The Company is in property development and sale including land and house and condominium units. In generals those business generates 65 % of total revenue while the rest come from rental and services in Charn Issara Tower, an office building and shopping mall and the Charn Issara Tower 2, an office building and shopping mall. Its hotel business contributes 3-5% of total revenue while the remaining 25% come from other revenues such as services and utilities from property project, management fees, interest income and other revenue.
Product or services description
The Company operate 5 businesses as follow;
Property Development for sale.
The Company has a total of 7 completed project developments of which part of those are in the process of transfer to customer and the remaining part are stock for sale with some are still in development stage, those details of which can be summarized as follows;
1.1 Issara Residence Rama 9, The New Symphony of Freedom. The project is located on Rama Nine on Soi Rama Nine 13 road in the city center close to entrance and exit of the expressway and the future MRT orange line. Designed by a leading architect, the 3-storey house of modern tropical style has usable space of up to 834 Sq.M.. The design provides up to the maximum of 8 car parks including elevator and swimming pool. The Baht 2,000 million project has only limited 20 units with starting price of Baht 80 million and 50% has been sold while the transfer to customers has started since in the fourth quarter of 2018. This project is undertaken by Charn Issara Development PCL.
1.2 Baan Issara Bangna. The project is located on a plot of 24 rai of land close to Mega Bangna with a combination of 2 and 3-storey detached house with 332.5 to 697 Sq.M. of usable area. Surrounded by greenery, the project offered units with starting price of Baht 3.8 million. The Baht 2,560 million, project consist of 43 units of single detached house and the show suite has now been completed. This project is developed by CIN Estate Co.,Ltd. which is a subsidiary company.
1.3 Issara Collection Sathorn, project is a luxury 7-storey residential condominium. The limited 33 units consist of 2-3 bedrooms and 3 bedrooms duplex with usable space ranging from 110-240 square meters. The project is valued at Baht 877 million and to date more than 55% has been sold. Its construction has been completed around the second quarter of 2017 and has been transferred to customers. This project is undertaken by Charn Issara Vipaphol Co., Ltd. which is subsidiary company.
1.4 ISSI Condo Suksawat, a residential condominium on Suksawat road close to the future BTS purple line station. The 24-storey building on a site of 4 rai 3 ngan house 892 units ranging from 21 -55 Sq.M. To date, 98% of those units has been sold. This project is developed by a subsidiary company, C.I.N.Estate Co., Ltd
1.5 Issara Chiangmai, located in Amphur Muang, Chiang Mai province, the Issara Chiang Mai project is a luxury residential condominium consisting of 2 seven-storey buildings with a total of 265 units. Unit sizes range from 35-70 square meters of 1-2 bedrooms at the starting price of Baht 1.89 million. The project is valued at 1,700 million Baht. This project is developed by a subsidiary company, Charn Issara Vipaphol Co., Ltd.
1.6 Baan Sita Wan, project at Pakchong, Nakorn Ratchasima is a residential resort amongst natural surroundings. The 27 rai project site consists of 2 and 3 bedroom house. There are a total of 52 houses with total project value of approximately Baht 700 million. This project is developed by Charn Issara Development PCL.
1.7 Baan Thew Talay Aqua Marine The villa style residential condominium project on beach of Cha-am Huahin. Fully equipped with facilities targeting B+ to A market segment, the 13 rai site of 57 meters beachfront is only 10 minute drive from Hua Hin. A group of row rise buildings, 4 of four-storey buildings on the beach front and 1 fifteen-storey building further in from the beach giving a total of 270 units of 1-3 bedrooms with floor space of 44-193 sq.m., 270 units. The project has been sold more than 98%. This project is in Thew Talay Estate which developed by a subsidiary company, Issara United Co., Ltd.
