Luxury holiday home developer Ideas 1606 Co, known for its Veyla brand, is planning to expand the brand into the wellness sector and explore opportunities to target the foreign market in popular tourist destinations.
Prapavadee Sophonpanich, founder and chief executive, said the company trademarked the brand name Veyla, gaining recognition the past 15 years while developing three luxury vacation home projects.
"We are considering an expansion into the wellness industry as our brand continues to increase in value," she said.
"This was demonstrated by our latest project, where some of our customers were already familiar with our products based on previous projects and made repeat purchases."
BRAND BEGINNING
Fifteen years ago, Mrs Prapavadee acquired a 4.5-rai plot of land in Khao Tao, Prachuap Khiri Khan, with the intention of developing a small vacation home project targeting Thai businessmen.
"We created the Veyla brand to represent real estate that offers relaxation and reconnection with oneself," she said.
"Veyla means time in Thai and a house by the beach in Sanskrit."
With this land, Mrs Prapavadee and her husband Chone, who is also the chief executive of Bangkok Life Assurance Plc, founded Ideas 1606 Co in 2008 and launched their first project, Veyla Khao Tao Residences, with nine units worth 400 million baht in 2009.
"At the time, Khao Tao was an up-and-coming location with very few projects developed," she said.
"We purchased the land for 10 million baht per rai. Now the offering price has risen to 90 million baht."
After the first project, the company launched Veyla Cha Am Residences in 2014, comprising 18 units worth 440 million baht on a nearly four-rai beachfront plot on Cha-am beach.
UNIQUE SELLING POINTS
Despite the proximity of both projects to Hua Hin, a well-known beach destination, the company chose not to use the name for their projects, unlike the marketing of many other nearby residences.
Instead, it insisted on using the name of locations that showcase the unique charm and identity of each area.
"Each location has its own charm and distinctiveness," said Mrs Prapavadee.
"We want to honour the identity of the area in which we choose to develop our projects, while striving to make the location well-known, helping to build up the local community."
A third project, Veyla Natai Residences, is situated on Natai Beach in Phangnga. The company decided to use the location name Natai for the project instead of the more well-known Phuket, despite being only seven kilometres away.
"Choosing a location name that matches the area rather than a more popular destination not only distinguishes us and adds authenticity, but also demonstrates our sincerity," she said.
"This approach has proven successful and sets us apart from mainstream developers."
BEACHFRONT VIEW
Veyla Natai Residences is situated on a 5.8-rai plot, consisting of 15 units worth 1.2 billion baht and was launched in mid-2019, shortly before the onset of the pandemic.
During the launch period, two units were sold, both of which were purchased by customers who bought units at the company's first two projects.
"We suspended marketing activities during the pandemic because Natai Beach was very quiet at the time," said Mrs Prapavadee.
"We used that period to make adjustments to products and focused on construction."
From only a bare shell introduced in 2019, the remaining units were offered fully furnished with decorations and additional services in 2020.
Another option is a rental programme for those seeking investment opportunities.
However, the updated units had a 15% price increase, rising from 65 and 85 million baht to 75 and 98 million, respectively.
The company sold seven units and has six remaining for sale, all priced at 75 million baht.
All 15 units are pool villas with three bedrooms, consisting of seven beachfront two-storey units that are sold out, and eight sea-view three-storey units, two of which were sold.
She bought one of the beachfront units for use as her family's second home.
"The first two projects targeted Thai buyers, while the third project focuses on foreign customers because of the location's popularity among tourists," said Mrs Prapavadee.
"That's why we offer large units with three bedrooms, as most properties on Natai Beach are either hotels or rental villas with five to six bedrooms. Half of our customers are international buyers, particularly Asians."
RENTAL SCHEME
The rental programme is managed by Elite Havens, a luxury villa rental and management firm.
The scheme aims to attract foreign buyers who may not stay regularly and want to generate income from their investment.
All of the units were completed in mid-2022 and two sea-view units are available via the rental programme. The highest yield generated was 8%, which occurred during November and December of 2022.
The rental rate is set at US$2,000 per night and the majority of the guests were European or Russian, with length of stay ranging between six to 30 days.
"The Veyla brand is known among foreigners," said Mrs Prapavadee, age 48.
"If opportunities arise to expand overseas in major tourist destinations, we are open to them. However, we have to be careful as our manpower is limited."
She said there are simple principles for developing holiday homes under the Veyla brand: a peaceful beachfront location, access to modern conveniences, a low-density project and a minimalist, timeless design.
"Our next project will be located on Phi Phi Island," said Ms Prapavadee. "It will be larger than the first three projects as the plot is almost 100 rai with a 500-metre beachfront area. We plan to launch it next year."
