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.

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Home > News Releases > 2006


News Releases


28 JULY 2006



URA RELEASES THE 2ND QUARTER 2006 REAL ESTATE INFORMATION



1. The Urban Redevelopment Authority (URA) releases today the real estate statistics for the 2nd Quarter 2006.


HIGHLIGHTS OF 2nd Quarter 2006 STATISTICS


PRIVATE RESIDENTIAL UNITS


Prices

2. Prices of private residential properties rose 1.8% in the 2nd Quarter 2006, compared with the 1.5% increase in the previous quarter (see Annexes A-1 and B-1 & B-2).

3. Prices of landed properties rose 1.6% in the 2nd Quarter 2006, compared with the 1.4% increase in the previous quarter. Prices of detached, semi-detached and terrace houses rose 2.7%, 0.6% and 0.5% respectively.

4. Prices of non-landed properties rose 1.7% in the 2nd Quarter 2006, compared with the 1.5% increase in the previous quarter. Prices of apartments rose 2.3% while those of condominiums rose 1.5%.

5. Rentals of private residential properties rose 2.1% in the 2nd Quarter 2006, compared with the 1.1% increase in the previous quarter (see Annex A-2).


Supply And Demand

6. As at the end of 2nd Quarter 2006, the number of private residential units under construction was 24,711, about 10.6% higher than that as at the end of the previous quarter (see Annex C). Of these, 20,838 units had the pre-requisite conditions for sale (i.e. with sale licences and building plan approvals). There were another 3,640 units from projects where construction had not commenced but with the pre-requisite conditions for sale. Hence there was a total of 24,478 units with the pre-requisite conditions for sale, which was 0.1% higher than the 24,460 units as at the end of 1st Quarter 2006.

7. Of the 24,478 uncompleted units with the pre-requisite conditions for sale, 14,717 units had been sold. The remaining 9,761 units which had yet to be sold comprised 3,596 units which had been launched for sale, and 6,165 units which had not been launched yet (see Annex D-1). There were also 754 completed but unsold units as at the end of 2nd Quarter 2006.


8. A total of 3,005 uncompleted private residential units were launched for sale in the 2nd Quarter 2006, compared with the 2,111 units launched in the 1st Quarter 2006 (see Annex D-2). Major residential projects launched in the quarter included Kovan Melody (the remaining 228 units from a total of 778 units) at Kovan Road, One Jervois (200 units from a total of 275 units) at Jervois Close, Southbank (197 units) at North Bridge Road, St Regis Residences Singapore (173 units) at Cuscaden Road and Residences @ Evelyn (157 units from a total of 208 units) at Evelyn Road.

9. During the 2nd Quarter 2006, 2,369 uncompleted private residential units were sold by developers, compared with the 1,699 units sold in the 1st Quarter 2006. Developers also sold 158 completed private residential units in the 2nd Quarter 2006.

10. A total of 1,153 private residential units were completed (granted TOP) in the 2nd Quarter 2006. Major residential projects completed in the quarter were Baywater (232 units) at Bedok Reservoir Road and The Pier at Robertson (201 units) at Mohamed Sultan Road.

11. The vacancy rate of completed private residential units was 6.5% as at the end of 2nd Quarter 2006, compared with 7.4% as at the end of the previous quarter.


EXECUTIVE CONDOMINIUMS

12. As at the end of 2nd Quarter 2006, there were 903 units of Executive Condominiums (EC) in the pipeline, all of which were under construction (see Annex C). All the 903 units had been issued with sale licences and building plan approvals (i.e. pre-requisites for sale). As at the end of the quarter, 811 units had been launched for sale, of which 654 units had been sold.

13. The total stock of completed EC units remained at 9,527 units as at the end of 2nd Quarter 2006, as no new EC units were completed in the quarter. As at the end of 2nd Quarter 2006, the vacancy rate was 0.4%, compared with the vacancy rate of 0.6% as at the end of the previous quarter.


OFFICE SPACE

14. Prices of office space rose 3.5% in the 2nd Quarter 2006, compared with the 1.4% increase in the previous quarter (see Annex A-1). Rentals rose 6.6% in the 2nd Quarter 2006, compared with the 2.3% increase in the previous quarter (see Annex A-2).

15. Office space under construction decreased by 12.6% to 236,000 sq m (gross) as at the end of 2nd Quarter 2006 (see Annex C).

16. The stock of completed office space (with TOP) increased by 47,000 sq m to 6.510 million sq m (nett) as at the end of 2nd Quarter 2006, while the amount of occupied office space increased by 24,000 sq m to 5.710 million sq m(nett) in the same period.

17. Consequently, the vacancy rate of office space increased by 0.3 percentage point to 12.3% as at the end of 2nd Quarter 2006.


SHOP SPACE

18. Prices of shop space rose 1.4% in the 2nd Quarter 2006, compared with the 1.2% increase in the previous quarter (see Annex A-1). Rentals rose 1.4%, compared with the 1.9% increase in the previous quarter (see Annex A-2).

19. Shop space under construction increased by 20.4% to 348,000 sq m (gross) as at the end of 2nd Quarter 2006 (see Annex C).

20. The stock of completed shop space (with TOP) decreased by 4,000 sq m to 3.138 million sq m (nett) as at the end of 2nd Quarter 2006, while the amount of occupied shop space decreased by 3,000 sq m to 2.899 million sq m (nett) in the same period.

