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Tulip Group unveils
Royal Tulip Suites Pattaya
An artist’s drawing shows the
Royal Tulip Suites Pattaya on Pratumnak Soi 5.
Just 2 months ago, locally based property developers the
Tulip Group announced that they had entered into a MOU (Memorandum of
Understanding) with Golden Tulip Hotels & Resorts for a luxury 5 star hotel
on recently purchased land on Soi 5 Pratumnak.
Tulip Group has now confirmed that all necessary permits are now in place
after receiving full EIA approval.
The 25-storey luxury property, to be named Royal Tulip Suites Pattaya, will
offer 320 deluxe rooms and luxury suites, a panoramic rooftop restaurant and
sky bar, two swimming pools and a whole host of luxury facilities expected
within a 5 star property. The property is simple steps from the beach and
all rooms will offer stunning views of every angle of the city.
Tulip are currently working with their architects and Golden Tulip’s
technical teams to finalize all facilities and design, but as the early
artist’s impression shows, the property will certainly be a landmark in this
area.
Tulip has also confirmed that they will be offering very limited investment
opportunities for property investors, allowing them to purchase a room in
the project and Tulip will leaseback the property to the hotel.
“We plan on offering a limited amount of rooms to property investors,
whereby we will leaseback the room from the purchaser, and give them a
guaranteed return on their investment, there will be no sinking fund or
management costs. This will give clients an opportunity to purchase a room
in a hotel and have peace of mind, security and a guaranteed investment
return” said Jason Payne Tulip Group Vice President.
Projects Asia onboard for Centara Grand Residence
In other news from Tulip Group, the company has confirmed that “Projects
Asia” have been appointed as Project Managers for their luxury five star
beachfront condominium and hotel, Centara Grand Residence Pattaya.
Projects Asia have been managing projects in Thailand for more than 23
years. The 500+ major projects they have handled in that time cover every
type of building including luxury condominiums, branded hotels, mega
shopping malls and premium office developments.
Their project experience covers all of Thailand, from Phuket to Chiang Rai
and Kanchanaburi to Pattaya and of course many of Bangkok’s landmark
developments, most recently including the St Regis Hotel & Residences and
the Univentures’ Okura Prestige Hotel.
Tulip Group has also issued a letter of award to Thai BAUER for the piling
works on the project which is expected to start in October this year.
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Mega project in
Wongamat on its way
An artist’s rendering shows
‘The Riviera’ project in Wongamat.
Things may have seemed relatively quiet in recent months
with regards to the launch of new luxury real estate projects in Pattaya but
it seems Winston Gale, founder and co-developer of The Palm has been very
busy. With only 29 units left at The Palm, where does this successful
developer go next for a follow up high profile project?
Well, it would appear not too far away - the same location as The Palm in
upscale Wongamat to be precise. The desirable beaches of Wongamat will soon
be seeing the launch of another quality high-rise development close to
similar projects such as Zire, Northpoint, Ban Plai Haad as well as the well
known hotels Centara Grand Mirage and Pullman Hotel G.
Sitting on 8 Rai of land directly opposite Ananya, ‘The Riviera’ as it is
officially called, will consist of 980 units in two separate 43 and 40
storey buildings. The project, with an estimated value of 3.2 billion baht,
already has EIA planning underway.
Following on from their success at The Palm, Winston Gale stated, “We are
very happy to be working with CBRE again who will be heading the sales team
as sole agents and we believe the Wongamat area is ready once again for this
kind of product in such a strong location.”
Winston, along with his Investment partners, is driving the project forward
under a new company called “Riviera Group”, having used what was described
to us as an award winning team of architects and designers.
Clearly the lack-of recent releases in Wongamat over the last 12 months
makes ‘The Riviera’ an interesting launch in itself, as demand for Wongamat
property is historically strong.
Winston confirmed units ranging from 27sqm studios to 134sqm 3 bedrooms
units, and with prices averaging around the 85,000 THB per sqm region, this
will certainly make this project a very attractive proposition for
investors, given the location and green area features we were told about.
“Our on-site showroom is expected to be open and ready to launch the project
in October and will have strong features including an 8 storey high viewing
platform, a 60 metre pool area and 4 show suites demonstrating units from
both towers”.
For further pre-sales information, please call: 092 269 1840
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Thailand’s Real Estate Personality of the year announced
Sorapoj Techakraisri, CEO of PACE Development
Corporation, has been selected as winner of the prestigious Thailand
Property Awards Real Estate Personality of the Year Award 2013.
Sorapoj Techakraisri.
Unlike the rest of the awards, which are chosen by an independent panel of
judges, the editors of Property Report Magazine select the recipient of the
Real Estate Personality of the Year award. Each member of the team puts
forward a candidate and the winner is selected based on the nominee’s
overall impact and influence on the quality and development of the Thai
property market, his/her ability to innovate and introduce creative
approaches to real estate growth, and a demonstrable commitment to
philanthropy.
“We chose Sorapoj as the Real Estate Personality for 2013 due to his vision
for modern Bangkok, which is bold and contemporary,” said Jules Kay,
managing editor of Property Report Magazine. “MahaNakhon is already known
throughout the region as an iconic new development for the Thai capital and
he followed this with an equally ground breaking concept -MahaSamutr - for
the Thai resort sector in Hua Hin.”
Sorapoj has been the driving force behind PACE’s bourgeoning success in the
upper echelons of the Thai market over recent years, supervising some of the
developer’s most successful projects - Ficus Lane, Saladaeng Residences and,
of course, the flagship MahaNakhon. His passion for architecture and design
stemmed from his time studying and travelling abroad before he returned to
Thailand and subsequently took up the reins at the family company.
“Sorapoj’s projects challenge conceptions and therefore inspire progress,
which in our view makes him a very worthy recipient of this award,” added
Kay.
