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Porch Land & Apus launch
THB 1 Billion Del Mare Bang Saray
Culture Minister Sonthaya Khunplome presided over a
glitzy opening ceremony and party for the Del Mare Bang Saray Beachfront
Condominium, a joint project off the drawing boards of development companies
Porch Land and Apus. The event was attended by local luminaries, public
officials and company executives among the 800-strong guest list.
“Del Mare Condominium will be the very first high-rise in Bangsaray. With a
capital investment of over 1 billion baht it will be built on 4.2 Rai of
prime beachfront land and will feature a 33-storey high-class condo in a
modern and elegant design containing 395 private units,” commented
Chisanucha Pakdeesaneha, CEO of the Porch Land Group, during the launch
ceremony.
The project includes 1, 2 & 3-bedroom units with built-in furniture, with a
starting price at 2.6 MB. Room sizes vary from 39.5sqm units to 375sqm and
the project has already achieved 40% reservation or 158 units in the first
period of sales. The construction will start in the first quarter of 2014
and is due to be completed in 2015.
Management executives and
honored guests give a grand opening toast for the new Del Mare Bang Saray
development.
The project includes a swimming pool surrounded by large
lush gardens, a fitness center, restaurants, tennis courts and a 7-storey
car park plus an international standard 24-hour security system and all
amenities. The development is very close to the many attractions in the area
such as Nong Nuch Tropical Garden, Silver Lake vineyard, and the upcoming
Cartoon Network Water Park.
“Del Mare Bang Saray Beachfront Condominium is located in such a perfect
place and offers an idyllic lifestyle next to a small town with a clean and
private beach,” added Chisanucha.
On the opening day, all customers who booked and made contracts for the
21st-floor rooms upwards were awarded flight tickets to Maldives with
chances to win other special awards.
For more information, call 084-2134-777, 084-2135-777, 084-2136-777 or go to
website www.Porchland.com, or
visit the showroom at the project construction site.
Chisanucha Pakdeesaneha, CEO
of Porch Land Group, (right) outlines details of the project to potential
customers.
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A grand design for Centara’s new 5-star hotel in Pattaya
Centara announces design plans for its new
five-star Grand branded hotel in Pattaya, set to open later this year. For
more details,
Centara Hotels & Resorts will be opening a new five-star
Grand branded hotel in Pattaya in the third quarter of this year, and
promise to unveil a design that in creativity and innovation will be unlike
anything else in this seaside resort city.
Centara Grand Phratamnak Resort Pattaya will be the third Centara Grand in
Pattaya, with a fourth under construction, and all are startlingly different
from each other.
Set amongst the high-end residential addresses of Pattaya’s Phratamnak Hill,
with the beach only a few steps away, the hotel is designed to complement
this exclusive neighbourhood.
Marble and granite clad the public areas, the lobby furniture is all Fendi,
and fabrics and furnishings used in the guestrooms are of the highest
quality.
Centara, along with the Tulip Group who own the hotel, and designers Model
1to1 Co and Gooodlux Design Consultants have created a ground floor that is
dominated by an underwater world, with a giant aquarium in which live
diverse forms of exotic and colourful marine life, and flowing naturally
from this ocean kingdom is a shimmering world of translucent light.
 Lighting
design director Sirisak Pituck says that light, glass and water are used in
conjunction with fibre optics to create a mood in which land and water fuse
into one element.
“The ceiling is glass, the walls are glass, the elevators are glass, and
everything flows from and with the water,” he says.
General manager of the hotel Dominique Ronge says that Phratamnak Hill is
unlike any other part of Pattaya.
“This district is the premier address in the city,” he says. “Residences
here are very expensive villas and condominiums. On top of the hill at Wat
Phra Yai is the biggest Buddha image in Chonburi province, visible from
miles away. This is a very exclusive place.
“We wanted to create a hotel that did more than attract the guests; we
wanted to build something that the residents themselves were proud of. We
wanted a stunning design, a living piece of art, but at the same time we
wanted unashamed quality, which is why so much effort and investment has
gone into the smallest details of the rooms, right down to the fine linen
sheets and the Jim Thompson pillow cases.”
