These big landlords bought plots when prices were as low as 1,000 baht per square wah or 400,000 baht per rai 30 years ago.
Since then, prices have soared as Khao Yai became a playground for Bangkok, and then rocketed up as after 2010 as Bangkokians looked for a convenient escape from flooding in the capital.
Recently, a three-rai plot next to the popular tourist destination, the Palio Khao Yai faux Italian village, sold for B18 million a rai.
Among the rich Khao Yai landowners is Pinthongta Shinawatra, one of exiled prime minister Thaksin Shinawatra’s two daughters. She is developing a hotel.
On the other side of the political spectrum, Baan Rablom, launched last year, is a 42-unit condo project developed by Ngamphan Vejjajiva, sister of former PM Abhisit Vejjajiva.
Early this year, the wealthy Srivikorn, Chearavanont and Chokwatana families launched condo and villa projects in Khao Yai with a combined price tag of more than B4 billion.
Nalinrat Chareonsuphong, managing director of property consultant Nexus Property Marketing, said developers in Khao Yai comprise two main types.
One includes developers with businesses and land in Khao Yai. These include Bonanza Group and Greenery Resort Group, plus small developers and rich families owning land banks.
The second type comprises large property firms such as Noble Development and Sansiri.
Werapol Chongjaroenjai, vice-president of the Korat Real Estate Association, noted that almost all projects in Khao Yai are launched in the Siam Paragon shopping mall in Bangkok, unlike projects in other areas of Nakhon Ratchasima, which are launched in the province.
“The projects are vacation or retirement homes for the rich. Almost all the buyers live in Bangkok,” he said. “But if the new Nakhon Ratchasima town plan stays the same as in the recent draft, then property development cannot be done.”
According to the draft, the development of subplots, housing projects, condominiums, hotels, resorts, villas, golf courses and factories will be not allowed near Khao Yai National Park.
Over the past fifteen months, according to the Real Estate Information Center (REIC) and Colliers International Thailand, more than 4,500 real estate units, ranging from condos to high-end homes, have been launched in the Khao Yai area
Surachet Kongcheep, Colliers’ senior research manager, said Khao Yai has become a location for luxury houses, villas and condos in recent years.
Selling prices on the Khao Yai-Wang Nam Khieo Road were highest, at nearly B80,000 baht a square metre.