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Matrix delivers 3 projects on time, announces more in the pipeline
(From left) Matrix Managing
Director Miki Haim poses for a photo with Marketing Manager May Watson,
Admin Manager Paveena Sangdithi, Sales Manager (Russian Market) Irina
Yarmolovich, and Matrix Director Raz Shai as they hold up over 700 chanotes
for units at the company’s Paradise Park, The View, and Sunset Boulevard
developments. The title deeds will be transferred to customers over the
coming weeks.
Following a positive year so far for Matrix Developments,
including earning recognition at the the 2013 Asia Pacific Property Awards,
there was further good news for customers of this local and popular
developer as Matrix announced in October that the title deeds for 3 of the
company’s recently completed projects were ready to be handed only to the
new owners.
Thanks to diligent work with the local Land Office, the company is now in a
position to transfer over 700 title deeds to its customers, which includes
507 at Paradise Park,129 for The View, and 66 at Sunset Boulevard building
1.
“Being in a position to release the chanotes (title deeds) to the our
customers is like closing the circle for us, following all the hard work and
processes from the initial dream we have about a development, to the
architect’s design on a brochure, and to handing over the keys to the new
owner,” commented Matix Managing Director, Miki Haim.
Construction work on Matrix’s
City Center Residence project is scheduled to start before the end of this
year.
“Over the next 2 months we will be contacting our
customers one by one to arrange for transfer and delivery of the chanotes.
It’s at this stage of the project that we feel proud that we have been able
to deliver our promises to the customers on time, and of course this is the
motto we live by here at Matrix, to deliver on our promises,” added the
Matrix chief.
Matrix advised that for owners who are not currently in Thailand or are
unable to travel here until next year, the company can arrange transfer of
the ownership through customers signing a power of attourney form and
sending over the necessary transfer fee.
In other Matrix news, Miki Haim indicated that the company’s planned City
Center Residence was now 50% sold and construction would begin before the
end of this year. The showrooms for The Sky condinium in Jomtien are also
now complete and the building of this iconic development is set to get
underway approx. 12 months from now.
Martix recently released renderings of The Sky project, a high-rise building
set on two rai of land, beautifully designed and differing markedly from
many of the other buildings around town. It will have 300 units across 30
floors with an average price of 75,000 baht per square meter.
The Sky will be within 500 meters from Jomtien beach, not far from Park
Lane, Paradise Park and The Amazon on Soi Wat Boon. As well as studios, The
Sky project will incorporate a large number of one and two bedrooms units as
the company hopes to attract some of the increasing number of families
coming to the Pattaya area. In keeping with the family idea, the
development, says Miki, will even have its own cinema and a playground area
for the children on the 4th floor.
Looking further ahead, Mr. Haim said that with the popularity of Pattaya
with tourists showing no signs of decline, he forecast that Matrix would
continue to be active in the real estate sector in the city for at least the
next 5 or 6 years, with several new projects already on the drawing board.
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Porchland launches Prim Grand Condominium
in Naklua
Porchland Group CEO,
Chisanucha Phakdeesaneha (center), poses with guests at the launch of the
Prim Grand Condominium on Oct. 8.
On a roll in the Pattaya area, Porchland Group has
launched another popular condominium project, this time aimed at high-end
buyers in Naklua.
CEO Chisanucha Phakdeesaneha on Oct. 8 officially announced the Prim Grand
Condominium, a low-rise boutique residence with only 64 units in Wong Amat
Beach near the Sanctuary of Truth.
He said Porchland has seen strong response to its first six Eastern Seaboard
projects and aimed its newest development at luxury buyers looking for a
peaceful environment on Naklua Soi 112 near the Zign Hotel.
The Prim Grand Condominium will rise eight stories with prices starting at
2.2 million baht fully furnished. Chisanucha said half of the units have
already been reserved.
For more information call 082-403-1999 or visit www. ThePrimPattaya.com. (By
Thanachot Anuvan)
The Prim staff, all ready to
answer questions and take orders from prospective customers.
Prim Grand Condominium will
offer 64 fully furnished units on a prime spot in north Pattaya.
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Nova Group gives taster of Ocean Pacific luxury condo
A computer graphic shows Ocean
Pacific at Na Jomtien.
Forty floors of luxury with breathtaking sea and city
views is what’s on offer by the renowned, award winning Nova Group.
Following recent success stories with The Cliff, The Palm and Amari
Residences to name but a few of their developments, they have decided to
launch this luxury project in Na Jomtiem, only 200 meters from the beach.
Facilities include an Infinity Sky Pool on the 21st floor, huge ground floor
pool with waterfalls and jacuzzi’s, glass elevators, games room, fitness
centre and of course a beautifully designed lobby with double height
ceilings.
Room types will include studio’s, one, two and three bedroom units, all
fitted with luxurious bathrooms and kitchens as standard. The show unit will
be ready in a couple of weeks, as will the website at www.oceanpacific.asia.
For further information on the project, call on 038 706 116
A taste of The Riviera
Sukanya and Winston Gale.
Launch parties for new condominium developments come in
all shapes and sizes. But with the high season nearly here, the Riviera
Group decided to use the Ice Bar of the Amari Orchid Resort & Tower to
showcase its new Pattaya project, The Riviera.
The Riviera is the brainchild of Winston Gale, the experienced developer
behind The Palm, launched under the Nova Group brand with Rony Fineman.
The showroom for The Riviera was due to open at the end of October. But Gale
and his team wanted to get local agents and brokers on board by inviting
them for an afternoon at the Ice Bar Oct. 10 where they were given details
of the new development. His multilingual staff was also able to field
questions on the project.
