Development of the new six-star Naam Hotel is underway as the Tangsin family awaits environmental approval to build the 4-billion-baht riverside project next to its existing Ramada Plaza by Wyndham Bangkok Menam Riverside.
The new hotel is set on a riverfront plot next to the existing hotel on Charoen Krung Road, said Daecha Tangsin, a director of Menam Forum Co.
Upon receiving approval for an environmental impact assessment (EIA) report, the company will be able to begin construction of the 250-room property next year.
"The tourism sector is improving but is not yet in a healthy condition or at the same level as it was before the pandemic," Mr Daecha said. "Our Ramada Plaza has an occupancy rate of only 20-30%, driven by a shooting team from a Korean TV series."
Established in 2017, Menam Forum was set up to develop the new hotel. It has registered capital of 240 million baht, with the major shareholders including Mr Daecha, his mother Malee, his siblings, and his son Dejroj.
Led by Mrs Malee, the family owns large plots of land in the provinces.
One of them is a 30-rai plot on Koh Samui which they plan to develop into a hotel, and will be the next project after The Naam Hotel.
The largest plot in Mrs Malee's possession was a 300-rai plot in Salaya sub-district of Nakhon Pathom that was acquired 30 years ago.
The land was divided into subplots and handed out to her children, with some parts also sold off.
One of the subplots given to Mr Daecha is a 12-rai piece of land, of which seven rai will be developed for a condo project, a hotel, serviced apartments, a female dormitory, and a community mall under the name Salaya One, worth a combined 2.2 billion baht.
"The Mahidol University community comprising students and lecturers are looking for a residential development with large facilities in this area. Our mixed-use development can capitalise on this demand," said Mr Dejroj, managing director of Salaya One's developer Menam Development Co.
The condo project Salaya One Residences will have three eight-storey towers with a total of 471 units sized between 31.5 and 75 square metres and priced between 2.5 and 5 million baht each.
Investment buyers are expected to account for 70% of purchases, followed by parents and end users with 30%.
Mr Dejroj said 20-30% of the condos are expected to be sold when the project launches in the next few weeks, with a target of 60-70% sold by the end of the year.
Salaya One Residences will be completed by the end of 2023.
The development will also include the 1,500-sq-m Salaya One Lifestyle Mall and rental residences, which will be made up of 130 serviced apartments, 100 female dormitory rooms, and a 100-key hotel, all of which will be completed by mid-2023.