1.8 Baan Thew Talay Blue Sapphire, On the site of 15 rai there are 2 four-storey buildings and 1 fifteen-storey building with unit type ranging from 35-151 square meters of 1-3 bedrooms of total 421 units combined. This project is sold by more than 80%. This project is in Thew Talay Estate which is developed by a subsidiary company, Issara United Co., Ltd.
1.9 Issara Village is a 35-unit townhome on tranquil location of Petchkasem Km. mark 212 close to Cha-Am intersection and only 300 meters from the beach. The Baht 170 million project is on 4 rai site surrounded by 5 star hotels. To date there is only 1 unit left for sale. This project is developed by a subsidiary company, Charn Issara Vipaphol Co., Ltd.
1.10 BLU, project is the subsequent residential condominium project following the two quality projects namely Baan Thew Talay Aquamarine and Blue Sapphire, the best condominium in Thailand which won awards for two consecutive years from the International Property Awards. The 21-storey building on 7 rai of beach front site house 30-60 square meters 1-2 bedrooms. This project is in Thew Talay Estate which developed by a subsidiary company, Issara United Co., Ltd.
1.11 Baba Beach Villa Huahin. This project is a luxury resort on Huahin - Cha Am beach and is part of the Thew Talay Estate. The 279-525 Sq.M. 2 storey house with swimming pool on 111-197 Sq.W. of land plot at Baba Beach Club Hua Hin has a starting price of Baht 42.9-80 Million. The project has been partially completed in 2018. The approximately Baht 480 Million project consists of 11 villas of which 91% have been sold. Currently there is a construction of another 7 villas at an approximate value of Baht 210 million which due for completion by the end of 2020. This project is developed by Issara United Co.,Ltd. and Issara United Development Co.,Ltd.
1.12 Baan Chok The two-storey beachfront house inspired an iconic colonial style known to Hua Hin. Baan Chok Café & Eatery offers an undisrupted beach views, spacious design, vibrant outdoor seating, and a 1,500sq.m courtyard garden suited for various exclusive events and functions. With an additional upper gallery showcasing historical items from the Chokwattana family, Baan Chok specializing in serving classic teas, stylish coffee, and traditional desserts, accompanied by a charming menu of smaller bites.
1.13 Sripanwa project is a luxury residential villa on 80 rai site of Cape Panwa, Tambol Vichit, Amphur Muang, Phuket province. The Baht 2,000 million project consist of 21 units of 3-6 bedrooms residential villa for sale and 4 units of X25 pool villa to be completed in 2019. The project is developed by Charn Issara Residence Co.,Ltd., a subsidiary company.
1.14 Baba Beach Club Phuket is a luxury residential villa located on 42 rai beach front site on Na Tai Beach, Tambol Kok Kroy, Amphur Takua Tung Phangha province. It has a 200 meters beach frontage of quality beach and sea. The Baht 1,440 million phase 1 consist of six 5-bedroom beach front villa and eighteen 2-bedroom pool villa which has been sold by more than 20%. The project is developed by Issara Junfah Co.,Ltd. a subsidiary company.
1.15 Charn Issara Tower 2. A 36-storey office building on New Petchburi road, a location with easy access and surrounded with amenities such as shopping malls, hospitals, schools, restaurants, Ekamai and Thonglor township. The building as a total of 58,000 Sq.M usable space and is occupied by 95%. Tenants include leading companies such as Siemens, Samsung Insurance, Boehringer Ingelheim, Thai Credit Guarantee Corporation (TCG) for instance.
Office building and retails space for sale,
for the long term lease and rent: Charn Issara Tower on Rama 4 and Charn Issara Tower 2 on New Petchburi Road. The Company manage a total of 34,513.29 sq.m. of rentable space which comprise of the Company’s space of 3,825.61 sq.m. and 30,687.68 sq.m. of contracted management for Bangkok Commercial Property Fund. Charn Issara Tower II has occupancy rate was 90% of total rentable space with leading tenants such as Siemens, Samsung Life Insurance and Thai Credit Guarantee Corporation (TCG) for instance.
