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Sansiri throws agents party
at ‘Baan Plai Haad Pattaya’
Company aims to make inroads in foreign buyer market
Uthai Uthaisangsuk, Senior
Executive Vice President – Business Development & Project Development
Division (High-Rise), Sansiri PCL (center), poses for a photo with fellow
Sansiri executives and representatives of UOB Bank during the property
developer’s exclusive agents party held at its Baan Plai Haad Pattaya
condominium in Wongamat north Pattaya last month. The party marked the
official opening of the project’s new show units and saw Sansiri announce
plans to promote Baan Plai Haad Pattaya to the international property
market. For more details,
Leading Thai real estate developer Sansiri unveiled the
new show units for its ‘Baan Plai Haad’ beachfront condominium in Wong Amat
at an exclusive agents party held last month.
The July 19 gathering was attended by local sales agents plus a large
representation of national and international media who were invited to
witness the official opening of the show suites and hear Sansiri executives
announce the company’s plans to promote its projects overseas, as well as in
Thailand. The www.rentalfortheholidays .com website was also promoted as a
comprehensive portal website where demand for rental of Sansiri resort
condos in Thailand is professionally catered for.
According to Sansiri, Pattaya is a location with very high potential and
with a broad appeal to the foreign market, especially the Wong Amat
location. One of Thailand’s top three most popular destination cities,
economically, Pattaya is anticipated to grow even more significantly when
the ASEAN Economic Community (AEC) is formed in the near future, drawing an
influx of mid-to-high-level visitors to the resort city.
Expected future mass transit systems such as the high-speed rail link will
also contribute greatly to driving Pattaya’s economy to ever new heights
never before experienced.
Launched last year as part of the company’s marketing communication
campaign, ‘Today, Tomorrow and Forever’, exclusive units at ‘Baan Plai Haad’
now feature the availability of special Calvin Klein designer furniture
packages to add distinctive design elements to the interior.
With a project value of over 2.2 billion baht, ‘Baan Plai Haad’ is a
modern-resort-style condominium that stands on a site overlooking one of
Pattaya’s most desirable neighbourhoods. Blessed with the stunning panoramic
sea views, the condominium complex is also situated nearby to many
attractions which are frequented by international tourists including the
world-renowned Sanctuary of Truth.
The first-class facilities of ‘Baan Plai Haad’ include a rooftop party deck
and a large infinity sky pool with a jacuzzi on the 30th floor, giving a
great vantage point for the splendid sea views.
‘Baan Plai Haad’ comprises a total of 353 units offering a variety of
choices from 1, 2 and 3-bedroom configurations. Unit sizes range 40 to
154sqm with starting prices beginning at 3.59 MB.
Tenants at ‘Baan Plai Haad’ also enjoy an exclusive Plus Concierge service
every time they visit and comprehensive annual property management. A range
of fantastic Sansiri Family privileges and hot promotions were also unveiled
to customers at the party last month.
For more information, go to www.sansiri.com.
The development provides a
tranquil location yet within easy reach of all Pattaya’s main attractions.
Baan Plai Haad’s location
offers stunning views over Pattaya Bay and beyond.
Unit sizes range from 40 to
154sqm with starting prices beginning at 3.59 MB.
Agents and media soak up the
latest news about Sansiri’s exciting Baan Plai Haad development.
Uthai Uthaisangsuk, Senior
Executive Vice President – Business Development & Project Development
Division (High Rise) Sansiri PLC (right) talks with Pattaya Mail Media
Group’s Marketing Director Tony Malhotra (left).
Iconic Pattaya landmark the
Sanctuary of Truth (above left) is within a stone’s throw of the project.
Units at Baan Plai Haad now
feature the availability of special Calvin Klein designer furniture
packages.
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Dusit debuts in China with dusitD2 Fudu
Binhu Changzhou
dusitD2 Fudu Binhu Hotel.
Dusit Fudu Hotels and Resorts will open the dusitD2 Fudu
Binhu Hotel Changzhou in Jiangsu Province, China in August, making it the
first Dusit Fudu project in China and the first Dusit-branded hotel in the
People’s Republic.
Located in the Wujin Hi-Tech Industrial Zone with views over West Taihu
Lake, dusitD2 Fudu Binhu Hotel Changzhou is expected to meet the increasing
demand for high-end accommodation for business and leisure travelers to the
vibrant and prosperous city.
The hotel offers 79 rooms, three dining outlets, and conference facilities
including a 518-sqm pillar-free Grand Ballroom, four multi-function rooms
and a 100-sqm foyer.
Dusit Fudu expects to operate at least 30 properties throughout China within
the next three years, focusing on mid tier and deluxe projects.
