesco Lotus superstore and other conveniences. “One thing that sets us apart from many of our competitors is our location. We have a good location which is perfect for living—close to supermarkets and cinemas, and easy to find and not too far from the beach,” Threerayuth said.

Threerayuth said Boonjumnong is a modern serviced apartment with all kinds of facilities one looks for in everyday living. He said the serviced-apartment business that caters to the high-end niche is quite new on Koh Samui. The apartment, he continued, offers a new option for those looking for short- or long-term accommodation. Its modern amenities include a swimming pool, Wifi Internet, laundry service, minimart, fitness gym, restaurant, big parking space and CCTV.

Customers can choose to stay on a daily, monthly or yearly basis. Office space is also available for rent. There are a total of 72 rooms broken down as follows: 24 one-bedroom units, 48 studio-type units and 18 office units.

The daily rate for the studio room ranges from Bt1,000 to Bt1,500  and the one- bedroom unit from Bt1,500 to Bt2,000, depending on the sea- son. Monthly rate for studio is Bt10,500–Bt18,000, and Bt25,000 for the one bed-room unit.

With earth tone as the color motif, all rooms are fully furnished with built-in furniture sets. In-room facilities include flat-screen TV, air conditioner, refrigerator, water heater, sofa bed, and beddings. The target customers are both Thais and foreigners as the room rates are relatively cheap, considering the many conveniences the apartment provides.

“We would like to think that we are breaking the ground for a higher level of serviced-apartment living on Koh Samui. There are many accommodations on Koh Samui of the resort, hotel, bungalow and regular-apartment types, but there is only a small number of serviced apartments here,” Threerayuth said.

Despite the political turmoil the country is experiencing, Threerayuth said they plan to expand their property business to serve the growing market. He believes that the property sector will be able to ride out the current political storm since Thailand, particularly Samui, remains attractive to foreigners looking to invest in second or third homes outside of their home countries and future projects, Threerayuth said they can guarantee to provide customers convenient, comfortable, clean and safe living.

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Astudo to invest B950M in 4 new hotels

ASTUDO Hotel & Resort Management Co., a local management firm, plans to invest Bt950 million in developing four hotels in Thailand next year. The company will develop two hotels on its own in Krabi and Phuket. Another two, on Koh Samui and Koh Phangan, will be joint ventures, said CEO and founder Anthony McDonald.

Astudo Property, a subsidiary founded three months ago, will take responsibility for the hotels’ development.“We find that Thailand is a promising location for the hotel business due to its abundance of tourist destinations,” McDonald said. “After managing hotels for others, we see a high opportunity for hotels with 50 to 200 rooms and in this segment you won’t have to fight with big chains.”

Astudo opened three years ago with a registered capital of Bt1 million, offering management and consulting services to small- and medium-sized hotels. It now manages eight hotels, mostly in the provinces, and expects to add four to its portfolio by yearend. Astudo now has three brands: X2 Resorts for five-star properties, Away Resorts for four-star properties and Le Bayburi for residences. It plans to introduce The Base for budget and business hotels.

McDonald, who has been living in Thailand for nearly 20 years, expects by next year to operate 20 hotels here and in neighboring countries. Within five years, Astudo aims to own 10 hotels and manage 30 properties. We are looking for a partner or a hotel owner interested in establishing X2 design hotels in Bangkok,” he said.

Astudo is also eyeing overseas expansion. It expects to sign a five-year contract to manage a 130-room hotel to be completed in Manila in 2010, which will debut The Base brand. It is also in negotiations with potential partners in Vietnam and India.The company’s income, said McDonald, would grow by 35 percent annually before its growth declines to 10-15 percent in 2010 as the income base grows. He expects Bt90 million in revenues this year and Bt130 million next year.

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High-end Sea Samui residences launched

By J.B. HOLDEN

The Sinthoranee Property Co. Ltd. launched on Sept. 30 its latest project, The Sea Samui, which consists of high-end luxury beachfront residences, located directly from the main ring road. In attendance at the launch party were interested investors, Samui residents and members of the local media.

The 21 villas and condominiums, decorated in a tropical fusion style, will appeal to those who love the beach. The attractively designed and presented units were on display as guests toured the residences and enjoyed an array of refreshments.

Wuttichai  Phaoenchoke, managing director of Sinthoranee Property, opened the launch party. Wuttichai, young yet highly experienced, shares management with family members and others within the extensive holdings of the Bangkok-based Thairun Union Car Group Associated Co.

Wuttichai explained that The Sea “is a high-end residence, complete with a tropical fusion interior design and a private beach. The villas and condominiums at The Sea are designed to accommodate the tropical weather while providing a European-level comfort of living.”

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