It is evident from the renderings that the Riviera echoes the standards
employed at The Palm, but this time at a more-affordable price.
The Riviera sits on eight rai of land in Wong Amat. The 980 units are spread
across two towers that offer panoramic views facing Laem Chabang and Koh
Larn. A wide range of facilities are offered, including a large swimming
pool, children’s pool, sundeck, water features, kids’ club, fitness and
games rooms, tropical landscaping, floating pavilions and large open areas.
For more information, see
www.TheRivieraPattaya.com.
(by Paul Strachan / PM)
A computer graphic shows the twin
towers of The Riviera condominium in Wongamat.
Real estate agents, brokers and
media got a chance to view a scale model of the development and ask any
questions during the open day on Oct. 10.
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Red Planet opens sixth
Tune Hotel in the Philippines
Last month’s opening of the 140-room Tune Hotel Quezon
City officially positions its owner Red Planet Hotels as the largest
international hotel chain owner and operator in the Philippines - an
impressive feat achieved in just 20 months.
The Tune Hotel Ermita, Makati
was the third property Red Planet Hotels opened in the Philippines. There
are now six Tune Hotels in the Philippines making it the largest
internationally owned and operated hotel chain in the country.
Six hotels in the Philippines now carry Tune Hotels’
signage. All six are operated by Red Planet Hotels and, purely by property
numbers, it has quickly grown to be the largest internationally-owned brand
in the country after the first Tune Hotel in Angeles City opened its doors
in February 2012.
The other four are in Cebu, Makati, Ermita and Cagayan De Oro. Red Planet
Hotels will open a further four hotels under the Tune banner in Davao and
Ortigas (November 2013), Aseana City (April 2014) and Ayala Avenue (May
2014) taking its Philippines portfolio to ten hotels and 1,724 rooms with
more locations currently under negotiation.
Red Planet Hotels now owns and operates 14 Tune hotels with 2,186 rooms in
the Philippines, Thailand, Indonesia, and Japan and will soon expand the
brand in South Korea and Taiwan. Globally, Red Planet Hotels has an
ownership interest in 23 operational hotels - with 14 more under development
- containing 6,537 rooms.
Red Planet Hotels Chief
Executive Officer, Tim Hansing.
Red Planet Hotels CEO, Tim Hansing, said the Philippines
was the “perfect platform” to drive the South-East Asian expansion of Tune
Hotels because of the country’s acceptance and embracing of new and
inspiring brands that enable travel to the wider population.
“We have always had a firm commitment to the Philippines in terms of our
overall investment as we have always had a firm belief in the country’s
travel sector and the ability of our entire Philippines team to deliver on
our service and standard obligations,” Hansing said.
“It has been testament to the success of our first five hotels in the
country that we stand here today as the largest international hotel owner
and operator in the Philippines and that success has further fuelled our
desire to have even more hotels here, with four more opening in the coming
months.”
Red Planet Hotels is Tune Hotel’s largest global franchise partner and also
has a 17% ownership stake in the Tune Hotels company and a seat on its
board.
There are also Tune Hotels in Malaysia, England, Scotland and the first in
Australia will open this month in Melbourne.
“These are exciting times for Tune Hotels and to have such a close working
relationship with their team as their largest franchise partner enables Red
Planet Hotels to take the brand to new countries and further cement the
beneficial partnership we have established,” Mr Hansing added.
“We are proud of our significant achievement in the Philippines, and with
more Tune hotels to come, both in that country, Indonesia, Thailand, Japan,
South Korea and Taiwan under Red Planet Hotels’ ownership and management, we
are very much looking forward to securing the brand’s position as Asia’s
leading value-for-money accommodation.”
Air Asia founder Tony Fernandes remains the driving force behind the global
expansion of Tune Hotels and the company expects to make more announcements
soon about entries into new markets.
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New social network for condo
communities launched in Singapore
AddressTalk, the first hyper-local social networking site
for condominium communities, launched last month in Singapore with its
stated mission to open up a transparent line of communication between
residents and building management.
AddressTalk CEO,
Graham Brain.
AddressTalk, which is free for residents and owners of
individual condominiums or homes and offers membership at a small fee for
building managers, has targeted Singapore as the first city in a select Asia
and US city roll out strategy where a high proportion of residents live in
high-rise buildings.
AddressTalk CEO Graham Brain said the groundbreaking concept brought social
networking closer to home, connecting condominium communities via
ever-evolving hyper-local neighbourhood guides they would create for
themselves, while offering tangible, real-time benefits for residents.
“AddressTalk empowers residents by giving them a united voice for the first
time, “Brain said. “Just the fact of knowing you will be taken seriously and
listened to is a big thing, as anyone who has ever had problems with their
building manager or neighbours can attest.
“I spent several years as the residents’ representative on the juristic body
of my condominium and the problems I saw there between aggrieved residents
and an uncaring building management company were disturbing, to say the
least.
“It’s what convinced me AddressTalk is an idea whose time has come, and what
made me a passionate believer in the brand. For residents, knowing they can
get the management’s attention, state their case and get something done is a
huge weight off their shoulders. For building managers, AddressTalk is about
embracing transparency, showing there is nothing to hide.”
Mr. Brain, an Australian innovator, entrepreneur and start-up specialist,
brings to the table 25 years in Australia, Asia and Europe in senior
executive and board level roles in sectors as diverse as sales and
marketing, manufacturing, barter, fast food, sporting goods, financial
services, IT and corporate travel security systems.