Dusit Fudu is the joint venture hotel management company between
Thailand-based Dusit International, China-based Changzhou Qiao Yu Group and
hospitality veteran Giovanni Angelini, former CEO of Shangri-La Hotels and
Resorts.
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PACE launches ‘MahaSamutr’
country-club resort in Hua Hin
MahaSamutr will feature 90
luxury villas surrounding a 45-rai lagoon pool.
PACE Development Corporation recently unveiled it’s
‘MahaSamutr’ project in Hua Hin – a luxury villa-and-country-club resort
development aimed at Thailand’s high-end sector.
Located at Hua Hin Soi 112 on a plot of over 120 rai, MahaSamutr offers
modern-style villas set around a 45-rai lagoon - Asia’s first clear-water
man-made lagoon, complete with a world-class country club and beach club.
The company announced the project in June to much fanfare with a glitzy
launch party held at the Grand Hyatt Erawan Hotel in Bangkok that featured
guest appearances by Thai celebrities ‘Aum’ Patcharapa Chaichue, ‘Chompoo’
Araya A. Hargate, Ananda Everingham and Mario Maurer. The four A-list
actors/actresses have signed on as the project’s spokes-models.
Sorapoj Techakraisri, Chief Executive Officer of PACE Development
Corporation Plc, said: “MahaSamutr has brought together four of the hottest
superstars of Thailand who have been chosen because they perfectly embody
the project’s all-star concept. With the choice of these spokes-models, the
project has become the talk of the town.
‘Aum’ Patcharapa Chaichue, ‘Chompoo’ Araya A.
Hargate, Ananda Everingham and Mario Maurer star in PACE’s television and
Youtube ad for the MahaSamutr project.
“This will be a high-quality, high-end project developed by an all-star team
using world-class technology. We pride ourselves in paying attention to
every detail of the process from architectural design and construction to
interior design, as well as the lifestyle concept of the restaurants and
sports activities,” he added
MahaSamutr will feature 90 villas, each covering 550-600 square metres on a
200-square wah plot. Prices start from THB 35 million. To ensure
crystal-clear, turquoise water in the lagoon pool, the company has
commissioned Crystal Lagoons to constantly monitor and maintain the lagoon’s
water condition.
Sorapoj continued, “We are investing heavily in the Hua Hin Country Club to
ensure world-class standards in both the design and advanced equipment. It
will offer indoor/outdoor sports and recreational activities to suit the
needs of all family members. In what should be the first of its kind in Hua
Hin, the development offers, among others, various activities in the large
clear water lagoon, such as kayaking, windsurfing, sailing and diving. We
have invited Olympic gold medalists and world-class coaches to create our
sports and recreational programmes.”
Hua Hin Country Club will be supported by International Leisure Consultants
(ILC), Asia’s leading leisure, hospitality, spa, golf and recreational
specialists. Having been involved in the private club sector in Asia and
beyond for more than 25 years with more than 40 clubs in Asia under its
supervision, ILC brings a wealth of specialist knowledge and expertise as
development and management consultants to the Hua Hin Country Club.
“Villa owners will be entitled to life membership at the Country Club. We
are also open to a limited number of outsiders to be members of the Hua Hin
Country Club,” added Sorapoj.
MahaSamutr also has a dedicated ‘beach club’ that allows residents full
access to Hua Hin beach, should they opt to swim in the sea.
As well as the Hua Hin development, PACE is currently constructing Bangkok’s
tallest building – a stunning 77-floor pixilated tower (314 metres high)
that will become a landmark feature of Bangkok’s skyline when completed in
2015.
MahaNakhon mixed-used development includes 200 Ritz-Carlton branded luxury
residences priced between THB 34 million to over THB 336 million per home, a
159-room boutique hotel, as well as the CUBE Lifestyle and Retail Centre
which is anchored by three world-class dining experiences, including Vogue
Club, Dean and DeLuca’s flagship outlet, and L’Atelier de Joël Robuchon by
‘Chef of the Century’ Joël Robuchon who will open his first restaurant in
Thailand there.
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Ruffino from Tuscany at Centara Grand Pratamnak
Centara Grand hotel, Pratanmak.
Local property developer the Tulip Group has announced
that the rooftop Italian restaurant in its soon to be opened Centara Grand
hotel in Soi 5 Pratamnak, will be a “Branded” restaurant. Tulip hired DWP
Next to work on the F&B concepts for the hotel and this has resulted in
Tulip signing an exclusive agreement with Italian based winemaker Ruffino.
Ruffino has a 130 year history in producing world class Italian wines and
this brand attachment is set to give the restaurant a different edge than is
normally expected within a hotel F&B outlet.