The lobby area of Centara
Grand Resort & Spa Pattaya.
Only eight storeys in height, the hotel blends in with
the varied skyline of the hillside district, and is designed in two wings
with a central courtyard. Original artworks provide vivid splashes of colour
and texture along the walls, and blown glass has been used for the lights
and the sculptures.
A chic city-resort style hotel with 165 rooms and suites, the hotel will
also be family-friendly, the accommodation including Family Residence units
with a king-bed master bedroom and a separate children’s area with bunk
beds. Guests staying in selected rooms and suites will enjoy added
privileges in the exclusive environment of the Club Lounge.
The all-day dining restaurant, Oceana, will offer a modern setting along
with an international and Thai menu, with the accent on in-season local
produce and open kitchens that offer a glimpse of the action. There will be
a fine dining steak house with a wide selection of wines, a bakery named
Espresso will offer freshly baked breads and cakes, and on the rooftop and
featuring spectacular ocean views will be an Italian restaurant and bar
named Altezza.
Among the leisure facilities are a rooftop pool and a fitness centre. The
resort will feature two meeting rooms and there is also a delegates’ bar
that provides a perfect setting for coffee breaks.
Oceana all-day dining
restaurant features a unique aquatic theme.
Set directly on the beach is the hotel’s own Beach Club,
a place to chill out and enjoy fresh juices, coffee, snacks and light meals,
and a selection of beers, wines and cocktails. On the second and third
floors of the Beach Club is Spa Cenvaree, with tranquil ocean views and a
menu of individual treatments and spa journeys.
Centara’s first hotel to open in Pattaya was Centara Grand Mirage Beach
Resort Pattaya, set on the beach at Wong Amat in North Pattaya. In Naklua,
and also on Wong Amat Beach, adjacent to the Sanctuary of Truth, is the
newly opened Centara Grand Modus Resort & Spa Pattaya. The fourth Centara
Grand will be at Jomtien Beach, and is still under construction. The group
also has two properties in Central Pattaya, namely the four-star Centara
Hotel Pattaya and the Centara Nova Hotel & Spa Pattaya, which is part of the
Centara Boutique Collection.
Centara Hotels & Resorts is Thailand’s leading operator of hotels, with 40
deluxe and first-class properties covering all the major tourist
destinations in the Kingdom. A further 17 resorts in the Maldives, Vietnam,
Bali Indonesia, Sri Lanka and Mauritius Indian Ocean, brings the present
total to 57 properties.
SPA Cenvaree.
Centara Hotels & Resorts also operates two
state-of-the-art convention centres in Bangkok, and two in northeastern
Thailand, one being located in Udon Thani and the other in Khon Kaen. The
latest Centara brand is named COSI Hotels, an economy brand designed for
travellers who predominantly make their bookings via the internet and who
want comfort and convenience at the most friendly prices available, which is
under development with the first property due to open in 2015.
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Bangkok condominium market: No need for cooling measures at this stage
Suphin Mechuchep.
As concerns of real estate bubbles escalate, the Bank of
Thailand recently asked commercial banks in Thailand to become more cautious
about mortgage lending, particularly to borrowers who are suspected of
buying houses or condominiums for speculative purposes. While the BOT’s
position is reasonable as easy lending can inflate real estate bubbles,
cooling measures are not needed at this stage, according to Jones Lang
LaSalle, a professional services firm specializing in real estate.
“As the Thai stock market has heated up and the baht continues to
strengthen, some economists in both the public and private sectors have
voiced their concerns over possible bubbles in Thailand’s real estate
markets. This concern is probably based on an assumption that many people
who have made profits from the stock market may invest in the housing or
condominium market. However, there haven’t been any clear signs of a bubble
in Bangkok’s condominium market to-date,” said Suphin Mechuchep, Managing
Director of Jones Lang LaSalle.