Charn Issara Residence, a subsidiary company has obtained a hotel operation license and started the boutique hotel operation at Sripanwa hotel, Phuket in the 3rd quarter of 2006. It has 11 pool villas of 18 rooms and another 23 pool villas in phase 3 which had been completed and added into its room inventory in 2009. The operation has been successful among satisfied Thai and international guests. Later in 2013 the Company has sold Sripanwa hotel which is on 21 rai 2 ngan and 55 Sq.W including buildings and facilities of 38 units of pool villas and 7 units of pool suites and their related hotel facilities to Sripanwa Property Fund which the Company hold 30%. The Company then lease back Sripanwa hotel for operation under 15 years term on agreed rental. Now Sripanwa Property Fund has been converted into Sripanwa Real Estate Investment Trust (Sripanwa REIT) in December 2016. There was an additional development of HABITA hotel consisting of 30 units of pool suites and penthouse and X29 Villa and sold to the trust in 2016 at Baht 1,300 million.
In the 4th quarter of 2017 the Company has embarked on another two hotel operations namely Baba Beach Club Hua Hin and Baba Beach Club Phuket. Baba Beach Club Hua Hin is in the Thew Talay Estate project site, a Baht 1,800 million pool villa and pool suite. The beach front zone has now been completed and operational. Baba Beach Club Hotel is on the same site of Baba Beach Club Phuket on Na Tai beach, Kok Kroy, Phangha. The hotel operation which started since the end of 2017 has in its room inventory 16 units of cabana villa and pool suites.
Office building management, management of condominium juristic person/housing juristic person and property project management:
the Company was appointed by Bangkok Commercial Property Fund as Property manager and Assets manager for the Fund’s assets including office suites in Charn Issara Tower and Charn Issara Tower 2 totaling 30,687.68 sq.m. since 2002. In addition, the company has been hired by International Resource Development Co., Ltd. to manage its financial and accounting affairs as well as its development projects.
For the management of condominium juristic person or housing juristic person, the company and its subsidiaries manage condominium and housing estate which the Company and its subsidiary develop such as [email protected] Sukhumvit, The Issara Ladprao, Baan Sitawan and resort condominium Thew Talay Estate for instance.
The company has investments in the following subsidiaries associated companies and Property funds as follow:-
Total paid registered Capital (million)
Par value (Baht)
Shareholding Percentage %
|Charn Issara Residence Co., Ltd.||140.00||1,195,000||100||85.364|
|C.I.N. Estate Co., Ltd.||250.00||1,499,996||100||60.000|
|Charn Issara Vipaphol Co., Ltd.||100.00||499,997||100||50.000|
|Issara United Co., Ltd.||300.00||1,499,996||100||50.00|
|Sri panwa Management Co.,Ltd.||30.0||3,000,000
(CIR - the subsidiary
|Issara Junfa Co., Ltd.||420.00||2,940,000||100||70.00|
|Issara United Development CO., Ltd.||360.00||1,799,996||100||50.00|
|Charn Issara REIT Management Co., Ltd.||10||1,000,000||10||100|
|International Resources Development Co., Ltd.||1,757.95||2,810,695||100||15.9889|
|Hida Grill Co., Ltd.||13.00||47,060||100||36.20|
|Bangkok Commercial Property Fund||1,000.00||33,300,000||10||33.300|
|SRI PANWA HOSPITALITY REAL ESTATE INVESTMENT TRUST||3,097.72||27,906,400
(The Company hold 27,906,400
shares =10% and CIR, the
subsidiary hold 56,901,149
shares = 20.39%)
There are a total of 10 subsidiary companies and related companies as follows:-
Charn Issara Residence Co., Ltd. develops property for sale and hotel under “Sripanwa”. ”. It current development of Baht 2,000 million consist of 21 units of 3-6 bedrooms residential villa for sale and 4 units of X25 pool villa to be completed in 2019. The project is surrounded by islands and sea view of Cape Panwa, Phuket, a world class destination. To date 2 of those villa have been sold and the construction of four units of X 25 pool villas in phase 3 is ongoing with target completion towards the end of 2019.
