Thai Nordic Property Co Ltd, a joint venture between a Thai lawyer and a Swedish investor, plans to launch sales of villas and condominiums in Black Mountain Golf Club in Hua Hin, using a membership strategy to attract foreign buyers. General manager Cheeravat Choojitarom said that since laws restricted foreign ownership while 30-year leases often were not clear, the company would set up a new firm, Black Mountain Hua Hin Co, to own the residential units in the project and customers buying the units would become shareholders of the firm.
''All buyers cannot own the units but their memberships can be transferred,'' he says. ''This is the best way to allow foreign buyers to own a villa, a house or a condo in the project.''
A villa buyer will receive four lifetime golf-club memberships, a two-million-baht lifetime membership for Paolo Hospital and an Elite Card, provided he qualifies for it.
While packages for buyers of condominiums and single houses are being considered, each would receive a lifetime membership for the golf club, he said.
Situated on a 1,200-rai mountainside site 10 kilometres from Hua Hin town, Black Mountain Golf Club, which comprises an 18-hole golf course, residential units and a four- to five-star hotel, will have a total value of 12 billion baht.
The first development, on which work began early last year, was the golf course, which opened two months ago, said Mr Cheeravat.
The residential part is divided into two phases. The first comprises 43 villas sized from 500 to 600 square metres and priced between 40 million and 45 million baht each. There will also be two three-storey condominiums with 120 units sized between 137 and 300 sq m and priced from 10-35 million baht, and a 90-room hotel to accommodate golf tournaments.
Currently, 15 villas are being constructed and are scheduled to be completed by the end of the year.
The second phase, which is being designed, is a housing project with 400 units priced from 9-25 million baht.
The company will launch sales of the first phase in August and aims to close sales within 18 to 24 months. Target buyers are Scandinavians, British and other Europeans.
''The Swedish investor [one of the project owners] plays golf. He visited Hua Hin as a tourist and he loves it here,'' said Mr Cheeravat. ''Since the coup, he has been concerned about the situation but now feels more relieved.''