Bangkok--3 Oct--CB Richard Ellis (Thailand)
One surprising characteristic of the coup that took place in Thailand on Tuesday 19th September is how little it impacted business activities and the everyday life of people in Bangkok and in Thailand. Business carried on as usual in most sectors of the economy, and the general feeling both amongst the local population and foreign investors knowledgeable on Thailand was positive. If anything, people seem to be relieved that the political deadlock is over and view the future with renewed optimism.
Thailand is, and remains despite the recent events, one of the most attractive countries in South-East Asia. Its resort and city property markets benefit from Thailand’s tropical climate, unparalleled hospitality, world-class facilities, great access from anywhere in the world, and low cost of living. This unique blend of assets makes the Kingdom one of the most desirable places to live and invest in.
The performance of the Phuket and Andaman Coast property markets in the week following the coup demonstrates the continued attractiveness of Thailand, according to Mr. David Simister, Chairman of CB Richard Ellis (Thailand) Co., Ltd. ”In the week following the coup, CB Richard Ellis has received instructions to acquire land for developments in Phuket and Phang Nga, and inspected several prime sites with investors seeking to develop resort properties. CB Richard Ellis acted for the vendors and introduced Kingdom Hotel Investments and the European Hotel Corporation Ltd. to the 66-acre site that they secured last week in Phang Nga, on which they are planning to develop the US$ 115 million Raffles Phang Nga Resort and Residences. Also in the Phuket area, Destination Properties concluded their purchase of the 125-room Fenix Resort in Karon on the day of the coup.
In addition, CB Richard Ellis is currently dealing with a number of overseas purchasers wishing to buy residences priced in excess of US$ 3 million. “
Barama Bay, a private island off the east coast of Phuket offering custom-made residences managed by Jumeirah, and Trisara, the island’s new alternative to Amanpuri offering striking villas with panoramic sea views, are two of the most luxurious projects that wealthy purchasers are looking at. They offer the crucial ingredients of privacy, stunning location and excellent service.
Mr. Simister explains, “The property markets in Phuket and other resort areas are thriving and show no signs of slowing down. Properties continue to reach new pricing points, with individual villas selling at over US$ 10 million and condominiums selling at up to US$ 1.4 million in Phuket.”
The attraction of Phuket is not only at the top end of the market, and many property developments offer good capital appreciation prospects at several price levels, especially in newer areas like the east coast of Phuket, Phang Nga or Krabi.
“From the level of enquiries over the past few days, we see continuing healthy interest in Thai real estate, especially in resort areas. We strongly advise anyone with existing real state holdings not to contemplate early disposal. If they are considering such a move however, we have investors at hand", concluded Mr. Simister.
For further information:
Mr. David SimisterChairman —Thailand+66 2 654 1111
Ms. Ngamjai Jearrajarat Corporate Communications Manager+66 2 654 1111 Ext. 522
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