Awards winners shortlisted
After another intense nomination, entry and judging process, the full
shortlist of winners for the eighth annual Thailand Property Awards was
announced recently at the Centara Grand and Bangkok Convention Center,
Central World.
Notable Bangkok developments in the shortlist of winners this year include
185 Rajadamri, which is joined on the list by The Ritz-Carlton Residences
Bangkok at MahaNakhon and Royce Private Residences, while elsewhere, Siam
Royal View Pattaya, Kata Rocks and Mandalay Villas were amongst the
developments selected for awards in the Easter Seaboard, Phuket and Koh
Samui categories, respectively.
“As is the case every year, the judges decisions were based on strict and
extensive criteria,” said Paul Ashburn, senior partner at BDO Advisory,
which oversees the entry and judging process. “For the development
categories, local teams visited shortlisted developments to undertake site
inspections before the central judging panel submitted their final
decisions.”
Non-development categories include regional awards for Best Residential
Agent, with Colliers International Thailand, Exotiq and Premier Homes all
shortlisted winners, while in the Best Property Consultancy category,
Colliers International appear once again, alongside Jones Lang LaSalle.
For the much anticipated Best Developer award, top real estate brands
Sansiri, Raimon Land, Pace Development and Magnolia Quality Developments
Corporation have all made the shortlist, while last year’s biggest winner,
Kalara Developments, has been selected once again in the prestigious Best
Boutique Developer category, alongside resort specialists Absolute World
Group.
“The high standard of projects on the shortlist of winners, combined with
the solid reputation of the companies represented this year adds up to an
impressive display of real estate achievements,” said Terry Blackburn, CEO,
Ensign Media, the organisers of the awards.
Presentation of the awards will take place at The Thailand Property Awards
2013 Gala Dinner, which will be held at the Centara Grand & Bangkok
Convention Centre at CentralWorld on September 19.
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Hospitality design firm BLINK sets up new HQ in stylish Sathorn
Pioneering hospitality concept specialist BLINK Design
Group is poised to make a bigger impact on Asia’s design and architecture
landscape with the launch of an all new regional headquarters in Bangkok’s
prestigious Sathorn district.
Clint Nagata.
Led by Creative Director and founder Clint Nagata, the
BLINK office commands the entire 30th-floor penthouse of Bangkok City Tower
and occupies 12,000 square feet of workspace in an 8,000-square-foot area -
a feat made possible via economical use of the eight-metre-high loft ceiling
and a sleek metal mezzanine structure that overlooks the open offices.
Nagata says the idea was to highlight the beauty of the “massive
double-height volume space” of the penthouse allowing for a commanding view
of Bangkok, symbolic of the company’s position within the city and the rest
of Asia.
“Bangkok is very much the hub of hospitality design in Asia, both
geographically speaking with a position in between China and India, as well
as culturally so, being right at the heart of ASEAN,” explained Nagata.
“When the AEC is fully realised in 2015, Thailand, specifically Bangkok,
will be the main jumping off point for the region and the strategically
perfect location for BLINK.
“Another key reason to set up our regional headquarters in Bangkok is
because of the strong and impressive talent pool of Thailand’s architects
and designers,” he added.
Along with Mr Nagata, BLINK’s head office in Thailand is staffed by some of
the region’s leading hospitality visionaries, including BLINK Director of
Architecture Christopher Chua and Bangkok’s home-grown diva of design,
Kraisupa ‘Ont’ Asvinvichit.
Born in Los Angeles, raised in Bangkok and educated in England, Ms
Asvinvichit joined BLINK in 2010 as Lead Designer and has since created
three hotels in as many years - Regent Bali, Regent Phuket, and Jumeriah
Dhevanafushi Maldives, which was awarded a prestigious Asia Pacific Interior
Design Award in 2012 and was recognised in the ‘bible’ of what’s hot in
hospitality, the Condé Nast Traveller’s Hot List.
BLINK Design Group has moved its
headquarters to Bangkok, which the company’s management views as the
cultural epicentre of ASEAN.
BLINK shares offices with Asia’s renowned cutting-edge
design firm Space Matrix, with whom it joined forces in 2011. Since then,
BLINK has expanded rapidly throughout the region, where its unique brand of
bespoke hospitality design has caught fire. BLINK currently operates offices
in four key urban centres in Asia, with operations in Delhi, Shanghai,
Singapore and now Bangkok.
Founded seven years ago by Clint P. Nagata, BLINK has reinvented the
traditional service model for hospitality to offer clients an end-to-end
solution that encompasses a full suite of integrated services featuring
architecture, interior design and branding under one umbrella.
BLINK’s ability to inspire with its bespoke aesthetics has made them a hot
ticket with a prestigious customer list of luxury international hotels and
resorts - such as Conrad, Hilton, Jumeirah, Langham Place, Le Méridien,
Regent, Sheraton, Westin, Marriott and InterContinental Hotel Group (IHG) -
all of whom are seeking uniqueness and long-lasting impressions for their
resort, hotel, spa, gaming or restaurant projects.
“The BLINK brand is centred around the belief that each project is a
platform to achieve something extraordinary,” said Nagata. “In the seven
years we have been operating I think we have been able to shake up a few
norms in the hospitality industry with our combination of intuitive
thinking, innovation and design aesthetics.”
BLINK Director of Architecture Chris Chua added that BLINK is focused on
identifying the very best emerging talent to join the team in Thailand.
BLINK worked on the interiors at
Regent Phuket Cape Panwa resort.
“The new office is a statement for us in many ways as a
company - signifying that we are very much about providing an environment
for our dynamic workforce that is conducive to creativity; and, to be
creative, the team needs a space that is relaxed, stylish, centrally located
and, above all, fun. I think we have gone a long way to achieving this in
our new office and this in itself will help in continuing to attract the
great designers of the future to our company,” he explained.