“A real estate bubble can occur when there is excess
demand from speculative buyers and abundant liquidity through borrowing that
drive property prices to levels well above their fundamental economic value.
Bubble conditions can also be caused by developers themselves, undertaking
development without proper market studies and planning, leading to
overbuilding. However, our close monitoring of Bangkok’s core and central
condominium market shows that the aforementioned conditions do not presently
exist,” said Suphin.
Despite the strong growth of new supply, prices of condominiums in both
completed buildings and off-plan projects in Bangkok continue to rise.
However, the price increases have been gradual and driven largely by
sustained demand expansion, improvements in product quality and offering, as
well as rising development costs.
While it is hard to identify the actual percentage of speculators in the
condominium market, the consensus is that some condominium projects by
leading property developers attract a considerable number. These projects
include those in the upper-mid-price segment located in prime locations,
which show high potential to appreciate in price when construction is near
completion or is complete. However, these projects are generally few and far
between, as actual profits on changes in condominium prices are unlikely to
lure strong speculative demand. Overall, most buyers are end users who
purchase the property for their own use and/or investors who look for an
income-generating asset as a long-term investment.
On the supply side, most of the new projects are in the mid-price segment
(THB 75,000-100,000 psm), satisfying growing demand from both young, middle
aged and retirement year buyers adopting a more urban lifestyle. In the
luxury segment, new launches have slowed down over recent years, allowing
the supply under construction to be absorbed by the market.
Going forward, prices of new condominium development will continue to edge
upward, mainly due to higher development costs, including land that is
becoming scarcer to find in locations that are suitable for new development.
In addition, new projects tend to offer higher-quality products in terms of
both design and construction, which will contribute to higher prices.
“While The BOT’s request to commercial banks to become more cautious about
mortgage lending is a sound initiative, we don’t think any cooling measures
to curb property transactions are necessary at this stage as there remains
no clear sign of a real estate bubble. Any measures to curb property
transactions could simply undermine real estate demand as the intervention
could eventually result in added costs to buyers, for whom affordability is
ultimately the key issue,” Suphin concluded.
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Northern high-speed train to see progress next month
The Office of Transport and Traffic Policy and Planning
(OTP) expects that the government’s high-speed train project on the northern
route will solidify next month.
Director of the OTP Chula Sukmanop said some progress would be seen on the
Bangkok-Chiang Mai high-speed train route, both in the train operation
system and the locations of stations. He revealed that, from September to
October, the government would allow foreign countries to bid for the project
and give a presentation on their train formats and technologies to be used
with the Thai system.
The high-speed train project is part of the government’s two-trillion-baht
infrastructure development plan.
Mr Chula added that the government would invest in the track system but
would have the private sector operate the trains. Most high-speed train
stations might be outside normal train stations to avoid problems in terms
of construction and expropriation of land.
(NNT)
Sansiri appoints CBRE as joint
sales agent for Baan Mai Khao
(From left to right): Uthai
Uthaisangsuk, Senior Executive Vice President for Condominium Business and
Project Development, Sansiri PCL, Charinya Youngprapakorn, Associate
Director - Head of Marketing Services, CBRE Thailand, Aliwassa Pathnadabutr,
Managing Director, CBRE Thailand, and Srettha Thavisin, President, Sansiri
Public Company Limited, pose for a photo after inking the new sales
contract.
Sansiri Public Company Limited, one of the largest
residential property developers in Thailand, has recently appointed CBRE
Thailand’s Residential Sales Services team as the joint sales agent for Baan
Mai Khao, Sansiri’s first premium-class beachfront condominium development
on Mai Kao Beach in Phuket. CBRE is among the world’s largest real estate
services firms with operations in more than sixty global markets.
Comprising 206 units in six three-story condominium buildings and three
five-story buildings, this sprawling 5.41- acre beachfront project on
Phuket’s secluded Mai Khao beach offers one to three bedrooms and penthouses
ranging in size from 640 sq. ft. to 2,540 sq. ft. Facilities include a large
landscaped garden, outdoor recreational area, swimming pool, children’s pool
and fitness room.
