The development, Banyan Tree Residences Creston Hill, is a luxury branded residence near Khao Yai National Park, around 200km from Bangkok.
According to KGI, citing Banyan Tree, this development caters to the growing trend of luxury living amidst nature, appealing to permanent residents and holidaymakers.
It consists of 21 pool villas and 16 condominium buildings, and subsequent phases will include additional villas and condominiums.
In addition, Banyan Tree, which is marking its 30th anniversary, has announced a pipeline of 19 new property openings to be operated under various brands including
Angsana, Cassia, and Dhawa.
These new properties are located at Japan, Saudi Arabia, Vietnam, and South Korea.
For its FY2023 ended Dec 31 2023, Banyan Tree's revenue increased by 21% y-o-y to $327.9 million and earnings surged from just $767,000 in FY2022 to $31.7 million.
It is paying a final dividend of 1.2 cents.
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Thanks to valuation gains, Banyan Tree's NAV per share has reached 80 cents as at Dec 31 2023, up from 56 cents a year earlier.
On the other hand, net gearing ratio decreased from 46% to 27% in the same period, as it was able to pare down debt with improving operating metrics.
Banyan Tree shares changed hands at 38 cents as at 3.36pm, down 1.3% for the day, and up 2.7% year to date.