AddressTalk was developed in Bangkok, burnishing the city’s growing
reputation as Asia’s IT development hub following the global success of
hotel booking site agoda and Groupon-inspired Ensogo.
Brain said Singapore was chosen as the launch city after careful
consideration. “We looked at the numbers. Singapore’s population is 5.3
million, with 7,315 people per sq km, making it one of the most densely
populated urban centres in Asia. It has the most educated, affluent,
connected, English-speaking and tech-savvy residents, plus approximately 80
percent of Singapore’s residents now live in condominiums or apartments so
it really has become the home of vertical living.”
Brain said AddressTalk used state-of-the-art responsive design -
automatically optimising how it is viewed on any browser, platform or
device, removing the need for special apps. “The design is clean, soothing
and user-friendly, and above all it’s safe and secure,” he said. “Privacy is
paramount.”
But the key to AddressTalk’s launch and ongoing success, said Mr. Brain,
would be delivering on its promise to build better communities.
“AddressTalk communities will have plenty to talk about, from creating their
own hyper-local community guides, full of tips, deals and reviews. Log in
and you can discuss, debate and rate everything the community has to offer -
real opinions from real people who live next door. Residents stay informed
on where to wine, dine, shop and get the best deal.
“It’s about getting people to talk in a safe, impartial and relaxed forum.
There are few problems that can’t be solved once you get people to relax and
start a conversation.”
As reported in Pattaya Mail earlier this year, local luxury real estate
developer Kingdom Property has already signed an agreement with AddressTalk
for the latter to provide interactive communications between Kingdom and
customers of its Southpoint project in Pattaya.
For more information, go to www.addresstalk.com.
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Kingdom Property establishes
THB20 billion project pipeline in Pattaya
Name It! Tag it!: Kingdom Property CEO Nigel
Cornick (pictured) recently announced an innovative naming competition for
the company’s next project in Pattaya.
Luxury real estate developer Kingdom Property recently announced it had
amassed a project portfolio on the Eastern Seaboard with an approximate
value of THB20 billion in just one year since launching its first project,
Southpoint Pattaya.
The twin tower development on Pratumnak hill in south Pattaya is already 60
percent sold, with one tower purchased by a Thai investor who will develop
it as internationally-branded services residences, and a further 87 units
sold in the other tower to Hong Kong-based Purple Link Investment Company.
Construction has started and it will be completed in 2015.
In north Pattaya, Kingdom Property are poised to launch a new luxury
condominium project of about 50 stories on a 8,000 square metre absolute
beachfront site in the upscale Wongamat Beach area for which it recently
launched a competition called “Name It! Tag It!”.
The competition offers participants return business-class tickets for two
and a five-night stay at the newly refurbished five-star Sheraton Mirage
Resort & Spa in Surfers Paradise, Australia to the winner who comes up with
a name and tagline befitting the luxury project.
Furthermore, in central Pattaya, Kingdom are developing a major retail,
hospitality and residential complex on a 23 rai plot that stretches between
Beach Road and Second Road, which is valued at over THB15 billion. It will
be called The Bay.
Kingdom Property Chief Executive Officer Nigel Cornick, who was responsible
for projects such as The River and 185 Rajadamri in Bangkok, and Northpoint
and Northshore in Pattaya, said the Eastern Seaboard offered great
opportunities to experienced developers.
“We are very confident about the future of Pattaya. It has the biggest
tourism industry outside of Bangkok, a booming industrial sector in the
Eastern Seaboard and massive infrastructure projects like the high-speed
train in the pipeline. These combine to drive a strong economy.
Kingdom’s Southpoint condominium project in south
Pattaya is already 60 percent sold.
“So the demand for quality real estate is there whether for investment,
lifestyle or rental. We have also seen new city planning initiatives come
into place, which will greatly benefit the city, as well as the re-emergence
of a luxury market.
“This is driven by Thai buyers who have the means and understand the
long-term strengths of the destination as it matures, and supported by
Chinese, Japanese and Russian buyers.”
Tourism Authority of Thailand year-to-date figures for January to August
show an 88% rise in mainland China arrivals totaling 3.2 million of which a
large proportion go to Pattaya. Russian visitor arrivals grew 37% over the
same period also, with the two markets combining to represent 25% of total
arrivals to Thailand so far this year.
Kingdom Property recently signed an agreement with NYSE listed company
SouFun, the largest real estate agency in China to manage its business there
and present its projects to the five million Chinese visitors expected to
come to Thailand by the end of 2013.
“SouFun have a formidable track record and are very respected in the market
– and we are pleased to have signed a partnership with them to represent us
in China and join our established international team,” Mr. Cornick said.
“It is clearly a market that requires a strong local partner – and in SouFun
I believe we have found a company that provides Chinese buyers with a high
level of confidence and we expect the market to continue to perform strongly
for us,” he added.
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Chinese insurance funds target overseas real estate
Chinese insurance funds have more than US$14 billion
available for overseas real estate investment, with high transparency
markets, including the UK, US, Canada, Singapore and Australia, as well as
Asian markets with similar cultural backgrounds such as Thailand, Hong Kong,
Singapore and Malaysia, expected to be among the key targets, according to
the latest research from global property advisor CBRE.
Given the present scarcity of investable prime properties in first-tier
Chinese cities and the short-term risk from the oversupply in second- and
third-tier Chinese cities, prime high-end office properties in core
international cities are expected to be highly sought after, especially
considering the attractive yields they can produce in today’s low interest
rate environment.