BLINK was recently commissioned to design two stunning new resorts on Asia’s
most renowned tropical islands to herald the rebirth of Regent Hotels &
Resorts. BLINK has created the new Regent Phuket Cape Panwa and Regent Bali
from the ground up, combining timeless tropical modern design with subtle
heritage and cultural accents.
The immense success of these two projects led to the recent appointment of
BLINK by FIH Regent Group for two additional assignments: to re-imagine the
flagship property Regent Taipei and to introduce the company’s new Regent
Place brand through the creation of a new city-centre hotel in the Chinese
city of Xi’an.
Other notable recent projects include the 300-key Marriott Xiangshui Bay
resort in Sanya, Hainan Island, featuring cutting-edge contemporary design
and wow-factor features by BLINK including a lobby inspired by a folding
Chinese paper lantern and a rooftop bar and fitness centre. It will open in
2014 and is not far from the Conrad Sanya Haitang Bay, another BLINK
masterpiece, the elegant classicism and French Riviera glamour of which
scooped the World’s Best Luxury Hotel at the Hospitality Design (HD)
Magazine Awards in 2012.
In India’s most famous resort town, Goa, BLINK is behind a very different
kind of Hilton resort, with just 100 keys, arrayed along a steep hillside,
and based upon a Colonial-era Goan village, featuring a collaboration on
interiors with famous Indian fashion designer Tarun Tahiliani. The Hilton
Goa is scheduled to welcome its first guests in 2015.
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Juristic persons advised to ensure compliance of commercial use
in condominiums
Commercial enterprises are a
common sight at most large scale condominiums.
There are a number of condominium developments in Pattaya
where commercial entities do business, be it a travel agency, rental agency,
spa or restaurant. Although such businesses may benefit the owners, juristic
persons and property managers should make sure that commercial use of space
in residential condominiums is compliant with the Condominium Act.
Compliance with the building regulations will help ensure transparency and
prevent any negative consequences that may incur from unhappy co-owners,
according to real estate management and marketing specialists Jones Lang
LaSalle.
There are more than 100 residential condominium buildings across Pattaya.
Based on Jones Lang LaSalle’s observations, many of these buildings have
space for commercial use in one form or another. While many developments
have included commercial space from the beginning of the planning and
development stage, others have added commercial space only after
construction completion.
“It is imperative that commercial use in condominiums complies with the
Condominium Act,” said Dexter Norville, Head of Estate Management at Jones
Lang LaSalle. “There are two major scenarios where a commercial operation is
allowed. Firstly, the residential development must have commercial units
indicated on its building plans. Secondly, part of the common area in the
condominium development can be used for commercial purposes upon approval by
vote of more than 50% of the building’s total co-owners, and the commercial
space must have a lease indicating the terms and what the business operator
can do in the space,” he explains.
While the first scenario is a straightforward process that takes place at
the planning and development stage, a conflict of interest can still occur.
“Most developers may have included a sales office within the development,
for their sales team selling remaining units. Even after all units are sold
out, some of these developers may remain within the condominium in good
faith to offer sales and leasing services to co- owners. But such an
operation will need approval once the condominium juristic person is
formed,” Norville continued.
He added that the second scenario is often more controversial, as the
process of adding commercial use into a residential condominium often goes
wrong as a result of misconceptions of the juristic person committee,
property managers, or co-owners regarding commercial use within
condominiums.
According to building regulations, juristic person committees as well as
property managers do not have the power to authorize the use of common space
for commercial purposes. In addition, co-owners have no right to convert
their residential unit to a commercial space in any cases.
“In many cases, co-owners mistakenly believe they can use their own
residential space for commercial activity, while juristic person committees
could unknowingly enter into agreements with third parties to allow them to
operate commercial services from within their building,” said Norville.
In the event a commercial operation within the condominium does not follow
the correct process, the condominium juristic person, together with the
property manager, can call for an extraordinary meeting (EGM) to address the
issue. At the EGM, the co-owners can choose to either keep the operation or
reject it. If the majority of the co-owners disapprove the operation, the
owner of the disapproved operation will be asked to stop the operation.
“Generally, this is an unpleasant process, which can become more complicated
when the owner of the business fails to stop the operation within an agreed
time frame. When this case happens, the condominium committee may need to
proceed with a legal action. Therefore, it would be better for co-owners,
juristic committees and property managers to understand and comply with
building regulations,” Norville concluded.
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New akyra Manor set to bring
cool change to Chiang Mai
Award-winning AKARYN Hospitality Management Services
(AHMS) is gearing up to expand its hip akyra brand in the heart of Chiang
Mai’s most buzz-worthy boulevard, Nimmanhaemin, in the third quarter of next
year with the launch of akyra Manor Chiang Mai.
Anchalika Kijkanakorn - Managing
Director of Akaryn Hospitality Management Services (AHMS) and founder of
Aleenta Resorts.
Boutique hotel pioneer AHMS has partnered with
Singapore’s renowned Manor Design Studio to bring an innovative and
thoughtful approach to the first expansion of the akyra brand, successfully
created almost two years ago at the akyra Chura Samui on the white sands of
Chaweng Beach.
AHMS founder and owner Anchalika Kijkanakorn, also the Chairman of Small
Luxury Hotels of the World (SLH), said she was thrilled to be creating a
hotel with Manor Design Studio, and looked forward to developing the
creative partnership AHMS had forged with the Singaporean design mavericks.
Chaw Chih Wen, Manor Studio’s Design Director and creative driving force, is
the acknowledged master of creating living spaces as blank canvases that
invite interaction from their inhabitants, and has been widely awarded for
his work.