General Manger of the hotel, Dominique Rongé, explained the thinking behind
Tulip’s decision: “F&B is a very important aspect to running a successful
hotel and the owners Tulip Group wanted to offer something different, not
only to in-house guests but also the local community. It is our goal that
people will not say, ‘let’s go for dinner at Centara Grand’, but ‘let’s go
for dinner at Ruffino’. We are confident that the restaurant with its
amazing views and the theme of Italian coastal cuisine will be a very
attractive dining option.”
Ruffino will not just give their name to the restaurant,
they will take an active role in menu design, and the overall concept, of
which all will be coordinated with the assistance of DWP Next.
“It is a pleasure for us to work with DWP Next; their support, knowledge and
overall professionalism has been of great help to us in order that all our
F&B outlets in a way become more like standalone restaurants, albeit that
they are in our hotel. Ruffino is a true world class brand and it is very
exciting to be working with a brand that has so much history,” said Tulip
Group Vice President Jason Payne.
The luxury 5 Star property is expected to open last quarter 2013. Located in
the heart Pratamnak Hill’s residential area and just a short walk away from
Cosy Beach, the brand new Centara Grand features an inspiring decor with a
subtle underwater-world theme, superb facilities and a variety of
accommodation options that will suit the needs of couples, families and
business travelers.
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Major Development unveils new ‘Maestro’ brand condo
Maestro 39 condominium.
Major Development Estate Co., Ltd. has recently unveiled
its latest brand “Maestro” – featuring low-rise condominium projects in
prime locations with classic design and exclusivity, but at affordable
prices.
The first project under the new brand - Maestro 39 - is located in Sukhumvit
39, targeting the mid-high local market and ex-pats, especially Japanese
people in Thailand as the location is also known as ‘Little Tokyo’. The
project is worth 600 million baht, offering 90 units at an average price of
110,000 baht per square meter. Pre-sales already started last month.
Petrada Poolvorlaks, executive director of Major Development Public Company
Limited, revealed that the company is currently pushing hard to expand its
client base and its research found that there was a strong demand for homes
in or near the city center, where transportation is convenient and
facilities are close at hand to provide a better quality of life.
Maestro has been designed to carry different strengths and uniqueness
compared to other brands in the Major Development portfolio. The low-rise
condominium at 8 stories high, offering 90 units, with two levels of
underground parking. The interior style comes in two choices - Mino
(Japanese-style ) and Milazzo (Italian-style). The units are divided into
three types - one-bedroom, two-bedroom and three-bedroom (with or without
maid room), with spaces ranging from 30 sq m up to 122 sq m.
“From our research, we found that Sukhumvit 39 is a popular area for the
Japanese who work in Thailand, therefore, in terms of interior design, our
units all have bath tubs and our project is pet friendly.” said Petrada.
The exterior of this project is inspired by classic European buildings but
with a twist of modern design on the ground floor. As for all of Major
Development projects, Maestro 39 is also equipped with state-of-the-art
facilities such as rejuvenated swimming pool, library, kids room, steam and
sauna rooms, gym, and round-the-clock security. Additionally, a roof top
area is provided for chess court, sky yoga, sky golf center, skyline onsen,
and more. The skyline onsen is the first ever to feature in a low-rise
condominium in Bangkok.
“Maestro 39 is one of the few new projects located in the golden zone of
Sukhumvit. Transportation is convenient but the atmosphere is still peaceful
and not too crowded. In this zone, there are numerous community malls,
shops, restaurants, hospitals, schools and other facilities. Sukhumvit is
also conveniently linked to other areas, and with Prompong BTS station being
so near, Maestro 39 is a luxury project at an affordable price. I am sure it
will be very well-received by the market,” said Petrada.
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Pre-Built PCL awarded construction contract for Unixx South Pattaya
Raimon Land CEO Johnson Tan
(left) awards the construction contract for Unixx South Pattaya to Pre-Built
Managing Director Wirot Charoentra (right).
Leading property developer Raimon Land has just announced
the awarding of the construction contract for Unixx South Pattaya to
Pre-Built Public Company Limited. This marks the second collaboration
between the two companies, following Zire Wongamat, a high-rise luxury
development on prime beachfront property in North Pattaya.
With now over 600 buyers in its sales roster, the construction work for the
main building of Unixx South Pattaya is ready to begin immediately.
SET-listed Pre-Built PCL is a proven contractor and has completed a number
of large residential condominiums, commercial buildings, shopping centers,
schools and government centers in the country.
Raimon Land CEO Johnson Tan explained that Pre-Built was selected based on
its knowledge, experience and technical capability.
“For Zire Wongamat, our other Pattaya project, the partnership with
Pre-Built has been successful, and it is reassuring for our customers to
know that we are placing our latest project, Unixx South Pattaya, in
competent hands. Over the years, we have earned our clients’ trust, as they
know they can rely on us to deliver what we promise. We choose our partners
with utmost care and consideration, because we do not compromise on
quality,” he said.