Sansiri’s signature after-sales services and professional concierge service
are also offered exclusively for owners. Prices start from USD 240,000 per
unit. The project is slated for completion in mid-2015.
Sansiri’s Baan Mai Khao
project in Phuket.
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August Design completes interior blueprint for Centara Grand
One of August Design’s
stunning plans for Centara Grand Resort & Spa Jomtien.
One of Thailand’s top interior design consultancy firms,
August Design, has now completed final plans for the interior work at Tulip
Group’s hotel - Centara Grand Resort & Spa Jomtien. The five-star hotel sits
on the same site as Tulip’s world class condominium, Centara Grand Residence
(CGR)
August were employed to work on the guest rooms, the club residents lounge
and the roof top sky restaurant and bar, and have delivered some fantastic
results.
An extremely satisfied Kobi Elbaz, CEO of Tulip Group, explained why they
had employed such a prestigious company.
“August Design is one of Thailand’s most respected and well known interior
design companies, they bring fresh and innovative ideas to the table and
they are a pleasure to work with,” said Kobi. “Their entire work process is
extremely focused and professional and this is what makes them so sought
after. We are very happy with what they have come up with, the hotel is
going to be stunning and really put Na Jomtien on the map as a prime tourist
destination, combine this with the condominium and we really have a true
world class project,” he added.
Residents at Centara Grand Residence will have the use of all the hotel
services and facilities. In addition, the condominium will have a whole host
of facilities exclusive to residents and condominium owners.
P49 Deesign has also been employed jointly with August to complete the
concepts for the all-day dining facilities, the ballroom, and remaining
common areas of the hotel, which are also complete.
Tulip confirms that construction of the project will commence in the next
2-3 months, once final EIA approval has been received.
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Major Development inspects
construction of Reflection Jomtien
Petrada Poolvoralaks, Executive Director of
Major Development Public Company Limited, Somchai Sirilertpanich, Managing
Director of Syntec Construction Public Company Limited, and Veerachai
Borirajdachakul, Manager Director of Bewtech Company Limited, join with
construction workers to inspect the the rooftop of Reflection Jomtien Beach
Pattaya.
Executives of Major Development joined with the project construction team
management recently to inspect the rooftop of the Reflection Jomtien
condominium, a 3.3-billion-baht 6-star development located at the southern
end of Jomtien Beach, Pattaya.
Standing on an area of 8 rais, the project boasts two towers with a total of
335 units and comes with over 50 world-class facilities. At present, the
condominium has sold 80% of its units. In preparation for its completion,
the developer has launched a special promotion offering free down payment
and a full set of furniture worth up to 2 million baht, plus a 300,000-baht
voucher. The project’s completion is expected by this August (2013).
For more information on Reflection, call 038-233-111 or visit
www.reflectionpattaya.com.
An artist’s drawing shows the completed project.
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Report: Hua Hin condominium trend
shifts to 1-bedroom units
According to a recent survey conducted by Knight Frank
Chartered (Thailand) Co., Ltd., for the past decade, the condominium supply
in Hua Hin has been mostly comprised of 2 to 3-bedroom units. However, at
present, the condominium trend has shifted to 1-bedroom units with selling
prices of less than THB 2 million.
Frank Khan, Head of Residential Department at Knight Frank says that most of
the buyers who purchased Hua Hin condominiums use them as holiday homes,
rather than for investment purposes. Recently, some buyers purchased
condominiums to generate rental income; this is because there are not many
hotels in Hua Hin, and thus there is a growing demand for rental
condominiums for short stays from Friday to Sunday, or the long weekend.
The rental market is growing quickly as Scandinavian and
Russian tourists are coming to Hua Hin and renting apartments for 3 to 6
month stays. They prefer 1 or 2 bedroom apartments with full recreational
facilities such as swimming pools, beach access, and tennis courts.
The condominium supply in Hua Hin was plentiful during 2012, and Thais
dominated the market, representing around 75% of the buyers. This is in
sharp contrast to the Pattaya market, where the target customer groups
include a variety of Thais, foreigners, and professionals who work in the
industrial estates of Chonburi.
