Teeming with Booming Tourism, Hua Hin and Phuket Are Identified as Prime Investment Targets
Standard International, one of the most influential brands in the lifestyle hospitality industry, has collaborated with two prominent developers—Sansiri Public Company Limited, a leader in Thailand’s super luxury real estate market, and CG Capital Limited, an investment management firm under the Central Group, to unveil The Standard Residences projects in Asia, redefining the standard with a distinctive touch, the combined value of both projects exceeds 8,500 million baht.
Valued at over 8,500 million Baht, these branded residences are located in world-class tourist destinations, and feature contemporary and innovative designs, synonymous with The Standard brand. As the brand’s first in Asia, The Standard Residences, Hua Hin is the ultimate seaside retreat located in Hua Hin’s most sought-after beachfront. The Standard Residences, Phuket Bang Tao is situated in the heart of Bang Tao, Phuket’s lifestyle center. The ultra-low density 188-unit property sits on 12-Rai, averaging only 16 units per Rai, an exclusive sanctuary amidst the lifestyle hotspot of Phuket.
Post pandemic, Thailand’s tourism has rebounded rapidly beyond official targets with an estimated 28 million international visitors traveling to the country last year. It is forecasted that this volume will accelerate throughout 2024, reaching an estimated 35 million visitors that bodes well for the hospitality and real estate sectors.
Over the years, Hua Hin has seamlessly emerged as a premier choice among resort cities for international visitors boasting high purchasing power. Nestled just three hours away from Bangkok, Hua Hin is a pristine white sand beach town, renowned among the affluent community. Recognized as a wellness heartland of Thailand, Hua Hin also doubles as a golfer’s paradise, boasting numerous golf courses within its captivating surroundings. Future investment into its infrastructure such as upgrading Hua Hin airport into an international hub including private jets, improvements in transportation both road and rail, utilities, and medical facilities with further enhance Hua Hin’s appeal.
Phuket stands as a perennial major magnet for tourism in Thailand, consistently celebrated as the one of the most favored destinations in Asia among tourists. The real estate market in Phuket sky-rocketed after the pandemic, making it an enticing option for those seeking to invest in the region. Substantial investments in local infrastructure further enhance Phuket’s appeal, encompassing upgrades in both road and rail transportation, the Phase III Expansion of Phuket International Airport, and noteworthy additions of world-class specialist medical centers and hospitals. These strategic developments are crafted to meet the escalating demands of residential real estate and rental properties.
With this growth potential in mind, Standard International is excited and honored to be partnering with Sansiri and CG Capital to create Standard’s first two branded residences in Asia.
Amar Lalvani – Executive Chairman, Standard International, said:
Standard International is a global leader in the boutique hotel and lifestyle sector. As the parent company of The Standard hotels, which was established 25 years ago, it has forged a unique identity by breaking traditional rules in hotel standards. The journey began with the opening of its first hotel in Hollywood, paving the way for expansion into key locations worldwide. Notable destinations include New York, Miami, London, the Maldives, Hua Hin, Ibiza, and its Asia’s flagship in Bangkok.
The strength of The Standard’s brand lies in crafting a distinctive, unparalleled experience for guests. It intersects design, art, fashion, and culinary delights to music and nightlife. These are further complemented by a diverse array of programming including fashion shows, art installations, exclusive and innovative dining experiences, live music performances and world-class DJs, A-list parties all the way to the launch of product brands.
Standard International comprises three distinct hotel brands. The Standard breaks traditional rules, boasting modern taste and thoughtful design. Bunkhouse targets the luxury and bespoke hotel market offering a unique identity, stylish travel experiences, and friendly service. The Peri Hotel, a lifestyle boutique, caters to the new generation, providing a home-like atmosphere and delivering world-class quality service with a focus on F&B and creating an environment of happiness.
The Standard Residences serve to underscore the distinct styles and standards synonymous with The Standard brand. Complemented by unexpected yet exceptional services, these projects are an extension of The Standard hotels, crafted to meet the desires of guests who wish to own a piece of this very experience. The branded residences market in the Asia Pacific region has witnessed a growth of 216%. With more diverse locations, The Standard Residences finds its identity with outstanding destinations like Bali, Singapore and Bangkok.
