Mira is already hosting guests.
Now, the whole land.

01 · The hand in 60 seconds

What you need to know before reading anything else.

1. 01

   What it is

   A 3.45-rai plot in Wok Tum, leased for 30 years, with room for 14 private pool houses. 4 are built: two open and two opening in January 2027. 10 are still to build.

2. 02

   The round

   ฿9M: a new investor puts in ฿6.62M for 18.06% and the current partners add ฿2.38M. This opens villas 3–4.

3. 03

   The plan

   September 2027: 6 houses · July 2028: 10 houses · May 2029: 14 houses. The 10 new houses (฿65M) are paid for with a ฿25M loan, ฿29.1M of partner capital in 2027–29 and the company's profits.

4. 04

   What comes back

   The new investor puts in ฿11.9M in total (฿6.62M now and ฿5.3M in 2027–29) and receives ≈฿147M over the lease: 12.4× and an IRR of 22.5%. The investment is paid back in 2033.

5. 05

   Why the whole land

   The land, the road, the power and the brand are already paid for. On all of the company's capital, the IRR is 15.9% with 4 houses and 23.7% with all 14.

02 · The place

The sunset coast, 8 minutes from the pier.

Gulf of Thailand Hin Kong beach · 4 min Mira Villas Thong Sala pier · 8 min Open in Google Maps →

Wok Tum, on the west coast of Koh Phangan: the quiet side of the island, the sunset side. Beach, cafés, restaurants and padel all under ten minutes away.

1. Bangkok≈1 h flight
2. Koh Samui45 min ferry
3. Thong Sala8 min drive
4. Mirayou arrive

Nearest beach

Hin Kong · 2 km, 4 min

High season

November to April, dry and warm

Around

28 places in our Friends of Mira guide

Land

3.45 rai · ≈5,516 m² · room for 14 houses

03 · The concept

Under the A. All made by hand.

One idea, repeated in every villa: a double-height teak A-frame roof, floor-to-ceiling glass onto the garden and a pool that is yours alone. Nothing bought from a catalogue.

Architecture

The A

≈115 m² over two floors. Double-height teak ceiling, A-frame window, sunken lounge and open kitchen.

Materials

Teak, rattan, travertine

Made-to-measure furniture by island craftsmen. Every light chosen so the house feels alive at night.

Privacy

Nothing shared

≈70 m² of pool, terrace and garden per villa. Two bedrooms, air conditioning, no shared areas.

04 · Mira today

It's not a render. People already sleep here.

Villa 1

Hosting guests since 1 September 2026

Villa 2

Opens on 12 October 2026

Villas 3–4

Under construction. Open in January 2027

Price per night

฿9,000–฿12,000 high · ฿6,000–฿9,000 mid · ฿5,000–฿6,000 low

Villas 1–2, October 2026.

05 · Two villa types

Two villa types under the same A.

The same house under the A. Villas 1–2 have one bathroom; villas 3–4 add a second, 18 m² bathroom upstairs next to the main bedroom. The type for the new houses will be set with the building contract.

3D design of the new bathroom in villas 3–4 (MOA studio, 2025). Plans simplified from the architect's drawings; measurements are approximate.

06 · How we sell

Our own website, the big three and a reply in under an hour.

07 · Where we are

The base is built. There is room for ten more houses.

08 · The land

The whole land, leased at 2022 prices.

The projections count 30 years of operation, 2027 to 2056, including the extension under negotiation; without it, the lease ends in June 2053. At the end the land returns to the owner: the projections give the buildings no value.

09 · The round

฿9M to open villas 3–4.

10 · The build plan

14 houses by May 2029.

How the 10 new houses are paid for: ฿65M

11 · With all 14 houses

The business in 2032: 14 houses at 81% occupancy.

How revenue is calculated

For each house and each season: nights booked × nightly rate. Expected rates: high season ฿9,000–฿12,000, mid ฿6,000–฿9,000, low ฿5,000–฿6,000. The base case uses the midpoints, ฿10,500 / ฿7,500 / ฿5,500, growing 3% a year from 2028. Occupancy starts at ≈69% in 2027 and reaches 79% in 2030. Houses that open mid-year count only the months they are open.