The former protégé of Cesar Pelli Architects in New York has had his work
selected for exhibitions such as La Triennale di Milano (2007), the 6th
International Conference in Tokyo, Japan (2006), and Tokyo Designers Week
(2010). He is also the 2012 A’Design Award winner for Interior Space and
Exhibition Design.
Ms Kijkanakorn said the resort will be ‘modern, warm, welcoming and
stylish’, located in Soi 9 Nimmanhaemin Road, one of the most hip streets in
Chiang Mai. “Its restaurant will be the place to be seen in downtown Chiang
Mai, with a state-of-the-art show kitchen and an amazing line-up of
cuisine,” she said.
“We’ll have a small executive meeting room catering for high end meetings
and more. The hotel will also have Thailand’s first organic rooftop nursery
(think NYC rooftop gardens) and a SLOW Food concept, which means we grow
most of our own ingredients.
“It will also have a very cool bar by the pool which will become the place
in Chiang Mai to meet for drinks.”
Award winning design at AHMS
Hotels’ Aleenta Resort in Phuket.
The partnership between AHMS and Manor Design Studio
follows last month’s announcement that AHMS is to open the AKARYN Koh
Krabeay Retreat & Spa on its own island in Cambodia in 2015, with
sustainability and environmental preservation its watchwords and featuring
40 exquisite and very spacious pool villas and a destination holistic and
medical spa.
Ms Kijkanakorn said akyra Manor Chiang Mai was a passion project from the
heart, as the northern capital was one of her most loved getaways.
“Chiang Mai has been one of my personal favourites, a place where I go to
get away with friends and family. It’s somewhere I’ve visited again and
again,” Kijkanakorn said. “Nimmanhaemin is a hip and happening precinct that
is quickly growing in fame beyond the gates of Chiang Mai. We want to tap
into that, but also give the area another great point of interest in terms
of wow architecture and hospitality and hopefully even raise the bar a bit
in terms of what Chiang Mai offers in guest experiences.”
akyra Manor Chiang Mai will feature 29 suites and residences over seven
floors, less than a kilometre from the town’s main tourist area, with a
striking pool as an oasis in the centre of Chiang Mai.
“Soi 9 is known as ‘coffee street’ and is popular with locals and visitors
and is a draw for Thai tourists at weekends,” Kijkanakorn said. “akyra will
be a 300m walk from the junction of Huay Kaew Road and 500 metres from
Suthep Road.
“In terms of target market, we are looking at savvy corporate travellers and
friends and families from Thailand and around the world who appreciate a
hotel with a difference. It’s about bringing a bit of Bangkok ‘wow’ and
cutting-edge Singaporean design flair to the ‘Rose of the North’ while
respecting her traditions.
“In Chiang Mai, the rooms are big enough for families and even long-stay
businesspeople, but the vibe is very warm. A true home-away-from-home
experience is what we aim to deliver. At all AHMS properties, returning
guests are what we are known for. At akyra Manor, there are adjoining rooms
and suites set up, so there is plenty of space to stay longer or keep coming
back. Each room is over 100sqm, with private balconies, outdoor gardens and
a romantic outdoor tub.”
Ms Kijkanakorn said the hotel would also be an active patron of the arts,
building on the connections and creativity of Manor Studio and Chaw Chih
Wen, with the lobby and guest rooms functioning as a ‘living gallery’, with
works also available for purchase by guests.
Founded in 2003, the award-winning hotel group currently operates four
resorts in Thailand - two in Koh Samui and one each in Phuket and Hua Hin.
All are boutique in size and located on secret beach locations, and offer
more than resorts but authentic destination experiences.
Through its Pure Blue Foundation, each of the collection’s resorts works in
marine conservation and community action projects to benefit their
destinations, from saving endangered marine turtles in Phang Nga to aiding
regeneration of reefs and organic farming, and most importantly, educating
the next generation on the fragility of ecosystems and how to help preserve
them.
Kijkanakorn said Manor Design Studio also valued giving back to the
community, and in Chiang Mai, the efforts of the Pure Blue Foundation would
focus on the training of impoverished migrants in skills that would help
them secure employment.
“Manor Group and AHMS have plans to join forces to work together to expand
our collection of design hotels with good causes in Thailand and
neighbouring countries. akyra Manor Chiang Mai is the first in this series,”
she said.
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Investment pioneer James Quille bullish on Thailand property
Kingdom Property CEO Nigel Cornick (centre left)
poses for a photo with James Quille, Chairman of Macquarie Global Property
Advisors (centre right).
Real estate developer Kingdom Property launched the first in a series of
round-table dinner talks at Grand Hyatt Erawan Ballroom last month, and
luminaries from the city’s leading property, banking and investment
companies gathered to hear the keynote address of prominent fund manager and
investor James Quille.
Quille, Chairman of Macquarie Global Property Advisors (MGPA), with assets
under management (AUM) of US$12 billion and one of Private Equity Real
Estate magazine’s top 30 most influential global investors, was upbeat on
property investment in Thailand, and Asia in general, saying there was a
strong trend towards more direct investment in real estate.
“The Thai real estate industry over the next five to 10 years is in a very
good place,” he said. “Thailand has a balanced economy with good
demographics which is good for investment flows including real estate, and
like most of Asia has the potential to enter a sweet spot in terms of its
ability to attract investment by institutional capital.
“There is a growing trend towards institutional investors allocating a
higher proportion of their portfolio into real estate funds, which will
certainly benefit the market with the emergence of REITs (Real Estate
Investment Trusts) in Thailand.”
Mr. Quille however cautioned against excessive capital controls adding, “if
you put up barriers restricting capital’s access to the market, you risk
losing that capital to markets that are more open, offering more returns and
less risk”.