There are many shopping and recreational facilities in Hua Hin that serve
visitors, including community malls such as Santorini, Cicada, The Venezia,
and Plearnwan; Black Mountain Water Park; and Samphannam Floating Market.
Supply Trend
An artist’s rendering shows
the AD Resort Hua Hin.
Knight Frank Thailand has accumulated data on the
condominium supply in the Hua Hin region from 2003 to 2012 - this includes
Cha-am, Hua Hin, Khao Takiab, Khao Tao, and inland areas.
The accumulated condominium supply of Hua Hin by the end of 2012 was about
18,102 units, increasing by 35.2% from the end of 2011. The new condominium
supply has increased sharply, with approximately 4,709 units from 15 new
condominium projects being launched during 2012. Of this figure, a grand
total of 3,255 units were offered during the first half of 2012, whereas a
total of 1,454 units entered the market during the second half of the year.
Cha-am was still the most popular location in the Hua Hin condo market, a
trend that continues from the previous year. This was due to the
availability of the land plots as well as the existence of several
commercial developments that provide an extensive range of restaurants and
retail outlets, making the area more convenient for residents.
There was a large additional supply in the Cha-am area,
with about 1,696 units, or 36% of the total number of units launched, from 4
new condominium development projects entering the market in 2012. AD Resort
Hua Hin was the largest project, with 1,128 units in the Cha-am area.
The emerging area in Hua Hin was found in the Inland Area, with
approximately 1,424 newly launched units during 2012. The projects were
developed by Sansiri, with unit selling prices of THB 1.5 to 3.5 million;
however, the projects were located quite far from the beach. This was
followed by the North Hua Hin and Khao Tao areas, accounting for 18% and 15%
of the total units launched in 2012, respectively.
Demand Trend
The unit take-up in the Hua Hin condominium market increased in 2010, with
around 1,076 units sold; in 2011, there were around 1,344 units sold. The
unit take-up in 2012 was especially robust, with approximately 2,879 units
sold.
The take-up rate decreased from 72% in 2010 to 45% in 2011; this was due to
the condominium supply influx, with around 6,000 units launched in 2011.
Knight Frank’s research indicates that the take-up rate has increased to
49%, with the total demand of around 8,906 units by the end of 2012.
Statistics indicate that the historical unit take-up during the peak year of
the Hua Hin condominium market was around 1,000 to 1,200 units per annum.
Thus, the unit take up in 2012 was tremendously higher than the unit take-up
in the peak year.
Mr. Khan added that Hua Hin condominium buyers’ profiles are divided into
two target groups: Thais who account for 75% of the market; and expatriates
working in Bangkok and foreign retirees, including Scandinavians, Russians,
and Germans, who make up the remaining 25% of the market.
Thai buyers are a strong force in the Hua Hin condo market; this is due to
the fact that Thais who live in Bangkok, especially the affluent ones, are
looking for a second home or a holiday property near Bangkok. About 200
kilometres from the capital or a 2.5-hour drive, Hua Hin is a deservedly a
popular destination, providing many interesting tourist attractions and
activities. Also, the beach in Hua Hin is considered to be more beautiful
than the beach in Pattaya.
The report by Knight Frank indicated that nowadays, the market has changed.
There are many medium-income earners from Bangkok who are buying condominium
units in Hua Hin for weekend stays; budget condos in Hua Hin have thus sold
quite well.
Pricing Trend
Due to the convenience of South Hua Hin, the resale price of condominiums in
this area recorded the highest figures, with the average price of
approximately THB 137,853 per square metre, as of the end of 2012. This is
an increase of 6% when compared to prices of the previous year.
The condominiums in Khao Takiab represented the second highest average
selling price per square metre at around THB 120,050, a decrease of 1% from
the previous year. The reason for this was that the 2012 project launches in
this area offered budget condominiums, with lower prices compared to the
previous year.