Example 2027: 4.67 house-years × (14 weeks × ฿73,500 + 12 × ฿52,500 + 10 × ฿38,500) = 4.67 × ฿2,044,000 = ฿9.54M.

Of all revenue, 10% goes to the booking platform and 10% to the management company, before any cost. Costs: maintenance, utilities and cleaning per house; fixed admin and marketing; the land rent; and 3% of revenue set aside for refurbishment. Everything grows 3% a year.

What the partners receive, year by year

• 2027–2029, build years: dividends are still paid, ฿3.2M in 2027, ฿6.3M in 2028 and ฿11.2M in 2029, while partner capital and, from 2028, the loan pay for the 10 new houses.
• 2030, first full year with 14 houses: ฿12.9M, a 20.8% cash yield on all equity invested. ฿14.5M in 2032 and ฿17.2M in 2036.
• 2039, loan repaid: cash above a ฿6M reserve is distributed (฿51.6M that year). From then on almost all cash is paid out: ฿32.6M a year by 2046.
• A payout of 80% or 90% moves the IRR only from 23.3% to 24.0%, but changes how much capital the build needs (฿27.9M vs ฿30.3M). The proposed policy: 85%, plus the surplus cash once debt-free.

On a phone only the main columns are shown; the full detail is in the financial model.

Yield = dividends of the year ÷ all equity invested. All 30 years, every formula and every assumption are in the financial model that comes with this page.

12 · The partners

Who owns what, who puts in what, who gets what.

The 2025 investors keep their 30%. The 2027–29 raise is offered to all partners pro rata; a partner who does not follow is diluted, or the raise is taken by a new partner at a valuation to be agreed. Before dividend withholding tax.

13 · What if we are wrong

What happens to the returns if things turn out differently.

• At the bottom of the rate ranges the IRR is still 20.0%; at the top, 27.3%. With 15% lower occupancy, 20.2%.
• If the new houses cost ฿7.5M (the average of the first four) instead of ฿6.5M, ฿38.8M of capital would be needed and the IRR would fall to 21.7%. That is why the building contracts will be fixed-price.
• Stopping at 4 houses is the worst outcome for everyone: an IRR of 15.9%, 7.0× and an average yield of 24.5% instead of 48.0%.

Scenarios run on the same financial model. Projections, not guarantees.

14 · Next steps

From closing the round to a complete site.

1. 01

   Closing the round

   ฿9M, with ฿6.62M from the new investor. Villas 3–4 open in January 2027.

2. 02

   Building contracts

   Fixed-price, at no more than ฿6.5M per house: 6 houses by September 2027 · 10 houses by July 2028 · 14 houses by May 2029.

3. 03

   Financing

   A ฿25M loan (bank or private) in place by early 2028, and a ฿29.1M capital raise in 2027–29, offered first to the partners.

4. 04

   Management and dividends

   Management at 10% of revenue. An 85% payout of profit every year, plus the surplus cash once the loan is repaid.

5. 05

   Annual review

   Every year the projections are updated with actual occupancy and rates.

15 · Who's behind it

Over ten years building in Thailand.

Álvaro, Néstor and Pablo have lived in Thailand for more than ten years and have worked across very different sectors of this market. Together they have built hospitality businesses with their own brands, and Mira is the next one.

Sport and community

Branded padel clubs in Bangkok and Bali, with an academy, a community and food and drink. More than courts: a place people come back to. And growing: three more openings by 2028.

• BangkokRama IV, next to Thonglor · open
• BaliClub and academy · open
• By 2028Two more clubs in Bangkok (Cloud 11 and Thonglor) and one in Phuket (Rawai)

Featured in

padthaipadel.com →@padthaipadel →

Hospitality

Natural wine bar in Sathorn, Bangkok, with its own kitchen and a full room most nights. One of the city's reference names in wine.

• Wine Bar of the YearBangkok Bar Show Awards 2025, the first year it was awarded
• Star Wine ListRecognised in 2025 and 2026

Featured in

@modkaewbkk →