In 2012 the Company has sold the hotel part which consists of 21 rai 55 square wah of land and buildings including pool villa, family suite, 38 units of luxury villa, and 7 units of Pool Suit together with all related hotel facilities to Sripanwa Property Fund while the Company hold 30% of the units issued by the Fund and lease back Sripanwa hotel for 15 years of operation under the agreed fix rental. The Company has developed a new hotel phase which will be an additional 30 rooms of pool suite room type to meet the increasing demand of tourists travelling to Phuket. The Construction to be completed and operational by the end of year 2015. The Sripanwa Hotel Property Fund had been converted into trust under the name of Sripanwa Hospitality Real Estate Investment Trust in December 2016. And there was sold of an additional 30 pool suites and X29 residential villa for injection into the trust back in December 2016 with an approximate value of Baht 1,300 million.
C.I.N. Estate Co., Ltd. is engage in property development for sale. There are one current development and two completed namely, The Issara Ladprao which is a large scale condominium on 5 rais site between ladprao Soi 12 and Soi 14, The Baht 2,800 million project comprises of a 47-storey of 561 units which locate only 300 meters away from Ladprao MRTA. Currently the project is under sales and transfer to customers 100%. Early in the year 2013 there was a launch of ISSI Condo Suksawat, the latest brand of Charn Issara Group on Suksawat road nearby the planned BTS station, purple line. The 24-storey building on 4 rai site offer units ranging from 21 square meters to 55 square meters under the price range of around Baht 1 million. The project is packed with common facilities such as a large lobby, a luxury swimming pool, and sky garden with fresh breeze op the rooftop of the building. A superior security system features key card with an absolute control of entry and exit to and from the building. The project was launched in early 2013 with good feedback. Currently sales has exceeded 98% and the construction which is undertaken by Italian Thai Development PLC has been completed. Transfer to customer has been made since the 4th quarter of the year 2015.
In 2018, the Company has launched “Baan Issara Bangna” which is located on a site of 24 rai of land close to Mega Bangna. The project has a combination of 2 and 3-storey 332.5 to 697 Sq.M. detached house. Surrounded by greenery, its design is a heritage from one generation to the next by a leading architect with full functions. Project facilities include a generous clubhouse, large swimming pool, modern fitness and amphitheater to bond the family relation, jogging track around the estate and lush greenery. It has a starting price of Baht 38 million. Currently there are constructions of show suites and customer’s houses.
Charn Issara Viphapol Co., Ltd. is engage in property development for sale. There are 5 completed namely is (1) Baan Pleon Talay (2) Baan Chan Talay, two project was sold and transfer 100% (3) Issara Village. A new concept townhome allowing you to live close to the nature, surrounded by a beautiful garden and swimming pool. The limited 35 units is privately tranquil with highlight on its functional design in natural surroundings. For pet lovers, pet is allowed at Issara Village. The 4 rai site on Petchkasem road Km mark 212 is surrounded by many 5-star hotels such as Viranda Resort & Spa, Springfield at Sea, Regent and is only 5 minute drive from Palm Hills Golf Course. This Baht 160 project is now ready for moving in with the remaining 1 units. (4) Issara Collection Sathorn project, a luxury 7-storey residential condominium packed with premium qualifications on the golden location of Sathorn road. This is another outstanding development of Issara Group who won awards in property developments both in Bangkok and resort destinations of this country. The limited 33 units consist of 2-3 bedrooms and 3 bedrooms duplex. The Issara Collection Sathorn is ideal for family living with spacious space of European kitchen and Thai kitchen in some units, high ceiling clearance exceeding generally accepted standard and usable space exceeding 100 square meters in each unit contribute to the homey atmosphere for resident. Luxury lifestyle is fulfilled in some units with private elevator and individual interior decorations. (5) The Issara Chiang Mai which is a luxury, 265 condominium units in 2 of seven-storey buildings. Each unit was well designed for highest functional space allowing plenty of rooms for enjoyable experience of every family member. A selection can be made from 35-70 square meters of 1-2 bedrooms. At the starting price of Baht 1.89 million, the unit comes with a variety of facilities, be a large hall, library, Jacuzzi, a freeform swimming pool, an exercise room, a jogging track, a car parking lots, and 24 hours security. The development has now been completed with an additional of 3 rai land bank waiting for development.