The average condo selling price in the North Hua Hin area occupied the third
rank, at around THB 103,798 per square metre, increasing by 3% from the
previous year.
The average selling price per square metre in Khao Takiab significantly
decreased from the previous year to THB 74,595 per square metre, as of the
end of 2012.
Outlook
The Knight Frank report forecasts that the condominium market in Hua Hin
will see strong growth as SET-listed property developers and other major
development firms from Bangkok launch new projects in this market next year.
The target market of Hua Hin condominiums is still narrow, focusing on Thai
buyers, expatriates working in Bangkok, and foreign retirees, compared to
other tourist destinations such as Phuket or Pattaya, where the targets are
also tourist buyers and foreign investors.
The land plots for property development in prime locations, especially in
the south of Hua Hin, are becoming scarce and land prices are soaring. Thus
it can be expected that the future supply of condominiums will be
concentrated in Cha-am and in the Inland Area, where many plots are still
available for condominium projects with prices lower than that of other
locations.
Mr. Khan says developers should balance the supply and demand in the Hua Hin
condominium market, as the target groups are not diversifiable. Developers
should also be cautious if they continue to develop large numbers of units,
risking oversupply and subsequently decreasing prices. The condominium
supply in 2012 slowed down from 2011, with decreasing numbers of newly
launched units; however, the number of projects in 2012 increased as
developers launched many smaller projects with greater privacy features.
Note: Knight Frank LLP is a leading independent global property consultancy
with 244 offices, in 43 countries, across six continents. For further
information, visit www.knightfrank.com.
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Bangkok office tenants need to plan
ahead amid robust demand
Park Ventures in Bangkok.
Long gone are the days where office tenants had an
infinite choice of buildings and space. The office market in Bangkok today
has evolved to become a landlord’s market, a big turnaround from less than
five years ago post the global crisis, according to Aliwassa Pathnadabutr,
managing director of CBRE Thailand, one of the country’s leading property
management and service companies.
In fact, the office market has not seen the momentum it has today since
before the 1997 Asian crisis, says Aliwassa. “We believe that with the
country’s positive macroeconomic outlook, a healthy demand for office space
will continue to be sustained,” she says.
It is essential for tenants to plan their future space requirements
carefully, whether this is for a new office or those seeking to relocate or
expand. With a vacancy rate of only 12.1 per cent across the market for both
CBD and non-CBD offices, the market is limited in supply.
A combination of factors has led to this present market condition where
landlords are in a position of strength. Demand for office space has been
growing, future supply is limited and rents are on the rise.
Last year saw the total net-take up being doubled from 2011 levels to
160,000 square metres. The growing demand for office space is driven by an
expansion in the manufacturing and service industries from existing tenants,
as well as new demand from representative and service offices from overseas
companies and banks.
“There has been a noticeable increase in the number of new set ups with
smaller space requirements; similar to the market demand seen more than 20
years ago when the economy was rising,” says Aliwassa. “With a positive
economic outlook, this trend is likely to continue for the foreseeable
future.”
As a result of this growing demand, newly built Grade-A offices that tick
all the right boxes in terms of tenants’ requirements such as prime CBD
locations and a direct BTS or MTR link have seen a rapid take-up. Park
Ventures, for example, is now 90 per cent occupied just over one year from
the building’s grand opening.
With a limited future supply of only 438,000sqm in CBD and non-CBD locations
in the next three years, the vacancy rate is likely to fall further to below
10 per cent by 2015. Part of the new supply will also be owner occupied,
leaving less space for leasing.
One of the factors limiting future supply, particularly in the CBD is high
land costs, whereby it is no longer financially feasible to build offices
for rent at current freehold land prices.
In a market with limited supply and growing demand, the rents have clearly
risen for both CBD and non-CBD offices. In 2012, rents for Grade-A CBD
offices rose by nearly 10 per cent, with an achieved record rent of Bt925
per sqm per month at Park Ventures, setting a new market benchmark as well
as pushing rents of older Grade-A CBD offices up in line.