Chinese institutional investors are still relative newcomers to cross-border
real estate investment strategies, compared to pension funds, insurance
funds and sovereign wealth funds from other regions. However, in recent
years Chinese institutional investors have started to increase their
investment in overseas real estate markets; a trend that has been driven by
several factors, including limited investment channels in China, abundant
liquidity, local currency (RMB) appreciation, and the relatively lower
valuation of overseas assets in the years following the 2008 financial
crisis.
Top Cross-Border Investment
Destinations (2007-2013 Q1).
In 2012, the total assets of China’s national insurance
institutions stood at US$1.2 trillion. New regulations permit these
institutions to invest up to 15% of their assets in “non-self-use” real
estate. By this measure, there is in excess of $180 billion currently
available for real estate investment. Based on patterns of insurance fund
allocations witnessed in developed countries in recent years (with most
insurance funds typically allocating up to 6% of their assets to direct
property investment) and assuming an 80:20 split between domestic and
overseas market, it is estimated that Chinese insurers could invest up to
US$14.4 billion in overseas real estate.
Although the number of investable properties in developing regions has
increased sharply in recent years, those of high enough quality are still
limited in Asia Pacific when compared with North America and Europe. For
this reason, Chinese institutional investors are expected to focus on
premier office investment opportunities in gateway cities, which are capable
of generating stable Return on Investment (ROI) in the short term, such as
the premier offices in international gateway cities.
Markets marked by high transparency, including the UK, US, Canada, and
Australia, as well as Asian markets that are adjacent to the Chinese
mainland with similar cultural backgrounds, such as Thailand, Hong Kong,
Singapore and Malaysia, will likely be the major destinations for Chinese
real estate investors in the future.
Marc Giuffrida, Executive Director, CBRE’s Global Capital Markets,
commented, “Chinese insurance institutions are already well established in
domestic markets, but following a series of government policy changes, they
will look to target overseas commercial real estate markets. The insurance
industry, in particular, is thriving; buoyed by ever-increasing funds they
will target gateway cities around the world such as London, New York,
Toronto, Singapore and Sydney in increasingly large amounts. The low
liquidity, value-added potential and stable cash flow of prime office and
retail assets offers a perfect match for these investors.
“Compared with developed countries, the allocation by Chinese insurance
companies to overseas real estate investment is still relatively low, even
with a modest increase in allocations given the capital base the flows could
be quite substantial. Using the Malaysian and Korean outbound investing
experience as a guide, big industry leaders will lead the way, but once they
demonstrate success the rest of the industry is expected to follow.”
Real estate investing is relatively new for these investors, with Chinese
insurance funds only permitted to invest in real estate beginning in 2009
when changes to government policy were made. Further regulation changes now
permit insurance companies to invest a maximum of 15% of their total assets
as of the end of the last quarter in ‘non-self-use’ real estate.
The new regulations are well measured to encourage sustainable investing
through the cycle. For example, investing is limited to “mature retail and
office properties with stable income, located at the central areas of the
major cities in 25 developed markets,” including the US, UK, Hong Kong, and
Australia. This also includes listed real estate investment trust funds
(REITs) in these 25 countries or regions. The investment total is limited to
a maximum of 15% of the insurance institution’s total assets at the end of
its previous fiscal year.
“There has been significant Chinese private and corporate investment in
development sites in both Cambodia and Laos, but to date only limited
investment in Thailand. Chinese direct property investment in Thailand has
been through joint ventures with Thai partners due to the restrictions on
foreign ownership,” commented David Simister, Chairman of CBRE Thailand.
Frank Chen, Head of Research - China, CBRE, commented, “Most of the Chinese
investors with sufficient capital are now facing limited domestic investment
channels. Factor in the escalating purchasing power enabled by the
continuous appreciation of the RMB and now is the ideal time for Chinese
capital to enter the overseas market – not only institutional investors
targeting stable income flow with moderate long-term risk, but also
individuals who are looking for opportunities to preserve and create wealth
as well as to immigrate or gain a better education for their children. In
addition, companies that are initiating new growth points, seeking more
diversified investment channels and expecting to learn from the best
international practices are also looking further afield.”
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Embassy goes for N. African theme with Moroc Condo
The Moroc Condominium by Embassy
will incorporate 240 units in an 8-storey building with N. African themed
architecture.
The Embassy Condo Co. Ltd held a press conference at
Central Festival Pattaya Beach on October 20 to announce their latest real
estate venture in Patttaya – the Moroc Condominium.
Similar in size to the company’s debut The Embassy Condo project, launched
at the tail end of last year, the THB 300 million Moroc project will be
developed on 2 rai of land on Soi Photisan in north Pattaya and will offer
240 units in an 8-storey building. Unit sizes are slated to range from 23-53
square meters in a variety of room types, with prices starting at THB 1
million.
Sukanya Klayhong (center),
Executive Manager of the Moroc Condo project, presents an iPhone 5 to a
customer who registered on the official launch day, Oct. 20.
Customers who registered on the day of the press
conference were presented with free iPhone 5’s by the developer and were
also given the chance to win holiday trips to Korea.
Bunchai Limsawatwong, Managing Director of The Embassy Co. Ltd., said at the
press conference that the project would be the first and only development in
Pattaya incorporating a Moroccan architectural style.
“We have responded to what our customers and investors have been requesting
and this was the main reason for us coming up with the idea for Moroc Condo.
We believe this will be a very pleasant place for people to live in the
future and at an affordable price,” noted Bunchai.
The Moroc Condominium will include a luxurious lobby, large public swimming
pool, tanning area with plenty of space, a Sky lounge, fitness gym,
multifunction rooms and a 24 hour security system. Construction is set to
start next March with a completion date in the middle of 2015.