Unixx South Pattaya condominium.
Pre-Built Managing Director Wirot Charoentra said: “We
are very proud that Raimon Land has placed their trust in us once again, and
we affirm our commitment to deliver the quality they are expecting within
the given timeframe. Working with them on a second project is an honour for
us.”
Strategically located in Pratumnak Road, one of the resort-city’s most
coveted neighborhoods, Unixx South Pattaya will offer Raimon Land’s quality
living to a broader client base. The distinctively designed units will range
from 22 to 62 square meters, from studios, 1- and 2-bedroom units in a
single open ‘V’ tower with two distinct wings, with sweeping views of the
Gulf of Thailand, Pattaya or Jomtien.
Unixx South Pattaya is Raimon Land’s fourth and largest project to date in
Pattaya, following Northshore, Northpoint and Zire Wongamat.
For further information, call 02-651-9600 or visit
www.raimonland.com.
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Eastin Easy coming to Phuket
Absolute Hotel Services Group recently announced a further expansion of the
company’s portfolio in Thailand with the launch of the Eastin Easy Patong,
Phuket, which will be ready to open by the 4th quarter of 2013.
Eastin Easy Patong Phuket is located on Ratcha Uthit, Patong Kathu and will
feature 55 superior rooms, designed in a modern contemporary style with
comfortable facilities and functional space. Other facilities include
outdoor swimming pool on the ground floor adjacent to the fully equipped
gym. A restaurant with an incorporated retail element will be on the second
floor, serving breakfast, lunch and dinner.
Absolute Hotel Services’ CEO Jonathan Wigley said, “With arrivals hitting
record highs in Thailand, the demand for quality and affordable
accommodation in the country’s most famous destination such as Phuket is
rising. This coupled with our high service standards and great locations
this will offer our guests the best value for money. The Eastin Easy Patong
being our 2nd property in Phuket, we will announce in the in the 3rd quarter
an additional 2 properties in this dynamic island destination”
Absolute Hotel Services has this year already opened six new properties
worldwide: U Sunsuri Phuket and Eastin Hotel Pattaya in Thailand, U Paasha
Seminyak Bali in Indonesia, U Tropicana Alibaug, Eastin Easy Citizen
Ahmedabad and Deltin Suites Goa in India.
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ZY Walk appoints
CBRE as sole agent
Boonmee Sukprapruti (center), Chairman of RNC
(Thailand) Co., Ltd., and Sorayouth Prompoj (2nd from right), the former
Ambassador for Thailand, exchange agreements with James Pitchon (2nd from
left), Executive Director, and Jariya Thumtrongkitkul (left), Senior Retail
Manager of CBRE Thailand.
Zy Walk, a new lifestyle mall in Bangkok developed by RNC
(Thailand) Co., Ltd., has appointed CBRE’s Retail Services team as its sole
leasing agent. Located in the Siam-Samyan area, Zy Walk comprises a 4-storey
retail plaza and a boutique hotel. This 27,000sqm project also offers space
for outdoor events.
Hong Kong investment group buys
87 units in Southpoint project
Kingdom Property has sold 87 units of the company’s debut
project Southpoint Pattaya to Hong Kong-based Purple Link Investment Company
(PLIC), a sale which represents total space of 3,983sqm in the project.
Kingdom Property CEO Nigel
Cornick.
Total sales of the twin-tower development now stand at
over 60 percent, with the entire Suites Tower sold earlier this year to a
local Thai investor who will develop the 224-unit building into
internationally managed serviced residences. Kingdom Property Chief
Executive Officer Nigel Cornick said the latest sale to PLIC was indicative
of the re-emergence of the quality-focused Hong Kong market as a property
purchasing force in Pattaya.
“The Hong Kong market is demanding in terms of build quality and on-schedule
project completion. We have a long track record in Thailand for delivering
on both, which is one reason why we are a good match,” said Mr Cornick.
“Pattaya represents excellent value as an investment given a tourism
industry expected to bring 10 million visitors to the destination this year
- with China leading overseas arrivals - and a booming manufacturing sector
on the Eastern Seaboard driving the economy.”
He added that Pattaya City’s strict new zoning regulations added further
value to buyers in Kingdom Property projects as the company’s existing
development and land bank were focused on only prime locations on sizeable
sites. The regulations, which come into immediate effect, decrease plot
ratios from 10:1 to 5:1 and are aimed at reducing the density of buildings
in Pattaya and decrease the pressure on city infrastructure. Developers now
need a four rai site to build a 30,000sqm condominium while on a two rai
plot developers can only build 15,000sqm.
Southpoint Pattaya.
