Mr Sithi, left, and Mr Wongsakorn at a press conference organised to outline the development of Synphaet Phatthanakan Hospital.

SET-listed developer Property Perfect Plc sold a plot of land to Synphaet Hospital to develop a new hospital adjacent to the company's new condo project in the Phatthanakan area, which could help stimulate demand for its condos.

Wongsakorn Prasitvipat, managing director of Property Perfect, said the company had a large land plot near Phatthanakan Soi 37 and last year sold a portion measuring roughly nine rai to Synphaet Co, the owner and operator of Synphaet Hospital.

"The establishment of a new hospital will create a surge in residential demand. This will be driven not only by medical staff but also by investment buyers seeking to rent out units to families of foreign patients utilising medical services," he said.

Sithi Panupattanapong, chairman of Synphaet, said the company planned to spend 2.5 billion baht for the development of Synphaet Phatthanakan Hospital.

The new hospital will feature a 25-storey tower with 300 beds and a usable area of 76,000 square metres. It is scheduled to be completed in 2027.

During the first year, it plans to have 20-30 full-time doctors and 200-300 medical staff. Within the following five years, it anticipates the number of doctors to rise to 50-60 and the number of staff to reach 500.

Within eight years, the hospital is projected to have 100 doctors and 1,000 staff.

"Several property developers with projects near our hospitals are discussing collaboration with us to share the customer base," he said. "This applies not only to residential developers but also retail developers."

Property Perfect's Icondo Activ Phatthanakan condo project is located near the site of Synphaet Phatthanakan Hospital. The low-rise condo project is on a five-rai plot and has two eight-storey towers and a total of 445 units worth 1 billion baht.

Construction got underway in early 2020 but was paused for a period of three years due to the pandemic.

Construction resumed late last year and was completed earlier this month, said Mr Wongsakorn.

Sales were launched in the middle of this year with parents and students of Kasem Bundit University and Thai-Nichi Institute of Technology being the target buyers. The company has reported that 30% of units have been sold so far.

During the first 10 months of the year, Property Perfect posted 8 billion baht in a total presales and was aiming to have 11 billion baht by the end of the year. These figures were revised down from an earlier projection of 16.5 billion baht for the full year and 3.85 billion baht in the first half.