For more information on the project, call into the sales office on Central
Pattaya Road or Tel. 086 828 3444 or 086 828 3555.
(By Phasakorn Channgam/PM)
Unit sizes at Moroc will range
from 23-53 square meters and come in a variety of room types.
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Tulip Group opens Centara’s newest 5-star offering in Pattaya
Centara Grand Phratamnak Pattaya
opened its doors to the public on October 15.
Centara Grand Phratamnak Pattaya, set in the exclusive
residential district of Phratamnak Hill, soft-opened for business last month
and welcomed its first guests, Admiral Taweewuth Pongsapipatt, Chief of
Staff of the Royal Thai Navy and his wife, Captain Doctor Woranart
Pongsapipatt on 15 October. The couple were, welcomed by the resort’s
general manager Dominique Ronge and members of his management team.
“We are delighted to announce that the hotel is now in its soft opening
phase, and are happy to be welcoming our first guests,” Mr Ronge said.
The resort is designed to be the most luxurious and elegant in terms of
standards and facilities and is situated at the bottom end of Soi 5 on
Phratamnak Hill, just a few steps away from the beach.
The dramatic interior design features two large aquariums in the lobby that
are stocked with exotic marine species, including black tip sharks and
groupers with a lighting system and theme that extends the marine concept
throughout the ground floor. Jellyfish chandeliers and luxury furniture from
Italian designer Fendi compliment the stunning Grand piano in the lobby.
Dominique Ronge (right), general
manager of Centara Grand Phratamnak Pattaya presents a hand garland to
Admiral Taweewuth Pongsapipatt (left), Chief of Staff, Royal Thai Navy on
his arrival to stay as the first guest at the newly opened resort.
The 5-star property owned by Tulip Group is something
completely new for Pattaya, designed more as a private club and offering
stunning facilities, amazing views and a 6-star standard of service.
A week after the soft opening, a select group of friends and media were
invited to a semi-open night at the hotel to view for themselves the
luxurious facilities and accommodations on offer to guests.
“We have 2 very large aquariums in the hotel and this creates a unique
aquatic theme in our lobby area that we think is a real attraction,” said
Mr. Ronge in an interview with Pattaya Mail. “We currently have 113 rooms
open in the first phase and an additional 52 rooms more will come online
when the second building is completed next March, along with a Spa, steak
house and Beach Club,” he added.
Tulip Group CEO, Kobi Elbaz (2nd left) welcomes
Pattaya Mail’s Managing Director Pratheep (Peter) Malhotra (left) and
Marketing Director Tony Malhotra (right) along with Matrix Developments MD,
Miki Haim, to the hotel’s friends and media open night on Oct. 23.
The rooms from the fifth floor upwards have a sea view
and the ones below that have a view of the garden and all come complete with
Nespresso coffee machines and premium tea selections, LED flat-screen TVs
with DVD players, and free Wi-Fi.
The first phase opening includes the Oceana Restaurant, Espresso Bakery, and
the exclusive brand registered Ruffino Restaurant & Lounge on the rooftop.
“When we designed Centara Grand Phratamnak we decided to go one step further
as we felt Pattaya was missing a top level luxury hotel of this type,” said
Kobi Elbaz, the CEO of Tulip Group. “So we made sure that we didn’t hold
back on anything, from the design to the quality of materials used in its
construction. All the interior floors are solid marble and you won’t find a
ceramic tile anywhere in the building. All the guest rooms also come
complete with the best quality furniture and fittings available.”
The property is now accepting bookings and Tulip Group have decided to offer
special discounts for customers looking for extended long term stays of 30
days and more.
“Pattaya we feel requires executive long term accommodation, and this is
lacking in the city right now, so we will offer clients the opportunity to
book long term stays in the property, in addition to short term,” added
Tulip Group Vice President, Jason Payne.
For more information on Centara Grand Phratamnak Pattaya, go to website:
www.centarahotelsresorts.com/centaragrand/CGPX/.
The Oceana Restaurant.
Dominique Ronge (left) stands
with the hotel’s professional aquarium specialist Patricia Campos Salaberri
next to one of the main lobby aquariums that holds exotic marine species,
including black tip sharks and groupers.
The 9th floor pool deck provides
a venue for amazing sunsets and starlit evenings.
The Deluxe rooms at the hotel
come with a full set of amenities and luxurious furniture and fittings.
The aquatic theme runs throughout
the hotel.
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PACE delighted with
smooth progress of
MahaNakhon development
Sorapoj Techakraisri.
Sorapoj Techakraisri, CEO of PACE Development Corporation
Plc. confirms that progress of his company’s headline making MahaNakhon
development remains on target. The landmark tower is currently under
construction and scheduled to be finished in the last quarter of 2015.
MahaNakhon is a high-end mixed-use development comprising 200 units of the
world-renowned and prestigious Ritz-Carlton Residences, the Bangkok Edition
Hotel, and MahaNakhon “CUBE” Lifestyle and Retail Center.
Mr. Sorapoj says that sales of the Ritz-Carlton Residences have now exceeded
the 2013 planned goal by 10 percent already. At the end of this year the
company plans to promote the residential units at a roadshow in Singapore.
“The continuously increasing sales of MahaNakhon proves that demand in the
high-end luxury segment of the market is still growing, which can be clearly
seen from the positive response of international buyers,” said Sorapoj.
“From PACE’s experience, a key decision making factor for buyers of The
Ritz-Carlton Residences has been the assurance of an international hotel
operator brand experienced in ensuring the highest standard specifications,
as well as delivering quality property management.”