“It is good news for city planning and I welcome the new
regulations. It will alarm some projects that are not EIA approved, which
total 38% in Pattaya currently, and cut out the 16 floor buildings that have
been emerging on one rai sites,” said Mr Cornick. “It will cause a shakeout
in the market, of that I am certain, but it will create a playing field and
developers who focus on quality and long-term value to buyers will be
comfortable with the regulations.”
The main buyer nationality of Southpoint Pattaya units is Thai, accounting
for 65 percent, followed by Japanese, Russian and Chinese buyers. The
project is on a four rai freehold plot, located a short distance south of
Bali Hai in Pattaya City, on an elevated site on Pratumnak Hill, offering
extensive sea views and within walking distance of the Royal Varuna Yacht
Club.
Unit sizes at Southpoint start from studios of 30sqm with one-bedroom units
ranging from 41sqm to 87sqm and two-bedroom units ranging from 61sqm to
97sqm. The condominium includes a dedicated sky deck with an infinity edge
lap pool and fitness center along with a landscaped family zone featuring a
children’s pool and playground.
For more information visit:
www.southpointpattaya.com or call Tel: 038 416 441.
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ONYX to debut first
Amari resort in Indonesia
A computer graphic shows the
completed Amari Pecatu Bali resort.
Thailand-based ONYX Hospitality Group has been appointed
to operate a 435-room property on the Indonesian island of Bali. Amari
Pecatu is a joint venture between STA Group Property Division and PR Bali
Pecatu Graha. This will be ONYX’s first step for expansion into Indonesia
for the Amari brand. The property is scheduled to open in 2015.
Located on the southern peninsula of Bali, Pecatu is well-known as a
surfer’s paradise with limestone cliffs and beautiful, secluded beaches.
Amari Pecatu will be part of the 400-hectare Pecatu Indah Resort, an
integrated development with planned facilities including a shopping mall and
conference venues that can accommodate up to 12,000 people. It is already
home to an 18-hole golf course, designed by famous golf architect Ronald
Fream.
ONYX President and Chief Executive Officer, Peter Henley, said: “We are very
excited to be involved in this large-scale venture within the Pecatu Indah
Resort project. This will be the first Amari property in Indonesia, and as
such, a significant milestone for us. We look forward to the exciting times
ahead as we work closely with our partners to support the on-going
development of Pecatu as a vibrant tourism destination in Bali.”
Amari Pecatu will feature 385 deluxe rooms, 10 junior suites and 40 villas
ranging from 54 to 400 square metres in size. All accommodation options
offer the choice between two breath-taking views, the lush green of the
fairway or the panoramic vista of the Indian Ocean. The design concept for
Amari Pecatu is a collaboration between Bangkok based Open Air Studio and
Broadway Malyan, both companies have a wealth of experience designing
notable hotels and resorts around the globe.
The resort will offer a selection of dining options, including two
destination restaurants, a lounge and bar, sea view swimming pool, Breeze
Spa, gymnasium, as well as a retail area within the central reception area.
For those wishing to plan a special occasion, the resort will also provide a
range of options for weddings and events.
Amari Pecatu will also offer investment opportunities for those wishing to
purchase a holiday home. In return for an initial investment, owners will
then receive a host of privileges including annual rights of stay and
guaranteed rental returns.
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When is leasehold more
valuable than freehold?
Amari Residences Phuket is
situated on a prime coastal site above Patong Bay.
“In over 35 years in the property industry in the United
Kingdom, Hong Kong, Thailand, and having worked in many Asian countries, I
would have said until very recently never. However, I have to acknowledge
that with the arrival of some excellent leasehold properties, the Thai
property industry has recognized that a well-appointed and managed leasehold
property can out price, outperform, and be preferred by buyers to freehold
condominiums. Leasehold can also be a better investment, if it offers better
management and/or income returns,” states David Simister, Chairman of
property management and consultancy firm CBRE Thailand.
“Just to confirm my terminology, a condominium is a strata title property
within a juristic development where the owner, foreign or Thai has a
perpetual freehold title. The communal property of the condominium is run
through the Juristic management committee and subject in Thailand to the
Thai Condominium Act.
The Amari Residences complex
will comprise of 148 spaciously laid out one, two and three-bedroom
residences and 12 pool villas.
“A leasehold property meanwhile does not offer perpetual
ownership; the longest initial term (registered in Thailand) is 30 years and
a developer may offer a series of extensions. The ultimate ownership of the
property and its control is in the hands of the lessor, an independent
individual or corporation, who grants the lessee(s) a lease.
“Leasehold is considered a depreciating asset, because as time passes the
value of the remaining term of years decreases. It is fair to say a
condominium of equal quality with an equal certainty of a continuation of
good quality management is a better and more valuable investment than any
leasehold property. However, in Thailand, leasehold property has evolved and
similarly located; freehold condominiums are not always more valuable than
leasehold,” adds the CBRE chief.