MGPA recently announced it had agreed a sale of the company to BlackRock,
the world’s largest asset manager with US$3.9 trillion AUM. The merger of
BlackRock Real Estate Group and MGPA will result in the creation of a global
real estate powerhouse, which has pro forma AUM of approximately US$25
billion as of March 31 this year.
The evening dinner in Bangkok was the first of regular round-table industry
dinners planned by Kingdom Property, which will feature speakers recognized
for their extensive knowledge in the real estate industry and cover topics
such as global financing, asset management, property development and
marketing.
Kingdom Property Chief Executive Officer Nigel Cornick said Mr. Quille’s
experience and vision in the funding of prominent real estate developments
in Asia and Thailand, made him the ideal choice to begin the series.
“It was a pleasure to have Jim join us and we are very grateful for his
time. His experience in this region is second to none and I am sure those in
attendance received some great insights from him,” he said. “His views and
expertise have certainly set the bar high for the round-table events and we
will look forward to announcing the next speaker shortly.”
Kingdom Property is a leading property developer in Thailand, focusing on
the Eastern Seaboard, where its project, Southpoint Pattaya, is scheduled
for completion in 2015. Over 60% of the twin-tower project has been sold,
including the second tower to a single buyer who will offer it as
internationally-managed serviced residences. 87 units in the main tower were
recently sold to Hong Kong-based Purple Link Investment Company.
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Trilingual talent shines
at Kingdom Property
Irina Breslavtseva (right) stands with Kingdom
Property CEO Nigel Cornick.
Kingdom Property recently announced the promotion of
Irina Breslavtseva to the position of Vice President of Marketing.
Originally from Kazakhstan, Irina holds a Masters in Marketing from the
University of Manchester (UK) and has over three years of property
experience in Thailand.
In her new role, Irina will be responsible for the branding and marketing of
Kingdom Property’s pipeline of projects which includes the company’s current
signature condominium project Southpoint Pattaya, and a large mixed-use
development, both along the beachfront in Pattaya.
Kingdom Property Founder and CEO Nigel Cornick said the promotion was down
to Ms. Breslavtseva sterling performance within the company.
“Irina has been instrumental in positioning Kingdom Property as one of the
premium developers on the Eastern Seaboard,” he said. “She has overseen the
successful launch of Southpoint Pattaya as well as developing several CSR
initiatives that have contributed to the local community.”
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Knight Frank Thailand reveals
half–yearly report on Pattaya condo market
Indications show no slowing down
for Pattaya’s burgeoning condominium market.
The condominium market in Pattaya has remained relatively
strong over the last six months, following the solid performance of the
previous year, according to a new report issued by property management
services company Knight Frank Thailand.
The additional supply has amounted to around 10,153 units, making up a total
supply of 40,939 units as of H1 2013. The take-up rate in all locations
increased to 51.7% from 50.3% in the second half of last year. The average
selling price of high-rise units was particularly higher than those in a
low-rise building; this is because high-rise buildings boast sea view
premiums.
The Pratumnak area in south Pattaya recorded the highest average selling
price during 1H 2013 at around THB 96,286 per square metre. Among other
locations, new low-rise projects in Jomtien commanded the highest prices due
to their good facilities and amenities.
Pattaya Condominium Stock and New
Supply 2006 to H1 2013.
Pattaya has become one of the most desirable seaside
locations, says the report. It is easily accessible to major destinations in
Asia, supported by the government’s infrastructure investments, including
the upgrade of U-Tapao Airport’s capacity to five million passengers per
annum, as well as the planned high-speed rail link connecting Bangkok to
Pattaya, which will help drive traffic to the resort city. In addition,
Pattaya has also become an international business hub for the impending
ASEAN community, attracting investors from overseas. Also, the number of
international and local tourists has been increasing steadily.
Supply Trend
There were approximately 40,939 condominium units in the Pattaya condo
market as of mid-2013. This new supply included about 10,153 condominium
units from 20 projects that were introduced to the market during the first
half of 2013 – an increase by 32.9% since the end of 2012.
Pattaya Condominium Supply by
Location, H1 2013.
This year, there are many listed developers entering and
developing condominium projects in the Pattaya market, including SC Asset
PLC., Sansiri PLC., Supalai PLC., Quality Houses PLC., and NC Housing PLC.
NC Housing, Supalai and Sansiri have developed projects in north Pattaya,
whereas Quality Houses and SC Asset have developed projects in south
Pattaya. All of these new projects are quite a distance to the beach;
however, the developed areas are quite convenient as they are located in
close proximity to many of the city’s facilities and amenities. Four of the
five listed developers have developed high-rise condominium projects; only
NC Housing has chosen to pursue a low-rise project.
The majority of new supply added during the first half of this year was
concentrated in the Jomtien area, with about 42% of the total new supply.
The largest-scale condominium project was Seven Seas Condo Resort Jomtien.
Located on a large 15-rai plot of land on Soi Chaiyapruk, just 350 metres
from the beach, the project consists of eight low-rise buildings of eight
floors each, with a total of 1,450 units.
Average Selling Price per Sq.m.
of Sea View Condominium in Pattaya, H1 2013.
The north Pattaya/Wongamart area attained the second-most
popular slot, with a total number of new launches at around 3,114 units or
about 30% of the total new launches. This area is considered a peaceful
location favoured by Thai condominium buyers. It is also quite a new area
for condominium development for both local and Bangkok-based condominium
developers. The largest condominium project in this area was Supalai
Mare@Pattaya, a 35-storey high-rise with 1,154 units.
The total number of new launches in south Pattaya was 1,800 units, or 18% of
the total new launches. The south Pattaya area is considered to be a busy
location due to its many shopping malls, restaurants, and entertainment
spots. It is thus more crowded and not as attractive for residential
development as other areas; the total number of new launches in Pratumnak
accounted for only 992 units, or 10% of the total new launches.
