Mr Keerati is pictured in front of several luxury single detached houses at Luxriva Residences Nakhon Si Thammarat.

C.P. Land Plc, a property firm owned by the Chearavanont family, plans to launch nine new residential projects worth a combined 11.3 billion baht in Bangkok and major provinces over the next 12 months, with one third being in the high-end segment.

Chief executive Keerati Satasook said competition in the luxury housing market was high with several players launching new supply, but in some provinces or locations none of them had entered the fray.

"In some provinces, homebuyers in the luxury segment are looking for units, but none are available," he said. "This is an opportunity for us to tap the market after we rebranded a few years ago."

He said the company expects to boost the proportion of luxury residential projects from none to 30% this year and to more than half of its portfolio next year as demand in this high purchasing segment is stronger than the lower-to-middle-end segments.

Among the new launches, five projects worth 6.64 billion baht will be opened this year, with one in Nakhon Si Thammarat province, one in Nakhon Sawan and one in Phitsanulok. The other two projects will be in Khon Kaen, comprising high-rise and low-rise condos.

Next year, there will be at least four new projects worth a combined 4.71 billion baht, with two in Greater Bangkok.

"The majority of our new projects under new brands will be in major provinces as we see potential there," he said. "In Nakhon Si Thammarat, where no supply in the luxury segment is available, we sold out the first phase in just a few months."

He said the province's gross provincial product (GPP) last year totalled 186 million baht, up 4.27% year-on-year, while GPP per capita was 122,490 baht, up 3.98%.

The job market in Nakhon Si Thammarat remained stable, with a decrease of 0.93% in the unemployment rate, while the overall number of small and medium-sized enterprises (SMEs) increased 7% and medium-sized SMEs grew 14.7%.

Two days ago, the company officially launched Luxriva Residences Nakhon Si Thammarat, worth 1.8 billion baht.

It is located on a 44-rai plot behind Grand Fortune Hotel Nakhon Si Thammarat, one of the company's hotels.

With a total of 115 units, the first phase comprising 30 units was sold out, with 80-90% of customers being medical doctors.

The second phase will have units starting from 82 square wah with a usable area of 285 square metres, priced 14-25 million baht.

C.P. Land aims to have 5 billion baht in revenue by the end of 2024, up from 2.5 billion baht last year, which was less than the revised target of 3 billion baht due to less favourable market conditions. The second target was revised up from an initial target of 2.5 billion baht.