Issara United Company Limited is a joint venture between Charn Issara Development PCL., Saha Pattanapibul PLC. And ICC International PLC all of whom are well recognized. The joint venture is for the purpose of property development for sale. Currently the Issara United to be completed develop 3 projects located on a site at Km. mark 209 Amphur Cha Am Baan Thew Talay Aqua Marine is a baht 2,000 million villa style residential condominium project fully equipped with facilities targeting B+ to A market segment. The 13 rai site of 57 meters beachfront is only 10-minute drive from Hua Hin. Low rise buildings, 4 of four-storey buildings and 1 fifteen-storey building are erected diagonally to the beach for maximum sea view. There are 270 units of 1-3 bedrooms with floor space of 44-193 sq.m. available at the price range of Baht 3.1-35 million. Every unit carries a unique character of being surrounded by lush green landscape while opening up for the sea view. The architecture is conceived on Natural Contemporary concept by the renowned Habita Architect. The project is won 2 international property awards from International Property Awards being Best Condominium and Best Leisure Development of Thailand. This project has been transfer to customer on 98% since the 4th quarter of 2014. The second project is Baan Thew Talay Blue Sapphire, the site of 15 rai by the beach house 2 four-storey buildings and fifteen-storey building with unit type ranging from 36-159 square meters of 13 bedrooms total 421 units combined. The design in Aqua Contemporary style by the renowned Habita Architect is inspired by water resulting in unique water feature such as lotus pond and free form swimming pool which are well integrated into the lush greenery of the landscape opening up sea view in the natural surrounding making up a natural ambience. The project is expected to be completed by 2015. Currently, this project has been sold and transfer more than 80%. The third project is BLU, the subsequent residential condominium project following the two quality projects namely Baan Thew Talay Aquamarine and Blue Sapphire, the best condominium in Thailand which won awards for two consecutive years from the International Property Awards. Developed by the Issara United, the outstanding landscape by Cha Am beach was conceived from the lifestyle concept of living on atoll similar to Maldives. Featuring a charming tropical seaside living, the first step on BLU will make you feel the stylist luxury yet humble entrance architecture amongst trees and shrubs connecting entrance and lobby with a view angle open up to the enormous swimming pool surrounding the building. The 21-storey building on 7 rai of beach front site house 30-60 square meters 1-2 bedrooms with a starting price of only Baht 1.89 million Currently, this project to be complete the construction and has been handed over to customers since the last year 2016. For the 4th project, such as Baba Beach Villa Hua Hin is a luxury resort on Huahin - Cha Am beach and is part of the Thew Talay Estate pool villa which is designed and developed by Issara United Co.,Ltd., one of the subsidiary of Charn Issara Development (PCL), Thailand’s leading developer. Baba Beach Villa Huahin has outstanding features in its location and design which set itself apart from general resorts. The Neo Colonial Style house of unique design and functions with generous common area come with rental program of good return on investment under the management of Sripanwa hotel Phuket who has won many acclaimed awards worldwide with over 10-year experience. The 279-525 Sq.M. 2 storey house with swimming pool on 111-197 Sq.W., 11 units with a starting price of 42.9-80 Million Baht. This project was completed in 2018, 90% sold and transfer to customer 10 units.