Demand Trend
The demand of Pattaya condominium units as of the end H1 2013 totaled 21,614
units, representing a take-up rate of 51.7%. This take-up rate increased in
H1 2013, from just 50.3% by the end of 2012.
There were approximately 5,682 units sold during the first half of 2013. The
demand was high in the budget condominium segment, where the selling price
was in the range of THB 1 million to THB 2 million per unit for compact unit
sizes of around 25 to 30 square metres. The buyers are predominantly Thais
working in the Eastern Seaboard, Bangkokians who desire a second seaside
home, and Russians who want an escape from the winter in their home country.
Pricing Trend
The selling prices of condominiums in Pattaya vary according to location and
views. There are some high-rise projects located further from the beach that
still boast sea views. The highest selling price was in north Pattaya, an
area favoured by Thais who reside principally in Bangkok. Most of the
condominium projects in this area located near the beach, providing sea
views, sold for over THB 130,000 per square metre. Other projects in north
Pattaya, with no sea views, sold in the range of THB 55,108 to THB 71,250
per square metre.
Most sea view projects being launched during the first half of 2013 were
located in the Jomtien and Pratumnak areas. The selling price of newly
launched sea view condominiums in Jomtien was in the range of THB 91,372 to
THB 140,000 per square metre. The average selling price in Pratumnak
increased from THB 77,610 per square metre in 2012 to THB 89,010 per square
metre in H1 2013.
Outlook
The report concludes by saying that Pattaya has a promising future as a key
market for Thai condominium development. It is riding on the property boom,
adding 1,890 new residential units that are scheduled to launch during the
third quarter of 2013.
Emerging locations from Jomtien to Na Jomtien are set to be major
development sites, driven by a myriad of factors that give the area a number
of advantages over other locations in Pattaya; these factors include
improving road connections of a second road that runs parallel to Jomtien
Beach Road for about 400 metres, and many new attractions such as the
Jomtien market; two water parks - Ramayana, the biggest water park in
Southeast Asia and Cartoon Network Amazone, which are due to open later this
year; and the Grand Kingdom shopping mall, that will draw families with
young children and shoppers to this area.
There will be new demand for Pattaya condominiums from local Thai buyers,
particularly for projects located in north Pattaya/Wongamart, due to the
many restaurants, retail outlets, and shopping malls that are already in
place. The more tranquil condominium projects situated in Jomtien are very
popular for visitors from Russia and Scandinavia who are looking for
affordable condominium units in this holiday destination as a second or
vacation home.
(Source: Knight Frank Thailand)
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Centara prepares to open 5-star hotel
in Pattaya’s ‘Beverley Hills’ district
Centara Hotels & Resorts in cooperation with property
developers the Tulip Group will in September soft open a five-star hotel in
Pattaya’s Phratamnak Hill district, the city’s premier residential area.
Centara Grand Phratamnak Resort Pattaya is designed to reflect the up-market
ambience of the locality, with a dramatic entrance area that creates an
underwater world with two large aquariums, the use of Fendi furniture in the
lobby, and a signature restaurant on the rooftop branded “Ruffino” and
created in cooperation with the famous Tuscan winemaker.
The elegant hotel will feature 165 guestrooms and suites, each with a
private balcony, and each featuring highest quality furnishings and fittings
including the finest cotton sheets, Jim Thompson pillowcases, and Harnn
bathroom amenities.
The rooms will all have Nespresso coffee machines and premium tea
selections, LED flat-screen TV with DVD player, and free Wi-Fi.
Phratamnak Hill is home to luxury condominiums and villas, and the foot of
the hill, where the new Centara property is located, leads directly to the
beautiful beach. The newly built hotel is just steps away from the beach and
will have its own beach house, serving light meals, tapas, refreshments and
cocktails, and will also contain Spa Cenvaree.
A warm welcome awaits at
Centara’s brand new Grand Phratamnak Resort.
“Phratamnak Hill is the Beverley Hills of Pattaya, the
city’s most prestigious address, and in creating our new five-star resort
hotel we have been very much aware that it will form a centerpiece and a
landmark for the district,” says Chris Bailey, senior vice president for
sales and marketing at Centara Hotels & Resorts.
“The architecture of the hotel, the interior design and the style will all
reflect the exclusivity of the location, and we feel this will become a very
attractive destination for top travellers, as well as a gathering place for
local residents.”
Despite being tucked away in this quiet hillside setting, the hotel’s
location makes it easy for guests to reach any part of Pattaya, with Jomtien
Beach, downtown Pattaya, Bali Hai Pier and the Pattaya Exhibition and
Convention Hall (PEACH) all just a few minutes away by car.
The hotel will also operate a complimentary shuttle service to and from
Central Festival, the city’s premier lifestyle and convention complex.
In addition to Ruffino’s Restaurant & Bar, which will offer gorgeous views
of the bay from its rooftop setting, the hotel will feature an inspiring
selection of dining venues serving fresh seafood, Thai, and international
cuisines.
The roof of the nine-storey hotel will feature a pool with its own pool bar,
while the beach house, facing the hotel entrance, will lead guests directly
through to the beach. Spa Cenvaree will occupy two floors of the beach
house, and feature all-natural spa products along with its a la carte of
traditional and modern treatments.
Centara Grand Phratamnak Resort Pattaya features a meeting room that can
hold up to 80 persons seated theatre-style, and there is a delegates’ bar
that is an ideal venue for small size functions and also provides a perfect
setting for coffee breaks.