The evolution of the quality leasehold has arisen due to the leaseholder’s
decision making ability and the superior attitude to maintenance standards.
The leaseholder has the ability as the sole freehold owner to make
decisions. He can appoint and enter into a long-term contract with top
quality managers including branded hotel groups such as St. Regis or Amari.
A top level hotel operator particularly where a property is a resort can
maximize income returns, compared to a typical juristic condominium.
Only the single condominium leaseholder can give a quality hotel operator
sufficient confidence to enter into a long-term contract for the
professional and high-quality operation of the property. Only with a
long-term contractual commitment will hotel operators invest the necessary
time and resources to create an investment vehicle capable of regularly
securing the maximum achievable returns.
In 1990, CBRE Thailand marketed off-plan Laguna Phuket, a wonderful concept
of an integrated resort in a private well-maintained and managed beachfront
area along Bang Tao and Layan beaches. The residential properties were to be
operated by several hotel groups: the Sheraton, Allamanda, and Banyan Tree.
The management resources devoted those properties would provide five-star
hotel quality (Sheraton) and five-star plus (Banyan Tree).
The hotel branded residences provided quality services and in the case of
the Sheraton double digit income returns to buyers. Twenty years ago,
hoteliers were prepared to operate both freehold and leasehold projects.
Sadly today, most if not all major international hotel brands will not
contemplate offering hotel management services to a multi-owned condominium.
Largely, this is because of legal disputes in the U.S.A. and the worry that
a single disruptive or litigious owner can pull down the house to the
detriment of his co-owners and the manager. Condominium management relies on
a concept of majority votes and democracy. This is fair in principle but in
practice can create disputes over services, budgets, and result in a lack of
clear leadership and consistent management. Most importantly, a juristic
body where the governing committee can change annually cannot effectively
enter into long-term service contracts. By comparison, the single lessor who
does not require any vote or approval can enter into a long-term contract
with a hotel group and can more directly and effectively ensure continuity
in the operation and management of the property.
In Bangkok today, CBRE Thailand sees first-class leasehold properties with
strong sales performance and occupational demand in Rajadamri competing head
to head with freehold condominium projects.
If one looks at three projects: 185 Rajadamri, a top-quality freehold
condominium, St. Regis, leasehold units, part of the St. Regis hotel
building a leasehold property, and Magnolias Ratchadamri Boulevard, which is
bringing the Waldorf Astoria to Bangkok, one sees three very different
offerings in the market. Prices span a range of THB 250,000 – 350,000 per
sq.m. and buyers are making purchase decisions on preferences and the market
is buying both 30 year leases (St. Regis and Magnolia) and freehold
condominium title (185 Rajadamri).
This is not a question of a bad condominium versus a good leasehold, but a
very good condominium versus a top quality and branded leasehold operations.
Purchase decisions vary and it should be stressed that purchasers of St.
Regis are largely purchasing for their own use. Purchasers of 185 Rajadamri
are both investors and end users.
In comparing leasehold versus freehold, CBRE Thailand never has an exactly
like-for-like situation, but it is clear that the well-appointed quality
luxury leasehold has a clear market demand.
In Phuket, leasehold is also outperforming freehold sales where the total
package of property and services is more attractive than ownership of
freehold title. One of the most successful leasehold projects this year has
been Amari Residences Phuket on a site overlooking Patong Bay. Amari
Residence Phuket has been achieving prices in excess of several West Coast
condominiums with freehold title. Much more interestingly, this has been one
of the first projects in Phuket to show a strong level of demand from Thai
Bangkok based investors.
Why specifically is Amari Residences Phuket better than many of the West
Coast freehold condominiums? The answer is simple: the quality, unbeatable
views, the continuity of management, and sustainable regular income that
comes only from good hotel management. Many other projects that promise high
returns have failed to secure the right operators. Many small and medium
Phuket developers have not been able to deliver in terms of capital to
complete to the original specification or to provide rental management
programmes.
Amari also brings its experience from Amari Residences Hua-Hin in terms of
finishes and consistency of the package. Offering 6% guaranteed returns, it
is the ideal balance of an investment and a resort property with owner’s use
for his family. The quality of management and the ability to make
single-minded management decisions, is proving leasehold is now capable of
out-performing freehold condominium.
This does not mean that every condominium is now an inferior product to
every leasehold property, but it does highlight the need for condominiums to
develop good and consistent management levels. In Phuket, where a variety of
ownership structures have been employed, CBRE Thailand has found a broad
commitment amongst owners to manage up to a quality standard, not down to a
budget. Sadly, in Bangkok many condominiums are not able to manage up to
luxury standards commensurate to the built quality of the condominium.