21. The vacancy rate of shop space remained unchanged at 7.6% as at the end of 2nd Quarter 2006.


INDUSTRIAL SPACE

22. Prices of multiple-user factory space rose 1.0% in the 2nd Quarter 2006, compared with the 0.5% increase in the previous quarter (see Annex A-1). Rentals of multiple-user factory space rose 0.3%, compared with the 0.8% increase in the previous quarter (see Annex A-2).

23. Factory space under construction increased by 14.4% to 1.896 million sq m (gross) in the 2nd Quarter 2006 (see Annex C).

24. The stock of completed factory space (with TOP) increased by 39,000 sq m to 27.201 million sq m (nett) as at the end of 2nd Quarter 2006, while the amount of occupied factory space increased by 239,000 sq m to 24.550 million sq m (nett) in the same period.

25. Consequently, the vacancy rate of factory space decreased by 0.8 percentage point to 9.7% as at the end of 2nd Quarter 2006.


URA’s REAL ESTATE INFORMATION SERVICE

26. More detailed information on the price and rental indices, supply in the pipeline, stock and vacancy position of the various properties can be found in the Real Estate Information System (REALIS), an online database of URA.

27. Subscribers of REALIS can obtain the information from the system after 12.30 pm today. More information on REALIS can be found at http://spring.ura.gov.sg/lad/ore/login/index.cfm. You can also contact the REALIS hotline at 6329 3456.

The supply of office, shop and factory space under construction is given in gross floor area as the developments have yet to be completed and hence the nett floor area is not available.

ANNEX E-1

SUMMARY OF KEY INFORMATION ON EXECUTIVE CONDOMINIUM (EC)
NUMBER OF EC UNITS LAUNCHED AND SOLD IN THE QUARTER



Quarter/Year


Number of New Units

Launched


Units Sold Directly by Developers 1

Uncompleted


Completed

2001

1Q/2001

2Q/2001

3Q/2001

4Q/2001


1,677

-

678

384

615


1,541

-

672

387

482


382

33

246

89

14

2002

1Q/2002

2Q/2002

3Q/2002

4Q/2002


894

-

-

665

229


718

81

33

391

213


-

-

-

-

-

2003

1Q/2003

2Q/2003

3Q/2003

4Q/2003


400

60

108

232

-


438

73

155

141

69


-

-

-

-

-

2004

1Q/2004

2Q/2004

3Q/2004

4Q/2004


160

84

-

-

76


226

134

38

29

25


4

-

-

2

2

2005

1Q/2005

2Q/2005

3Q/2005

4Q/2005


325

-

292

-

33


342

26

173

110

33


1

-

1

-

-

2006

1Q/2006

2Q/2006



-

94



76

53



-

-

1


This is compiled from the returns of the quarterly survey on licensed developers, based on option given by developers.

ANNEX E-2

SALE POSITION OF EC UNITS WITH PRE-REQUISITIES FOR SALE 1 AS AT END OF QUARTER




1Q/2006


2Q/2006


Percentage Change

(%)

Uncompleted Units Available


903


903


-

Launched


717


811


13.1

Sold 2


601


654


8.8

Unsold


116


157


35.3

Not Launched Yet


186


92


-50.5

Unsold Completed Units 3


0


0


-
1 Refers to executive condominiums with Housing Developer Licence and Building Plan Approval. Under the Housing Developer (Control & Licensing) Act, a sale licence must be obtained for projects with more than 4 units, if the developer intends to sell the residential units in the development. However, the sale of the residential units can commence with the approval of the building plans of the development.
2 Refers to units with sales and purchase agreements signed and given options to purchase.
3 Refers to unsold units in completed executive condominium projects.

For media enquiries, please contact:

Ms Ang Hwee Suan
Head, Public Relations
DID: 6321 8134
Email: Ang_Hwee_Suan@ura.gov.sg

Ms Gillian Tan
Executive Public Relations Officer
DID: 6321 8280
E mail: Gillian_tan@ura.gov.sg


Last Updated on Tuesday 24 April, 2007
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Choosing who is going to move your home is an important decision. This is not the time to be shy. Make sure you fully understand the services each moving company offers and the rate at which the services can be provided.

Below is a list of questions the experts at TWO MEN AND A TRUCK® suggest asking moving companies to make sure they fit your needs.

*

Is the moving company licensed?
*

Does the company charge by the piece or by the hour?
*

Does the company have a minimum charge? How does the company charge after the minimum is met — in 15-minute increments or every half hour?
*

Does the company have any extra charges for larger items or extra flights of stairs? (This is not unusual.)
*

Does the company charge for the travel time from their office to your location?
*

Does the company charge extra for moves in the evenings or on the weekends?
*

What payment options do does the company offer? (Many moving companies require a deposit.)
*

Does the company have full-time employees or does the company use temps and day labor? (Be cautious of companies that use temps or day labor because they may not be properly insured.)
*

Does the company carry Worker’s Compensation for their employees?
*

What kind of training have the movers and drivers completed?
*

Are items insured during the move? (Even if a mover is bonded and insured, it doesn’t mean that your items are covered during the move.)
*

What kind of cancellation policy does the company offer? (You should always be able to cancel or postpone until a few days before your move.)
*

Does the company offer free estimates? (Getting an estimate for all moves is recommended.)
*

Does the company offer suggestions on how to make the move easier? (Movers who care about customer service and making your move a positive experience will do all they can to help you.)
*

Does the company have a contact number for the day of the move should any challenges arise?

By: TWO MEN AND A TRUCK®