Centara Hotels & Resorts is Thailand’s leading operator of hotels, with 41
deluxe and first-class properties covering all the major tourist
destinations in the Kingdom. A further 17 resorts in the Maldives, Vietnam,
Shanghai, Bali Indonesia, Sri Lanka and Mauritius Indian Ocean, brings the
present total to 58 properties.
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Asian institutions set eyes on global real estate markets
Asian institutional investors could look to invest in
excess of US$150 billion in global real estate over the next five years, but
with limited investable stock available in Asia will seek opportunities
overseas in London, New York, Sydney and other gateway cities, according to
the latest research from leading global real estate services provider CBRE.
Cash-rich Asian institutional investors currently control a fifth of global
institutional capital; however, the current low global interest rate
environment and weak stock market performance means they face significant
challenges in maintaining adequate returns on their investments. Many of
these investors have begun to recognise the benefits of adding real estate
assets to their portfolios, but despite a sharp increase in investment
activity in recent years, they presently allocate just 1.7% of their assets
to real estate, compared to 6%-8% among institutional investors in North
America and Europe.
The lack of overseas investment experience, regulatory restrictions, limited
investable stock and aggressive pricing have posed significant challenges
for investors seeking to expand their portfolios within the Asian Pacific
region. This has prompted Asian institutional investors to seek
opportunities overseas, with core assets in gateway cities the most sought
after asset class.
Acquisitions by Asian investors outside the region surged from US$2 billion
in 2008 to almost US$9 billion in 2012, with Asian institutions accounting
for a large portion of the purchases. Europe is currently the major focus
for Asian investors followed by North America and Australia.
As Asian institutional investors diversify into low-risk
alternative asset classes, more are expected to increase their allocation to
real estate. A conservative estimate of increasing their allocation to real
estate to 2.5-3.5% in the next five years – allowing for a steady increase
of asset size at 4-6% per annum - would translate into a potential inflow of
in excess of US$150 billion (including direct and indirect real estate
investment) into the global real estate investment market.
The large volume of prime commercial property currently in the development
pipeline in Asia Pacific will partly alleviate this pressure; however, this
new stock will still be insufficient to meet the demand of the large volume
of institutional capital earmarked to be invested in real estate. In
addition, other investors such as REITs and end-users will also be competing
to acquire new properties, a situation which may result in a prolonged
period of structurally low yields for core assets in Asia.
Chris Ludeman, President - Global Capital Markets, CBRE, commented, “While
Asian investors that have already had exposure in global markets will
continue to acquire new assets, the next few years will see a number of new
entrants to leading global real estate markets such as London and New York.
Japanese institutions, which to date have largely been absent from the
global scene, as well as Taiwanese and Chinese insurance companies will be
the first groups to emerge.”
The past year has seen several markets make progress towards liberalising
outbound investment in the insurance sector. In October 2012 the Chinese
Insurance Regulatory Commission (CIRC) relaxed its restrictions on overseas
investment by domestic insurance companies. Chinese insurers are now
permitted to invest in completed commercial properties in the gateway cities
of 45 designated countries. In Taiwan, discussions about permitting domestic
insurance companies to invest in real estate offshore are ongoing.
Marc Giuffrida, Executive Director, Global Capital Markets, CBRE, commented,
“We are seeing an acceleration in enquiry levels and deals closed in just
about every global gateway market. We initially advised a handful of the
larger pension and sovereign funds, and now these first-movers have started
harvesting their 2009 vintage assets. The market has seen how successful
they have been in both protecting capital and exceeding their investment
hurdle rates. These positive results provide tangible evidence and
confidence for the more cautious or sceptical that global real estate can
add value and most importantly is accessible.”
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Raimon Land posts solid 2Q earnings for 2013
Raimon Land’s flagship ‘The
River’ project in Bangkok.
Leading Thai high-end property developer Raimon Land PCL
has announced a solid 2nd quarter in 2013 with a net profit of baht 228
million, a jump of 61% Q-o-Q and 126% Y-o-Y.
With a secured backlog at the end of the second quarter of 2013 of baht 15.1
billion and recognized revenue in its current projects valued at baht 1.7
billion, the company’s gross profit margin is at a high of 34%.
Raimon Land’s CEO Johnson Tan said, “This quarter’s result is evident of the
transfers at The River going as planned. Our team has worked very hard to
keep up with the pace but we cannot be complacent as there is always room
for improvement. This will prepare us well for 185 Rajadamri and Zire
Wongamat when the projects are ready for delivery.”
With Johnson Tan at the helm as CEO, he has been largely involved in
overseeing key fundamentals in the company’s operations. Other than ensuring
that the transfers of the mega project, The River is taking place
efficiently, he implemented various financial disciplines and also managed
to lower the company’s borrowing costs.
Just recently launched, The Lofts Ekkamai, Raimon Land’s unique
loft-inspired condominium in Bangkok, has also enjoyed successful sales
having already sold out almost half of all the units.
For more information on Raimon Land, visit
www.raimonland.com.
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Jakarta and Beijing see strongest
growth in luxury residential markets
Jakarta, capital of
Indonesia, registered 34.2 percent growth in its luxury residential market
during the second quarter of 2013. (Photo Wikipedia commons/Gunawan
Kartapranata)
Similar to the first quarter, the second quarter of 2013
saw limited price growth in most monitored luxury residential markets in
Asia, according to the latest Jones Lang LaSalle Residential Index.
Seven of the nine featured markets saw an increase in capital values during
the quarter, although five registered growth of less than 1 percent. Jakarta
and Beijing registered double digit increases of 34.2 percent and 18.7
percent respectively in the 12 months to end-Q2, with only Singapore
reporting an annual decline at 2.1 percent.
Jakarta continued to outperform all monitored markets in Asia, up 9 percent
from Q1 2013, while average prices in Beijing also rose solidly (6.7 percent
q-o-q) due to several high-end projects coming to market during the quarter.