While it is clearly a landlord’s market, it is not to say that tenants have
no choice or will have to compromise on their space requirements.
A trend that will begin to emerge is pre-leasing in buildings that are still
under construction.
CBRE’s Office Agency team has already begun to see the start of this trend
and have recently concluded pre-lease transactions.
“Tenants who are able to plan their future needs, particularly those with
large space requirements, can in fact benefit from pre-leasing by being able
to lock in an attractive rent and their preferred floor and space which is
sometimes not available in existing buildings,” concludes Aliwassa.
For more information, go to www.cbre.co.th.
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Singapore bungalow goes on the market for S$250M
33 Nassim Road.
In what could possibly be Singapore’s largest bungalow
sale and purchase transactions ever, an 85,000 sq ft bungalow located at
Nassim Road is being offered for sale by tender by sole marketing agent
Jones Lang LaSalle.
“The bungalow, which sits majestically on elevated grounds and comes
equipped with an in-ground swimming pool and a full-sized tennis court, is
expected to attract offers in the region of S$250 million to S$300 million,”
says Karamjit Singh, Head of Investment & Residential, Jones Lang LaSalle
Singapore.
“The sale would set a new price benchmark and result in the largest deal for
a single ‘Good Class Bungalow’ in Singapore,” said Singh. The largest Good
Class Bungalow (GCB) deal in Singapore to date is believed to be S$87.5
million for a 291,000 sq ft parcel at Swettenham Road in an asset swap deal
between Singapore Press Holdings and Lum Chang in 2001.
“Nassim Road is, undoubtedly, the most coveted bungalow address in
Singapore. It’s the home of Singapore’s “who’s who”, including high
commissioners and ambassadors. It’s in the same league as Severn Road in
Hong Kong or Kensington Palace Gardens in London, where the homes command
record-breaking prices.” added Singh.
Such large bungalow plots in Nassim Road are extremely rare. Based on Jones
Lang LaSalle’s survey, there appears to be only five other freehold parcels
left in Nassim Road with land areas of at least 80,000 sq ft, most of which
have been sub-divided over the years. Out of these five, three are
understood to be owned by foreign governments – that of Great Britain,
Russia and Brunei’s royal family.
“The seller of this property, an investment company, is prepared to receive
offers for the whole plot, or for either of two smaller parcels measuring
31,647 sq ft and 53,192 sq ft. The buyer of the 31,647 sq ft parcel may
further subdivide the land into two Good Class Bungalow plots, while the
larger 53,192 sq ft could be sub-divided into three houses,” said Singh. The
tender for the property closes at 2.30 pm on 16 May 2013.
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Turning Japanese
in Khao Yai
An artist’s drawing shows the
‘Zen Next’ condominium in Khao Yai.
Thai development company K.D. Asset has invested THB 650
million in a new project that aims to capture a niche market in a popular
northeastern tourist location.
Situated in the Pak Chong area close to Khao Yai national park, the ‘Zen
Next’ condo development is touted to be the “First Onsen Condominium in
Thailand”, with Japanese styling and design intended to attract well-healed
buyers looking for a super-luxury residence with a Japanese spa theme. The
project is located in a natural environment and surrounded by the area’s
mountain ranges.
Theadsak Boontos, Managing
Director of K.D. Asset.
Theadsak Boontos, Managing Director of K.D. Asset, said
this was the company’s first regional development following on from several
successful projects in Bangkok. “‘Zen Next’ will offer 104 units in 2
low-rise buildings with room types being 1 and 2 bedrooms and sizes ranging
from 38.6 to 93.6 square meters. Selling prices start at THB 3.8 million,”
said Boontos.
Recent planning laws have been enacted in Nakhorn Ratchasima (Korat), and
particularly Pak Chong district, aimed at preventing mass development of one
of Thailand’s prime natural environments. Boontos however says that ‘Zen
Next’ received planning approval and building permits prior to the new laws
coming into effect, something that could add to the project’s exclusivity in
the area.
