Phuket, Thailand Residental Market Overview

Phuket, Thailand Residental Market Overview
PRWeb : 31 March 2006

By: Press Release


Already considered the ultimate resort destination in South-east Asia, Phuket continues to enhance its offering to global tourists and property buyers, according to international property consultants CB Richard Ellis. The island’s striking natural beauty and its unique hospitality already place it amongst the most popular holiday, second home and retirement destinations.

Phuket, Thailand (PRWEB) March 31, 2006 -- Already considered the ultimate resort destination in South-east Asia, Phuket continues to enhance its offering to global tourists and property buyers, according to international property consultants CB Richard Ellis (http://www.cbre.co.th). The island’s striking natural beauty and its unique hospitality already place it amongst the most popular holiday, second home and retirement destinations. The continually increasing range and quality of its facilities and its low cost of living, which remains a fraction of that of Hong Kong, London or New York, truly sets Phuket apart.

Many five-star international hotel brands are already operating in Phuket; a second international school is currently being planned and Phuket International Hospital, one of the three private international hospitals on the island, has started construction of a new extension. Phuket’s 6 golf courses are regarded as some of the best in Asia; the new Royal Phuket Marina’s high-end boat facility is now in service; and Jungceylon is scheduled to open its retail centre in Patong in time for the high season, improving the already wide range of shopping facilities. Local authorities are also continuously improving the island’s infrastructure.

According to the latest survey by CB Richard Ellis’ Research team, the property supply has also evolved to include properties to fit all budgets, from Baht 2.5 million to US$ 10 million (Baht 400 million). There are now many more high-end projects on the island, with both the number of developments offering villas priced above US$ 1 million (Baht 40 million) and the number of condominium projects with units priced above US$ 0.75 million (Baht 30 million) doubling over the past 12 months.

Mr. David Simister, Chairman of CB Richard Ellis Thailand, explains that “good fundamentals in terms of location, views and the immediate environment, quality of the design and construction, funding of the project, branding and management of the properties are crucial in securing quick sales. Recently launched projects such as Trisara, The Heights and Crowne Plaza Residence have the right elements to ensure success”. Indeed, Trisara Phase C, which consists of exclusive US$ 2.6-5.3 million (Baht 105-211 million) sea view and sea front villas on 1,300 to 2,900 sq.m. land plots and managed by 6 star hotel Trisara, and The Heights, with sea view condominium units priced at Baht 15-37.5 million, were both 50% sold out within weeks of their launch. Crowne Plaza Residence, consisting of Baht 13-15 million condominium units managed by the hotel and located meters from the beach, has sold a third of its units.

The East Coast has also entered a new phase in its development, with the opening of the Mission Hills Golf Course and Chandara Resort & Spa. The construction of the private houses and hotel facilities in Supalai is now substantially under way. Cape Yamu has launched a new project called The Bay, on a site adjacent to theirs, with villas priced at Baht 23.5-55 million, and already has several bookings.

The high level of buying activity on Phuket over the past few months is reflected in the number of air bound arrivals at Phuket international airport, which more than doubled in February 2006 compared to February 2005, and also represents an increase on February 2004 figures. Airports of Thailand (AOT) registered nearly 2 million tourists at Phuket airport between October 2005 and February 2006, a 12% increase year-on-year.

CB Richard Ellis believes that Phuket will remain the premium residential resort market for expatriates living in Asia and will attract ever more global buyers in search of stunning properties, exceptional locations and guaranteed privacy. Land and properties continue to appreciate, as prime sites are becoming an increasingly rare commodity, and yields will continue to improve with the development of the rental business.

Mr. Simister added, “Sophisticated buyers are demanding more professional advice and tailor-made solutions to fit their specific needs. To cater for this, we have opened Phuket’s first Property Service Centre”. The Property Service Centre is a unique cluster of real estate expertise which regroups in one location four international experts in real estate and related disciplines: international property consultants, CB Richard Ellis; international law firm, Johnson Stokes & Master; The villa rental website, www.MyAsianVilla.com and architects and designers, RMJM.