Ultimately, for long-term value preservation of any property asset, good
management is essential. Condominiums owners need to pay more attention and
collectively be more constructively demanding of their building and Juristic
managers to ensure that they enjoy the price appreciation that freehold
property in a prime location should merit.
For the time being, there will be more instances where well-managed and
professionally run leaseholds will outperform condominiums in terms of
operational standards and ability to generate income.
(Source: CBRE Thailand)
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Top skyscrapers named for 2013
The China Central TV
Headquarters in Beijing. (Photo/ CTBUH)
Highly distinctive towers in Canada, China, the UK and
UAE have been named the best tall buildings in the world for 2013 by the
Council on Tall Buildings and Urban Habitat (CTBUH).
The four regional winners include The Bow in Calgary, Canada (Americas);
CCTV in Beijing, China (Asia and Australia); The Shard in London, United
Kingdom (Europe); Sowwah Square in Abu Dhabi, United Arab Emirates (Middle
East and Africa).
An overall winner for the “Best Tall Building Worldwide” will be named from
the four regional winners at the CTBUH 12th Annual Awards Ceremony and
Dinner at the Illinois Institute of Technology, November 7, in the iconic
Crown Hall, designed by Mies van der Rohe. The Council received more than 60
entries from around the world for the Best Tall Building awards.
The Bow in Calgary. (Photo/
CTBUH)
“The winners and finalists include some of the most
striking buildings on the global landscape,” said Jeanne Gang, awards jury
chair and principal of Studio Gang Architects. “They represent resolutions
to a huge range of contemporary issues, from energy consumption to
integration with the urban realm on the ground.”
The CTBUH Best Tall Building Awards are an independent review of new
projects, judged by a panel of industry executives. Projects are recognized
for making an extraordinary contribution to the advancement of tall
buildings and the urban environment, and for achieving sustainability at the
broadest level.
Sowwah Square in Abu Dhabi,
United. (Photo/ CTBUH)
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Rayong hotel mixes resort, homestay concepts
Ban Chang District Chief
Somchai Planukhroa and Phala Buri project manager Boonyajan Eikeland (right)
toast the official opening of the new resort.
“Homestay” and “resort” would seem to be incongruous
concepts in holiday travel, but a new 45 million baht hotel in Rayong
attempts to bring the two together under the guidance of HM the King’s
“sufficiency economy” philosophy.
The Phala Buri Resort and Homestay on Ban Chang’s Pla Beach offers 10 villas
on a homestay-style property where owners raise chickens and ducks and grow
their own vegetables.
Ban Chang District Chief Somchai Planukhroa was on hand for the July 7 grand
opening with project manager Boonyajan Eikeland.
She said the 3.5-rai resort was aimed at eco-tourism enthusiasts. Rooms are
decorated modernly with an eastern motif, but the complex offers only 10
rooms to keep things small and private.
Following HM the King’s “sufficiency economy” philosophy, the resort is
self-supporting, raising fowl and growing vegetables organically.
Phala Buri Resort and Homestay
in Ban Chang.
Boonyajan said she was inspired by HM the King’s travels
to promote his philosophy and she was encouraged by her Norwegian husband to
make the resort a family business. Customers are both Thai and from Europe.
In line with a homestay, guests can tend the garden, raise the chickens,
fish for octopus and crabs, and make shrimp paste, soap and local specialty
products to sell.
Space is obviously limited. For information, call 081-863-4084 or visit
www.phalaburiresort-banchang.com.
(By Thanachot Anuwan/Pattaya Mail)
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Asia Pacific commercial real estate
market bullish in first half 2013
Direct commercial real estate investment in Asia Pacific
has exceeded market expectations in the first half of 2013, reaching USD
59.7 billion, 21 percent up on the first half of 2012. According to the
latest capital markets research by property management and investment
company Jones Lang LaSalle, transaction volumes in the region have also
increased quarter on quarter, topping USD 32.6 billion in the second quarter
of 2013, up 21 percent on the previous quarter.
The growth was predominantly driven by the region’s largest markets with
Japan, Australia and China all experiencing strong deal flow throughout the
quarter.
In Japan, investor confidence has been boosted by improving macro-economic
indicators following government stimulatory measures. Acquisitions have been
dominated by J-REITs where inclusion in the Bank of Japan’s asset purchase
program has supported improved unit prices over the first half of the year.
This, coupled with increased IPO activity, has supported transaction volume
growth to USD 10.2 billion in Q2 2013, up 78 percent on the same quarter
last year. Over the first half of 2013, volumes reached USD 20.8 billion, 50
percent higher than the first half of 2012.
In Australia, continued demand from both offshore and domestic institutional
investors and pension funds lifted transaction volumes to USD 7.3 billion in
Q2 2013 and USD 10.5 billion in H1 2013, up 27 percent from the first half
of last year. Transaction growth in local currency terms was even higher as
the Australian Dollar depreciated against the US Dollar by 13 percent from
the 2013 high.