Sri panwa Management Co., Ltd. was incorporated in 2014 to manage the Sripanwa hotel. The property under management consists of 38 pool villas, 7 pool suites including their related hotel facilities such as Pool Club, restaurant, Cool Spa, Beach swimming pool, private beach, tennis and yoga court. The property is leased from Sripanwa Real Estate Investment Trust (Sripanwa REIT) on 15 years term under fix rental contract. The Company which is a subsidiary of Charn Issara Residence Co., Ltd. holds 100% shares.
Issara United Development Co., Ltd., likewise Issara United Co., Ltd., is a collaboration between Charn Issara Development PLC, the legendary Saha Pathanapibul PLC and ICC International Co., Ltd. that aims to do hospitality business. Its first project was the development of an ultra-luxury hotel, Baba Ceach Club Hotel Hua Hin. The project has been completed and operational since the 4th quarter of 2017. By the end of 2018 the Company had sold 18 keys of beach front pool suite to Sripanwa REIT and has engaged Sripanwa Management Co.,Ltd. to manage the hotel. At present the Company is developing phase 2 which is the main hotel of 54 keys. The construction of which is expected to be completed in 2020.
Issara Junfa Co., Ltd. is a joint venture between Charn Issara Development PLC and Junfa Real Estate Co., Ltd. a leading property company from China PRC to develop a mix-used project under the name “BABA BEAH CLUB PHUKET” situated in Natai Beach, Kokkroy Sub-distrcit, Takua Tung Disctrict, Phang Nga Province., The project sprawls over 42 rais of 200 meters beach frontage site of quality beach and sea, embraced by a coconut plantation and shaded by native trees. BABA BEACH CLUB PHUKET consists of 6 five-bedroom beachfront villas. Some parts of the land are reserved for a hotel construction featuring a beach club, beachfront villas, pool villas and pool suites surrounded by a natural garden landscape and an expansive swimming pool. The hotel construction has been completed and operational since the end of 2017.
Charn Issara Reit Management Co., Ltd. Is a trust manager for the Sripanwa Hospitality Real Estate Investment Trust an approximately Baht 4,000 million REIT
International Resource Development Co., Ltd. Is develops property for sale. Its land bank of 923 rais is located near the Suvarnabhumi Airport. Part of the land bank of some 400 rais has been sold to King Power Group who develop the land into the largest Polo Course in Thailand. In addition there will be golf course and residential development as well.
Hida Grill Co., Ltd. is a joint venture between Charn Issara Development PCL and a famous group of chefs of Thailand. It engaged in restaurant business namely Hitori Omakase which was established on June 5, 2014. This restaurant is in Charn Issara Tower II building on New Petchburi road.
Company Groups Structure as of December 31, 2018
The Company’s revenue can be classified as follow:
(Unit : Million Baht)
|Type of Revenues||2018||2017||2016||2015|
|Revenue from sales||2,068.8||64.90||1,476.7||63.7||1,908.4||61.8||2,040.7||74.4|
|Rental and service income||80.09||2.52||80.7||3.5||79.7||2.6||77.9||2.8|
|Revenue from hotel||699.33||21.94||571.6||24.7||530.6||17.2||465.7||17.0|
|Gain on Sale of Sri panwa Hotel||-||-||-||-||429.4||13.9||-||-|
|Management fee income||43.15||1.35||68.6||3.0||73.8||2.4||63.2||2.3|
The Company emphasize in maintaining quality of housing, resort, residential condominium, 6 stars hotel, office building and quality of services which is consider a success factor in past years. The company wishes to pursue the development of residential housing project, residential condominium, resort home and hotel business as it sees the continued growing trend in residential type of development. While the residential development can be in low rise and high rise at the price level which allow profit the office rental is however not feasible for the investment in new building. The Company is therefore not expanding its office rental business but concentrate in expanding the residential business with a target to develop not too large projects in tourist destinations such as Hua Hin, Cha Am, Chiang Mai or Phuket and urban area where transportation is convenient. Target audience for those development are working age with moderate to high income who has individual lifestyle.