Mr. Sorapoj was recently named Real Estate Personality of The Year 2013 at
the annual Thailand Property Awards event in Bangkok. PACE also earned
awards as highly commended luxury developer, and The Ritz-Carlton Residences
were recognized with a highly commended award in the Bangkok luxury
condominium development category.
Construction of the seven-floor 5,200 square meter MahaNakhon “CUBE”
Lifestyle and Retail Center has progressed well and is now over 90 percent
complete. The first phase of “CUBE” is scheduled to be opened at the end of
2013 and some high name brands are already signed up to conduct business
there.
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Condo and housing market surges in Chiang Mai
Land prices in central Chiang
Mai have seen a dramatic increase this year and are set to rise further as
the city continues to attract more tourists and new residents.
Chiang Mai has seen a phenomenal year of rapid growth in
size that seems to be running out of control. Large amounts of money are
being moved into the market continuously and the number of tourists and
residents has jumped. Traffic has become snarled and not much different from
Bangkok.
Chiang Mai people will have to adapt themselves as next year the numbers of
tourists and people moving to Chiang Mai is expected to continue to climb.
People will need to learn to manage travel times and cope with higher costs
of living.
As a Chiang Mai person, I think we may see a crisis situation if the local
government and people are not ready for this growth, especially in handling
traffic, safety and the image of the city.
An artist’s rendering shows the
Resort Condominium by Quality Condominium Co., one of many new projects
launched on the back of Chiang Mai’s burgeoning real estate sector.
According to the Bangkok’s Business Newspaper the number
of condos and townhouses in Chiang Mai grew substantially in 2012.
Paisarn Phucharoen, Vice President of the Real Estate Association of
Lamphun, Chiang Mai and Vice Chairman of the Board of Land and Houses Public
Company Limited said that in 2012 Chiang Mai saw more than 50% growth in
housing with total sales of 1,150 units at a cost of 3,399 million baht; a
pace that has never been seen before. He credited this in part to the floods
in Bangkok that saw many people purchase a second home in Chiang Mai as well
as investment buyers. This year there has been a total construction area of
300,000sqm and this will double to 600,000sqm next year.
The booming condo market has seen big companies like Sansiri, Quality House,
Land and Houses, plus the local developers investing in Chiang Mai. The
condo market continues to settle inside the city but the price is increasing
from 30,000 baht per sqm to 50- 60,000 sqm. Along the Super Highway the
minimum building is 4,000sqm. In gated communities (Moo Baan), the land
price is increasing from 1 to 2 million baht per rai (1600sqm).
Vasant Chawla, Managing Director of Quality Condominium Co. said the period
2011–2012 was a golden year for real estate business in the area with a lot
of investment, trading and selling of land. He said it was becoming more
difficult to find good buildable land because of the influx of capital
invested by the large companies like Land and Houses, Quality Houses,
Supalai, Sansiri and LPN.
Vasant Chawla, Managing Director
of Quality Condominium Co.
Currently the land prices in Chiang Mai have increased
more than 100% in some locations such as the Nimmanhaemin Road and Super
Highway, Chiang Mai - Lampang Road. For the past 4-5 years the price has
been steady at around 20,000 baht per sq wah but this year the price is
already 50,000-70,000 and up to 100,000 baht per sq wah. This has forced
expansion along the Ring Road and development moving to the third ring road
with more showrooms and big commercial buildings. Even here prices have
risen from 5,000 baht per sq wah a few years ago to 20,000-30,000 baht per
sq wah today.
Currently, there are more than 10,000 condominium units in the city with an
average price of 1.5 million baht per unit. The total value is more than
15,000 million baht. This does not include projects that are still waiting
for government approval.
According to the Government Housing Bank (GHB), condo sales totaled 3,500
units or 8,000 million baht in 2011 with 3,000 of those units in the city
distributed among 12 condo projects. 2012 saw 33 new condo projects
launched.
An official from the Chiang Mai Land Office said that the floods in Bangkok
inspired people to move to Chiang Mai, purchasing land, houses and condos.
Within five years, the price of land in the city is expected to be much
higher and there will be less land for gated communities. It is expected
that more Chiang Mai people will live in condos and the average price of a
unit will be in the region of 1.5 million baht.
Housing projects will expand to areas outside the city, like Mae Rim, San
Sai, Doi Saket, Sankampaeng and Saraphi. According to the statistics of Moo
Baan projects from 2010-2012, there are 392 Moo Baan and 60 condo projects.
(By Arkom)
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Dubai Holding and Emaar ink deal
to revive The Lagoons
The sweeping waterfront of
the project will be lined by retail, commercial and residential zones built
around two central parks.
Dubai Holding and Emaar Properties last month signed a
multi-billion dollar joint venture agreement to develop The Lagoons, a
waterfront city that the developers say will define the ambitious new face
of Dubai’s future.
Inspired and built by the banks of the Dubai Creek, the project will be
spread over an area of 6 million sq metres (over three times the size of
Downtown Dubai) on seven separate islands and will be anchored by the Dubai
Twin Towers. The development will also feature a central business district,
youth entrepreneurial zone, residential apartments, shopping malls, office
buildings and five-star hotels.
The original Lagoons project was initially announced by a unit of Dubai
Holding in 2006 but the development was one of several projects that were
shelved following the bursting of the emirate’s property bubble in late
2008.
Dubai Holding confirmed the relaunch of the revamped project in May and
announced additional details of the development and the partnership with
Emaar Properties during the Cityscape exhibition last month.
