Phuket News

Beach Spots Attract Investors

Phuket Villas — Fri, 01 Aug 2008 16:46:13 +0000

Phuket, Pattaya, Hua Hin show rise in demand despite overall downturn. This year, the property market will likely grow 3-5 per cent, says Real Estate Information Centre general director Samma Kitsin. He said although the property sector in the greater Bangkok area had declined, the overall market was supported by growth in tourist destinations.

Samma said the property market showed a slight drop in the first half of the year following a rise in construction costs and decline in consumers’ purchasing power. However, demand for residential property in Phuket, Pattaya and Hua Hin has shown strong growth.

He also said home-buyers were likely to make their buying decisions before the current tax-incentive package expires next March 30. “At present, local and foreign buyers receive a tax benefit. Due to this, the number of residential-property buyers, especially foreign investors wanting to buy retirement homes in beach destinations, is expected to rise,” Samma said.

A survey conducted by The Nation showed that a number of residential projects in Phuket, Pattaya, and Hua Hin had sold out even at prices of up to Bt10 million a unit. Supharat Group managing director Sumeth Sukahanpatharam, who launched the Pran-a-Luxe luxury-villa project in Hua Hin, said demand for retirement and second homes in that town from both local and foreign buyers had shown strong growth. “Our project, worth Bt660 million, has 47 villas starting at Bt10.5 million a unit. We’ve already sold nearly half of the project’s value,” he said.

Research conducted by CB Richard Ellis shows demand for a luxury residence at beach destinations like Pattaya, Phuket and Hua Hin has risen.

In Pattaya, a number of recently launched projects fall into this category, including The Cove, The Spinnaker and Northpoint projects. About 30 per cent of units in low-rise condominium projects have been sold. Among low-rise projects, the highest sales rates have been seen in units priced at or under Bt5 million inside Pattaya town.

Overall sales for grade-A condominium projects in Pattaya stood at just under 40 per cent for the second quarter. Combined existing and future supply is roughly 3,500 units, but only half of these have been launched since the beginning of last year - a factor in the overall low sales rate. The highest sales rates have been achieved at cheaper projects priced at or under Bt5 million.

In Phuket, demand for residential property has grown, especially in the high-end market, ever since the government announced plans to upgrade Phuket Airport by 2010. Infrastructure improvements have also helped fuel demand for property in Phuket, which has three existing marinas and another three slated to be completed soon.

Written by Somluck Srimalee
Published on The Nation - nationmultimedia.com

Phuket Development Shifts to Private Islands

Phuket Villas — Mon, 28 Jul 2008 13:55:10 +0000

Phuket property development boom is expanding to four small nearby islands with total project investments of around 20 billion baht, says Risinee Sarikaputra, head of research at property consultant Colliers International Thailand. ”It’s a trend toward private islands,” she said. ”World celebrities, Hollywood stars and people in the ultra high-end segment love privacy and prefer buying a resort on a private island where no one can interfere with them. That’s why many property developers move to small islands.” (more…)

Phuket Tourism Rising Above Global Worries

Phuket Villas — Tue, 22 Jul 2008 12:06:16 +0000

Constantly rising oil prices have been taking their toll on the travel and tourism industry, especially with airlines raising prices or cutting flights and routes - or both. As a result, the Tourism Authority of Thailand (TAT) recently announced a downward revision of its predictions of tourist figures for 2009. This is not to say that the TAT expects the number of tourists visiting the ‘Land of Smiles’ to fall compared with 2007. No, what it means is that the number will not go up by quite as much as originally expected. In fact, even the revised “low” figure of 3.3% growth would be the envy of most other established tourist destinations, and for 2009 the TAT is still targeting a 5% growth in revenue from tourism. (more…)

A Honeymoon in Paradise

Phuket Villas — Mon, 14 Jul 2008 14:38:38 +0000

As we bounced along the streets of this beach side resort town en route to the emergency room, all I could think was that it was a good thing we hadn’t decided to spend our honeymoon on a practically deserted island. When my husband, Bob, and I were planning our wedding, I pushed for a honeymoon trip to a tropical South Pacific paradise. So we researched and nearly signed up for Fiji. But right when we were preparing to put down our nonrefundable deposit in December 2006, Fiji underwent a bloodless military coup. We figured that perhaps it would be better to go where we wouldn’t stand a chance of getting stranded … or worse. (more…)

Island of Dreams

Phuket Villas — Tue, 08 Jul 2008 14:43:57 +0000

After becoming the new owner of Koh Raet in Phuket, Dilokpol Sundaravej and his Canadian partner plan to develop luxury villas, a hotel and marina on the island with an investment totalling five billion baht. The Dubai-based hospitality firm Jumeirah Group will be an investor in the hotel, according to Mr Dilokpol, a partner and managing director of TGR Group and a nephew of Prime Minister Samak Sundaravej. (more…)

Golden Age for Phuket Property

Phuket Villas — Fri, 04 Jul 2008 13:43:18 +0000

Real estate development is booming in Phuket as foreign investors are acquiring vast areas of land for housing projects. A number of foreign developers are to set up companies with Thai business partners to build housing estates and residential projects on the resort island, which has entered what officials call the ‘golden age of real estate development.’Homestay, a type of lodging offering facilities and lifestyles close to those typical of Thai families, has emerged as a popular choice. Swedish businessmen are the latest group to express strong interest in this kind of project. ”Foreigners highly admire the scenery and weather here,” said Phuket governor Niran Kalayanamitr after talks with the Swedish firms. He said the investors saw an opportunity for homestay development to serve Swedish travellers. A number of new homestay facilities have sprung up in Ban Layan and Ban Naitorn in Thalang district as well as other areas around the island. (more…)

High Costs could Affect Phuket

Phuket Villas — Wed, 02 Jul 2008 09:48:23 +0000

Tourism prospects in the approaching high season in Phuket and Phang Nga may not be as brisk as anticipated earlier, as continued rising oil prices are expected to deter some travelers. Maitree Narukatpichai, president of Phuket Tourist Association, forecast that average hotel occupancy in Phuket in the coming high season from November to April would be 70% this compared with 75% in the 2006-07 high season. (more…)

Thirty False Killer Whales Beached in Thailand

Phuket Villas — Sat, 28 Jun 2008 13:27:53 +0000

Thirty false killer whales swam ashore on a beach near the Thai resort isle of Phuket, but local residents and hotel staff saved all but one of them, a marine official said Friday. The whales, which were up to 4.2 metres (nearly 14 feet) long, beached Thursday on Racha Island in the Andaman Sea, said Wannakiat Thubthimsang, director of the Phuket Marine Biological Center. Residents and hotel staff rushed out to carry them back into the rough seas, he told AFP. (more…)

Wake Up to Your Paradise

Phuket Villas — Fri, 27 Jun 2008 16:25:59 +0000

Every day of the week, the internationally renowned landscape-architect Bill Bensley is offered two or three projects that could be based anywhere in the world. Founded in 1990, his Bensley Design Studios (BDS) is now reputedly the most sought-after in the region, with its offices in Bangkok and Bali responsible for more than 100 high-profile properties spread across 26 countries . (more…)

Anti Foreigner Sentiment in Phuket

Phuket Villas — Wed, 25 Jun 2008 01:43:44 +0000

Most likely the short-thinker government and parliament individuals in seek of popularity may make significant impact into local economic growth. Looking into how foreign investment - which also brought in knowledge and set high International standard - enormously boost local economic growth. Instead of taking jobs from Thai people, foreign investment creates even more jobs. Full report by Phuket Gazette are as follow: (more…)