Dr Megan Walters, head of research for Asia Pacific capital markets at Jones
Lang LaSalle said: “Capital from around the region continues to show a bias
towards core assets; however we are seeing some evidence of a shift towards
more opportunistic investment. At the same time, government policy continues
to have both positive and negative effects on deal flow, with stimulatory
and cooling measures introduced this year.
“Investors are also developing their views around the Federal Reserve’s
intention to taper asset purchases, which some believe may happen as soon as
the third quarter this year. Longer dated bond yields across a number of
Asian markets have moved higher following the announcement, highlighting
concerns around the direction of global interest rates.”
Stuart Crow, head of Asia Pacific capital markets at Jones Lang LaSalle
said: “We are seeing the results of increased allocations to direct real
estate by large global sovereign and pension fund investors. Large US,
Canadian and Middle Eastern investors have returned to the region and,
together with active Asian high net worth and pension funds, are creating
strong demand for assets across the region.
“Japan and Australia, remain particularly active and, given a robust
pipeline for the remainder of 2013, will maintain our forecast for
transaction volumes to reach USD 110 billion by the end of 2013, which is
slightly below the record of USD 120 billion in 2007.
Country Focus
Investment activity in other Asia Pacific markets was mixed as government
cooling measures in Singapore and Hong Kong took effect. While quarter on
quarter volumes were down in a number of markets across the region, overall
growth over the half year was positive compared to the first half of 2012,
maintaining a positive outlook for the remainder of 2013.
China bounced back strongly from a slower first quarter, to end Q2 2013 up
65 percent q-o-q at USD 6 billion. On a half yearly basis, investment
activity has recovered from the slow H2 2012, up 97 percent to USD 9.6
billion in H1 2013, matching the first half of 2012. Foreign investors,
including inter-regional buyers, continue to develop their China strategies
with a number of large deals completed during the quarter serving to push
cross-border transaction volumes in H1 2013 up 29 percent on H1 2012.
Hong Kong’s restrictive cooling measures, specifically the doubling of stamp
duty on commercial transactions, have started to impact deal flow with
transaction volumes down 53 percent quarter on quarter and 49 percent year
on year. The number of cross-border deals fell by 71 percent in H1 2013
compared to H1 2012. Existing activity is being supported by corporates
looking to occupy space with healthy investor interest for new developments
in emerging office market locations.
Singapore saw investment activity grow 11 percent on the first quarter of
2013 to USD 2.3 billion and, over the half year, up 15 percent on H1 2012.
While investor interest remains healthy, differing market outlooks between
buyers and vendors has led to some disparity in price expectations. A number
of large deals in the pipeline should support transaction volumes for the
remainder of the year.
Investor sentiment remained mixed in South Korea as a result of recent
economic uncertainty. Transaction volumes in H1 2013 were up 34 percent on
the first half of 2012 but down 48 percent on H2 2012 with overall activity
predominantly driven by a handful of larger deals.
In Thailand, a smaller commercial real estate investment market, transaction
volumes grew more than 95% in H1 2013, compared to the same period in 2012.
The majority of transactions concentrated in the hotel sector, reflecting
increased availability of hotel assets available for sale and strong
investor interest in Thailand’s key hotel markets, particularly Phuket and
Bangkok.
Indonesia continues to draw interest from foreign investors looking to
develop their emerging market strategies, with strong growth potential and
solid economic prospects presenting a positive investment case. Much of this
investment to date has been dominated by domestic groups as limited stock
and opportunities, coupled with strong domestic competition have made it
difficult for foreign buyers to enter the market.
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Watsons hold main
piling ceremony
at TPARK Bangplee
Patan Somburanasin (2nd
right), General Manager, and Tan Jitapuntkul (right), Deputy General
Manager, of TICON Logistics Park Co., Ltd., congratulate Rod Routley (2nd
left), Managing Director, and Pasitt Munkongkuntivong (left), Chief
Operating Officer, of Central Watsons Co., Ltd. after the main piling
ceremony of Watsons’ new built-to-order warehouse at TPARK Bangplee.
TICON Logistics Park Co., Ltd., (TPARK), one of the
leading logistics, warehouses and facilities developers for lease in
Thailand, recently held the main piling ceremony of its new built-to-order
warehouse at TPARK Bangplee. This facility is custom developed for Central
Watsons Co., Ltd., the no.1 health and beauty retailer in Asia and Thailand.
This leasing agreement is the first agreement that Central Watsons Co., Ltd.
have signed directly to the warehouse developer. The total warehouse area is
16,000 sq m and the expected project completion date is within the first
quarter of 2014.
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