In a joint statement, Mohamed Alabbar, Chairman of Emaar Properties, and
Ahmad Bin Byat, Chief Executive Officer of Dubai Holding, said: “Dubai has
always been a forward-looking city, and today, as we enter our next phase of
growth, it is important that national champion companies such as Dubai
Holding and Emaar work jointly to launch projects that are important to
boost the city’s future development.
“As the city further underlines its credentials as a global hub by welcoming
professionals and entrepreneurs from around the world, to record 20 million
visitors by the turn of the decade, it is important to continue to build our
world-class infrastructure to meet future needs.
“This project, which will be a new catalyst for growth and create robust
opportunities for commerce and entrepreneurship, will set new benchmarks in
urban development, with its focus on the tech-savvy and connected youth
population who are taking centre-stage in driving Dubai’s impressive
growth.”
At the heart of the project is the Dubai Twin Towers, a mixed-use iconic
development that will define a new skyline for the city, and is envisaged to
join the rank of the world’s most prestigious skyscrapers. The development
will be supported by several sustainable transport modes including a direct
link with Dubai Metro’s Red and Green Lines, an eco-tram system, light
monorail, and water taxis.
The sweeping waterfront of the project lined by retail, commercial and
residential zones will be built around two central parks. Developers say the
‘green’ theme will further resonate in several environmental-friendly
features including eco-resorts, water features, and gardens. A number of
small marinas will also be developed across the waterfront, providing the
entire spectrum of lifestyle choices for residents and visitors.
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Chiang Mai set for huge influx of shopping malls this year
The soon to be opened Central
Festival Chiang Mai located on the 2nd ring road.
Shopping malls in Chiang Mai has seen tremendous
investment over the past few years with big malls like Promenada Resort Mall
opening earlier this year and the 7 billion baht Central Festival Chiang Mai
due open November 14, 2013. Between these two malls there has seen
investment of 10 billion baht with 320,000 sqm in Chiang Mai. These two
malls have both seen local businesses invest and increased investment in
Chiang Mai. The Central Group’s “Central Airport. Plaza “ covers 175,185 sqm
and had a total investment of 3 billion baht. Kad Suan Kaew covers an area
of 290,000 sqm and invested over 5 billion baht. Chiang Mai now has more
community malls than most provinces in Thailand and is the biggest market
regionally as within the next year it will have more than 1 million sqm in
malls.
A survey by ECC International Real Estate Development and Management Company
Limited, a leading national department store of The Netherlands, stated that
Chiang Mai continues to grow with around 3 million people or 11,000
families. People from the country are moving to the city to work and the
needs of these families continues to grow.
According to reports, retail business grew 250% from 2001-2010, but the
shopping areas had not kept pace with that growth.
In addition to outside investors local investors such as the V Group under
Mr. Watchara Tuntranont, the One Stop Service Developer, and also the
director of the Business Park is growing. They have invested 2 billion baht
for the new Platinum Fashion Mall in Chiang Mai which is on 9 rai of land in
the Chiang Mai Business Park opposite Airport Plaza. This will be not only
the biggest place for wholesale and retail fashion but also the largest IT
center and will provide parking for 1500 cars. Completion is expected within
a year.
The 20 year old Kad Suan Kaew recently announced planned renovations that
will open up 70,000 sqm to support more retail space.
The Vanusnan Group by Mr. Chadchan Ekachaipatanakul, MD of V Development
Co., Ltd. And President of Chiang Mai Vanusnan Co., Ltd, has just built a
community mall at the second ring road, beside Payap University under the
brand “V Community” There is a condominium and shopping mall of 3 rai.
The Rimping Group by Tantranont Family has also expanded with branches in
the Promenada Resort Shopping Mall, Star Avenue Lifestyle Mall, Chayayon
Community Mall and a branch in the yet to be completed Maya shopping mall.
The Nim Sii Seng Group has invested in Nim City Daily under the name “Old
Chiang Mai Project”, acultural and Lanna style of shopping mall of more than
200 million baht.
Planned retail projects include the renovation of the Amari Hotel at the
Rincome intersection to become the “Landscape Plaza” a garden style mall and
across the street the Think Park Art Community on 5 rai is adding a condo to
the shopping complex there.
Chiang Mai is becoming more and more a retail city to cover the needs of the
growing developments, city planning has not kept pace with this growth and
time will tell how the direction of management will go.
(By Arkom Joe)
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Ornsirin plans to expand
into the Bangkok market
Ornsirin Group, one of the leading property developers in
Chiang Mai, has been in business for over 7 years and has grown along with
Chiang Mai, according to the CEO of Ornsirin Group, Boonlert Buranupakorn.
Ornsirin CEO Boonlert
Buranupakorn talks about the future plans for this Chiang Mai property
developer.
Ornisirin Group has grown to include condo developments,
townhomes, housing estates and commercial properties. The company has the
advantage of large land holdings in many areas of Chiang Mai, allowing it to
develop at a better price and allowing for far lower costs than newcomers to
the Chiang Mai property scene.
According to Boonlert Buranupakorn, “We intend to offer good things to
consumers. I think this idea is profitable to both customers and the project
owner and it allows customers to have high quality at a fair price.”
Ornsirin Group has developed 21 projects since 2006; over 6,000 units of
commercial buildings, housing estates, and townhomes under the brand
Ornsirin, 9 condominium projects with a total of 720 units under the brand
The Next Condominium by Ornsirin and 2 condominiums with a total of 500
units under the brand The Astra. Total projects are valued at over 20
billion baht.