K.D. Asset and Development Company Limited was formed in 2007 and has
completed several niche projects in the Thai capital under the “Next” brand
name, notably the Next Private Pool Villas, Next Garden Suites, and Next
Garden Mix, a combined total of 400 units with a market value of approx THB
1.6 billion. Boontos says the company has plans to list on the SET to raise
capital for future projects it already has on the drawing board.
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Two new categories to debut
at Thailand Property Awards 2013
The Thailand Property Awards – Ensign Media’s annual
event that showcases the best in luxury Thai real estate – is set to
introduce two new categories this year, which will recognise the growth in
the country’s high-end villa market.
Both ‘Best Villa Architectural Design’ and ‘Best Villa Interior Design’
categories will debut at the September 19 ceremony.
Traditionally, Phuket and Koh Samui had been the favoured destinations for
high-end villas, however, the market has gradually expanded throughout the
rest of the country and, over the last decade, Thailand has witnessed a
significant increase in the development of luxury properties buoyed by
demand from both domestic and foreign investors.
“We have long celebrated the achievements of villa developments of three
units or more and these new awards give us the opportunity to recognise the
quality of standalone projects,” Ensign Media CEO Terry Blackburn said.
“These are often the dream homes of individual owners built with real
passion and flare and including them in the awards will showcase the
achievements of the talented architects and interior designers behind them.”
The nomination process for the eighth annual Thailand Property Awards, which
will comprise a total of 36 categories, is now closed. The awards will be
presented at the gala dinner in September, to be held at Centara Grand &
Bangkok Convention Centre at CentralWorld.
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Demand for Eastern Seaboard
Industrial land continues to rise
Knight Frank Thailand’s latest research shows how demand
for industrial land on the Eastern Seaboard has continued to increase long
after the floods of 2011. Marcus Burtenshaw, Executive Director, Head of
Commercial Agency, Knight Frank Chartered (Thailand) Co., Ltd said,
“Locations that enjoy the best labour availability and logistics
infrastructure will continue to be the most preferred areas, especially if
they did not flood in 2011.”
According to Knight Frank Thailand Research, the total supply of serviced
industrial land parcels (SILPs) in Q4 2012 reached 125,325 Rai, representing
an increase of 2.07% Y-o-Y. 5,288 Rai of industrial land was sold over the
course of 2012, an increase of 1,104 Rai from 2011, or 26%.
However, positive absorption has been seen in the market for the past 8
consecutive quarters, reflecting strong demand derived from record FDI
(foreign direct investment) flows, especially from Japan. Some of this can
attributed to flood recovery and relocation, however new Japanese investors
have also switched their attention to Thailand in the wake of rising labour
costs at home and continued political tensions with China.
Industrial land prices throughout Thailand range from 1 million baht per Rai
(625 baht/sqm) to over 16 million baht per Rai (10,000 baht per sqm). During
2012, prices across the country increased by around 5% on average, however
it was the serviced industrial land in the provinces that did not flood that
experienced the greatest growth.
Prices on the Eastern Seaboard and the area described as the Central Eastern
Zone, which incorporates the provinces of Prachinburi and some of
Chachoengsao, increased by 6.34-6.43%, respectively. Some major developers
on the Eastern Seaboard were even able to increase prices by 15-20% in
response to such increased demand.
By contrast, asking prices in estates to the north of Bangkok fell, whilst
prices in the western industrial estates remained stable.
The total supply of ready built factories increased 17.82% in 2012 to
2,654,537 sqm, increasing 3.72% in the final quarter as developers responded
to increased demand.
The factory rental market’s occupancy rate stood at 89.76% in Q4 2012, which
increased from 88.99% in the previous quarter, despite new product being
added to the market. The positive net absorption has been constant over the
last 6 quarters, showing the continuous growth in demand for factory space,
even in the wake of the floods.
Mr. Burtenshaw forecasts that “Foreign Direct Investment is likely to
continue to flow into Thailand in 2013, and we expect that the locations
that enjoy the best labour availability with good logistics infrastructure
to continue to be the most preferred, especially if they did not flood in
2011.”
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