Two ongoing projects are currently underway, with one being The Standard Residences, Midtown Miami. This 228-unit development sits within a 12-story building, with a selling price of 450,000 baht per square meter. Over 85% of the units have already been sold and slated to be completed in the third quarter of 2025. The Standard Residences, Lisbon features 32 units distributed across three buildings, each with a selling price of 350,000 baht per square meter. Over 91% of the units have already been sold and is slated to open in the third quarter of 2024. The selling price of both projects is 20% higher than others within the same market. Distinct features of the residences include a lobby lounge with café, bike storage, a fitness center, a yoga studio, a pickleball court, The Standard Social Club, a karaoke room, and a library, in tandem with co-working spaces.
Amar expresses confidence in the upcoming launch of two new projects for sale this summer. The Standard Residences, Hua Hin is the result of a collaboration with developer Sansiri Company Public Company Limited, a real estate industry pioneer holding the leading market position in Hua Hin. The estimated project value is an impressive 4,500 million baht. The Standard Residences, Phuket Bang Tao represents a strategic collaboration with developer CG Capital, a company under with Central Group. The project has strategically established itself in the prime Bang Tao area, often considered the golden neighborhood of Phuket. The project’s estimated value is around 4,000 million baht. With the aforementioned attributes, these projects are well-prepared for a rapid sales closure, mirroring the success achieved in prior ventures.
Uthai Uthaisangsuk, Chief Operating Officer of Sansiri Public Company Limited, said:
The year 2024 marks a significant milestone for Sansiri Public Company Limited as it celebrates its 40th year as a prominent real estate developer in Thailand. Throughout its extensive history, Sansiri has amassed a wealth of experience in delivering high-quality projects meticulously crafted for discerning residents. These include houses, condos, and townhouses, both within the domestic market and abroad, with a portfolio boasting over 500 projects. Adding to this impressive lineup, Sansiri is set to open its latest branded residence project titled The Standard Residences, Hua Hin.
Hua Hin is a resort town embodying a boutique charm and a unique character. The aura of the past is perceivable in its natural surroundings, the way of life, and the culture of its locals. Despite being an established top resort town, Hua Hin is in a constant state of development and enhancement. The original charm persists, undiminished, even with its rising popularity. Future improvements to infrastructure like roads, expressways, railways, and high-speed trains, alongside the expansion of Hua Hin Airport will further add to Hua Hin’s appeal. Simultaneously, there are strategic frameworks in place to target specific sectors such as wellness and medical tourism. Additionally, Hua Hin aspires to evolve into a “Smart City”, characterized by modern amenities and a strong emphasis on safety.
The industry in seaside cities like Hua Hin boasts a promising outlook, particularly when compared to other tourist destinations in Thailand. It heavily depends on the domestic tourist market, forming up to 75% of its visitors. Sansiri’s presence in real estate development in Hua Hin dates back to 1988, with its first project, Baan Kai Muk, standing as a legendary luxury beachfront condominium with 1000% capital gain as of today. As of now, Sansiri has developed over 25 projects, encompassing a range of houses and condominiums. The cumulative value of these real estate ventures exceeds 31 billion baht.
The Standard Residences, Hua Hin occupies one of the last beachfront plots, considered a rarity in the area. This development comprises a total of 245 units, spread across 12 buildings. Thoughtfully designed with flexibility in mind, options start from a 1-bedroom residence ranging from 40-52 sqm, 2-bedroom residence from 77- 115 sqm, 3-bedroom residence from 107- 153 sqm, and spacious pool villa at 220 sqm. Various amenities include a pickleball court, gym, wellness area, swimming pool, a dedicated pet park and more. Additionally, residents can enjoy various services, including special discounts at the The Standard, Hua Hin spa and restaurants. The pre-sale for this property will commence in March 2024, with move-ins expected in the second quarter of 2026.
Amar Lalvani also highlighted the “Friends with Benefits” privilege, including a 10-15% discount on dining at The Standard and The Peri Hotel hotel restaurants across Thailand as well as up to 25% on accommodation at The Standard group of hotels worldwide. Presently, The Standard group operates 20 hotels across Asia, Europe, and the United States. In addition, buyers will have the ability to participate in The Standard’s curation of events at preferential prices.
Visit The Standard Residences at https://www.standardhotels.com/residences
