In a strategic move, hospitality firm Standard International is gearing up to unveil two prestigious projects, The Standard Residences, in the idyllic locales of Phuket and Hua Hin during the second quarter. The ambitious venture targets a combined sales figure of 8.5 billion baht, with a resolute aim of achieving a 60% presales target.
Amar Lalvani, the executive chairman of Standard International, revealed that these upcoming developments mark the company’s inaugural and second foray into the Asia-Pacific region and the third and fourth globally, following the successful ventures in Miami and Lisbon. The Miami and Lisbon projects have garnered noteworthy success, boasting sales percentages of 85% and 91% respectively. Lalvani attributes their triumph to the unique branding of the residences, commanding a premium of 20% over comparable projects in the market.
The first of the duo, The Standard Residences, Phuket Bang Tao, is set to be developed by CG Capital, a private equity fund management arm under the esteemed Chirathivat family. The initial investment budget for this venture stands at an impressive 10 billion baht, with the launch scheduled for April. Situated on a sprawling 12-rai site in Bang Tao, the project will feature six seven-storey buildings comprising a total of 188 units, with an estimated value of 4 billion baht. The unit sizes will range from 75 to 313 square meters, encompassing one-bedroom, two-bedroom, three-bedroom, and duplex layouts, with prices commencing at 11 million baht.
Phoom Chirathivat, managing partner of CG Capital, highlighted the surge in tourist influx to Phuket, surpassing 11 million visitors last year, despite the challenges posed by the Covid-19 pandemic. This surge has fueled the demand for residential projects in Phuket, providing a conducive environment for The Standard Residences.
Meanwhile, The Standard Residences, Hua Hin, with an estimated value of 4.5 billion baht, will be developed by the SET-listed developer Sansiri. Situated on a scenic nine-rai beachfront plot, the project will comprise 245 units ranging from 40 to 153 square meters, with prices starting from 8.9 million baht. In addition, the development will feature two exclusive pool villas with a spacious area of 220 square meters, priced around 100 million baht. Uthai Uthaisangsuk, the chief operating officer of Sansiri Plc, emphasized their extensive history in Hua Hin, having developed 25 condo projects totaling 25 billion baht over the past 35 years.
Both The Standard Residences projects are poised for success, with Sansiri anticipating a substantial 60% of units sold before the completion of the Hua Hin project in the second quarter of 2026. The developments not only reflect a robust investment strategy but also underscore the rising demand for upscale branded residences in these sought-after destinations.
