Piya joins Nye Estate in building Khao Yai project

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Piya International Co, a property firm owned by Piya Bhirombhakdi, has teamed up with high-end developer Nye Estate Co to develop a project in Khao Yai, where the firm owns a large plot of land slated for development.

Nuanlada Ngamtanaphaisarn, managing director of Piya International, said the company sold a 40-rai piece of land to Nye Estate, which plans to develop a luxury residential project worth 2 billion baht to be launched by year-end.

"Our Khao Yai plot is so huge that we should have a partner to accelerate development," she said. "We decided to sell a plot to Nye Estate instead of forming a joint venture, as the latter way would take longer to start."

In Khao Yai, Piya International has two vast plots sized a total of 2,500 rai. One 1,700-rai plot is used for a vineyard, a winery, agriculture and a restaurant. An 800-rai plot is for property development that will take five years to complete.

In 2014, the 40-year-old company launched the first phase of Pirom at Vineyard, a land allocation project in Khao Yai with luxury villas for sale. The phase was on a 45-rai site where 22 plots were divided for sale with land prices of 40,000-50,000 baht a square wah.

Housing units sell for 10 million to 40 million baht. To date, 14 plots have sold.

"The Khao Yai property market slowed down in the first half, largely due to economic sentiment," Ms Nuanlada said. "With a better political outlook, the market will pick up in the second half. Market competition in the middle segment remains high, but that is not so in the luxury segment, due to limited supply."

Piya International plans to launch the second phase of Pirom at Vineyard early next year with 50 plots priced 30,000-40,000 baht a square wah.

Last year it recorded nearly 1 billion baht in revenue, with half from the 54-room Phulay Bay Ritz-Carlton Reserve in Krabi and half from Pirom at Vineyard.

The company plans to develop its 800-rai Khao Yai site with luxury villas, low-rise condos and a hotel. The project will take five years and cost 6 billion baht.

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