As the local property and credit markets remain mired in the economic slowdown, a developer has gone back to the simple idea of selling products directly to customers with disposable cash in hand. Ideas 1606 Co, Ltd has launched a resort called Veyla with 15 units worth 360 million baht in Hua Hin, aiming to attract customers with 50-100 million baht in deposit accounts, said director Chone Sophonpanich, whose family controls Bangkok Bank.

''Despite the property slowdown, there remains room for a design project with a different style and low density,'' he said. Since a soft launch early this year, the company has sold half of the units to depositors with cash.

The project will be located on a 4.5-rai site in Khao Tao with a 45-metre beachfront. The 15 units comprise six villas on plots of 100 to 225 square wah and with usable area of between 330 and 360 sq m each. Unit prices would range between 23 million and 54 million baht.

There are also nine condominiums sized from 170-300 sq m and priced at 11-23 million baht, including three penthouses, two duplex units and four two-bedroom units. Construction will start mid-year and is scheduled to be completed by the end of next year.

Bangkok Bank is providing a project loan of 120 million baht for construction. While the source of funds for land acquisition was unknown, the 35-year-old grandson of bank founder Chin Sophonpanich said the market price was around 20-25 million baht a rai.

''If we cannot close sales before the construction is completed, we will rent out the units,'' he said. ''But with only a handful of units to sell, we expect to close sales before that.''

Mr Chone, also a senior director for marketing at Bangkok Insurance Plc, said the company would not stick just to property development. It is also eyeing other marketing-related business with a focus on unique design. Set up last year, Ideas 1606 has registered capital of 20 million baht, 70% of which is held by Mr Chone and the rest by his friends.

The project is the second property venture of the Sophonpanich family in Hua Hin following the Supharat Group, which is developing Pran-a-luxe villas. Its owner is a son-in-law of Chai Sophonpanich, the chairman of Bumrungrad Hospital.

source : www.bangkokpost.com