Despite restrictive tightening measures affecting sales activity, Hong Kong
registered a marginal quarterly increase of 0.3 percent on Q1 2013.
Bangkok and Manila also saw slight increases in capital values over the
quarter, while prices in Kuala Lumpur remained flat.
Of the nine markets, only Singapore recorded a decline in the luxury
residential sector, down 0.6 percent quarter on quarter, as government
cooling measures continued to affect investor sentiment.
Commenting on the Jakarta’s high-end residential market, Luke Rowe, Head of
Residential Project Marketing, Indonesia said: “Jakarta’s market continues
to move along well with a number of exciting new projects being launched in
the quarter receiving excellent responses from buyers. 70 percent of newly
launched projects are selling off-plan across the market with better located
developments enjoying even higher clearance rates.
“The limited existing supply of approximately 90,000 apartments coupled with
the demand from a city with a population of over 20 million, will ensure the
high-end residential market remains buoyant for the remainder of the year.”
Looking ahead to the remainder of the year, Dr Jane Murray, Head of
Research, Asia Pacific, Jones Lang LaSalle said: “While the region’s luxury
residential market has seen both quarterly and yearly growth, policy
restrictions in Hong Kong, Singapore and China are likely to remain in place
for at least another 12 months, affecting investor sentiment in these
markets and constraining sales activity in line with the first half of the
year. However, emerging Southeast Asian markets should continue to
experience growth, although in markets such as Bangkok and Manila this may
be moderate due to lower sales of new projects.
“We expect Jakarta to continue to outpace the rest of the region for the
remainder of the year with strong price growth as a result of resilient
domestic demand.”
(Source: Jones Lang LaSalle)
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Universal stokes sales of Savanna Sands with double-digit discounts
Rajesh S. Punjabi, MD (left) and
Sonia Punjabi, CEO of Universal Group (right) present a condo for a special
promotional price of 999,000 baht to a lucky winner at the Savanna Sands
Grand Sale Event in Pattaya, August 8.
The Universal Group primed sales at its latest
condominium project by offering property agents nine units in the Soi Wat
Bunyakanchnaram development for more than 13 percent off regular prices.
Managing Director Rajesh S. Punjabi and executive Ladislav Polak welcomed
guests to sales office on Aug. 8 for the Savanna Sands condominium promotion
where studio units were offered for just 999,000 baht (150,000 baht off the
normal list price). One- and two-bedroom units were also on sale for 200,000
baht off original prices.
Customers and agents came in
large numbers to attend the event.
Attendees also enjoyed a sumptuous meal and tried to win
prizes including new Samsung smartphones. The party also saw the unveiling
of a new project logo, which executives believe will work better in
attracting customers to the project announced in March.
Inspired by the spacious land of the African continent, Savanna Sands offers
motifs echoed in the architecture of the development. Spread over 12 rail of
land, the project consists of three 26-floor buildings with 1,500 furnished
units on offer.
Four floorplans are available, starting with a 26 sq. meter studio, 35 sq.
meter one-bedroom unit, 56 sq. meter two-bedrooms, and two floors of
penthouses. Prices run 1.3 million baht to 16 million baht. The property
will also feature a seven-story hotel with 150 rooms.
(By Warunya Thongrod)
Directors of Universal
Group pose for a group photo with customers at the Savanna Sands Grand Sale
evening in Soi Wat Bunyakanchanaram, Pattaya.
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ONYX to operate a new
Amari hotel in Buriram
Newin Chidchob (left) poses with
representatives of Buriram United Football Club and ONYX Hospitality Group
at a press conference to announce the new football themed hotel.
Thailand-based ONYX Hospitality Group has been appointed
to operate a 60-room football themed hotel in Thailand’s North Eastern
province, Buriram. Amari Buriram United is owned by Buriram United Sport
Hotel Co., Ltd. It will be operated by ONYX Hospitality Group under the
Amari brand.
Commenting on the new project, President of Buriram United Football Club,
Newin Chidchob said: “Amari Buriram United is one element of a project I am
investing in to ensure Buriram becomes one of the country’s top 5 tourism
and sports destinations able to attract both local and foreign tourists. In
2014 we will be adding an international motor circuit to the stadium complex
and this, combined with the existing football stadium will push Buriram to
the forefront of sports and leisure tourism in Thailand.”
ONYX President and Chief Executive Officer, Peter Henley, said: “This is a
very exciting venture for ONYX. We share Khun Newin’s vision for Buriram and
we are thrilled to be opening our first Amari in this region of Thailand. As
Amari’s first ever themed hotel, we also look forward to introducing a fun
and creative new hotel design inside and out, whilst continuing to provide
the warm hospitality for which Amari is so well known.”
The design concept for Amari Buriram United is a tribute to football and of
course the local team, Buriram United. Guests will check into a hotel, but
could easily mistake arriving at a football ground. The hotel structure has
a stadium design with most rooms looking into a central area which includes
a mini football field and swimming pool.
The hotel is designed by I’ll Design Studio, the same architects as the
neighbouring i-Mobile Thunder Castle stadium. Inside the hotel, guests will
enjoy ‘players changing room’ style bathrooms and a themed restaurant with
bench style seating, replicating team style dining. Amari Buriram will
feature 44 superior rooms, 14 deluxe rooms and 2 suites ranging from 34 to
114 square metres in size. The resort will also offer a bar and a gymnasium.
The property is scheduled to open in Q4 2013.
“Sports tourism is a huge potential and emerging market for both domestic
and international visitors to Thailand,” added Peter Henley. “The
development of Buriram as a centre of excellence in this area is certainly
welcome and the addition of a motor sports circuit to the existing i-Mobile
Thunder Castle stadium will certainly put Buriram ahead of the game.”
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