Single house projects of Ornsirin are including Ornsirin Park View on the
Chiang Mai – Mae Jo Road, Ornsirin 2 River View on the Chiang Mai – Phrao
Road near Maejo University, Ornsirin 3 Lake & Park on the Third ring Road in
Doi Saket district, Ornsirin 4 Natural Park at km 4 on the Chiang Mai –
Phrao Road, Ornsirin 5 Modern Life in Doi Saket, Ornsirin 6 Lakeside & Park
on the Third ring Road, ORNSIrin Mountain & Lake 7 to 12 and Ornsirin 14. In
the future, the group plans to expand the project to other provinces in the
North to support the expansion of the residential community of the upcoming
AEC.
There is also the Ornsirin Townhome on the Chiang Mai – Phrao Road and
condominium projects under the brand The Next Condominium by Ornsirin, The
Next 1 located near RuamChok intersection and The Next 2 near Nong Pratheep
intersection and the latest condominium project, The Astra Condominium on
Chang Klan Road beside Shangri-La Hotel Chiang Mai. The Astra is a luxury
premium class condominium, centrally located in one of the best locations in
the city.
Ornsirin follows 5 main goals; safety, high quality, good location,
selection of good customers who live together in a quality society and
excellent service. By following these Ornsirin has seen regular growth in
its projects.
“The Group aims to construct more 32 projects and to expand business to
Bangkok with condominiums that accommodate the new generation lifestyle. The
group plans to turn Ornsirin into a nationally known name. Everything
resulting from Ornsirin actually came from attention and care to Chiang Mai
people and all customers,” Boonlert Buranupakorn said. (PR)
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JLL report: Global
commercial real estate
transactions up
in Q3 2013
Global commercial real estate markets continue to exceed
expectations in 2013 as preliminary transaction volumes in the first three
quarters of 2013 were up 16 percent over the same time period in 2012,
according to Jones Lang LaSalle Capital Markets research, which spans 60
countries and more than 130 cities worldwide. Preliminary direct commercial
real estate investment volumes in Q3 2013 reached US$125 billion globally,
up three percent over Q2 2013 and up 25 percent when compared to Q3 2012.
Global volumes have now been above US$100 billion for six consecutive
quarters and this is expected to continue into the traditionally strong
fourth quarter. In light of this positive trend in activity, JLL has updated
its 2013 projected transaction volumes to $475-500 billion, from $450-500
billion, with the final outcome likely to be closer to the upper limit.
Arthur de Haast, Lead Director International Capital Group at JLL said,
“Global transactional volumes continue to be positively influenced by
investors looking outside their home markets for opportunities. With the
improving levels of risk appetite and a more supportive economic
environment, investors are more comfortable looking at opportunities across
the spectrum both in terms of location and sectors.”
All three regions in the survey are ahead of this time last year with
continued strong appetite for prime markets with only Asia Pacific seeing a
pullback in Q3. The Americas saw a 15 percent rise in transaction volumes in
Q3 compared to Q2 2013, reaching US$60 billion (up 35 percent year-on-year).
Europe/Middle East/Africa (EMEA) also recorded strong growth reaching US$42
billion, a 27 percent year-on-year increase in volume. Asia Pacific volumes
are up just one percent in Q3 2013 over the same time period in 2012,
reaching US$23 billion. That’s down 30 percent from Q2 to Q3.
Year to date, the bigger countries continue to perform well with Australia
(up 13 percent), China (up 10 percent), Japan (up 64 percent), the United
States (up 21 percent) the United Kingdom (up 10 percent), France (up 24
percent) and Germany (up 35 percent) but increasingly transactional activity
is spreading out from the prime cities, into more regional centres and
secondary assets in the larger cities.
David Green-Morgan, Global Capital Markets Research Director at JLL
concluded, “With the U.S. Federal Reserve and other central banks around the
world content to provide accommodative monetary policy for the next few
quarters at least, the prospect of higher funding costs has dissipated. This
will continue to provide support to transactional volumes, which combined
with an increase in institutional allocations to the sector is the reason
why we are confident that full year volumes will approach and may even
exceed US$500 billion.”
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BCountry Group signs
THB 11.6 billion finance agreement for Landmark Waterfront
A scale model shows Country
Group Development’s proposed plans for the Landmark Waterfront project in
Bangkok.
Country Group Development PCL and China EXIM Bank have
signed a financial framework agreement for financing the Landmark Waterfront
Project, a high-end residential and hotel project located on a prestigious
waterfront address on the Chao Phraya River.
Under this agreement, the Export-Import Bank of China (China EXIM Bank) will
support the development of the project valued at Baht 11.6 billion.
Following the signing, Beijing Construction Engineering Group, one of
China’s top ten international contractors with projects in countries such as
the USA, the United Arab Emirates, Mauritius, Malaysia and Singapore, has
emerged as the leading candidate to become Landmark Waterfront project’s
main contractor.
Yuan Xing Yong, Assistant President of the EXIM Bank, commented at the
signing ceremony last month, “This is China EXIM Bank’s first major foray in
the private sector in Thailand. The location, the experience of the team and
the company’s vision to deliver superior value and quality make this an
exciting project for EXIM Bank to be involved with.”
Country Group Development CEO Ben Taechaubol added: “Our ability to sign
this financial framework agreement for financing Landmark Waterfront with
China EXIM Bank in the current economic climate reflects the trust that
leading international financial institutions have in us and the strength and
merits of this project. We appreciate in particular the bank’s expertise,
international reputation and financial strength, which helped make this
sophisticated private transaction possible.”
Widely recognized as the Crown Property Bureau’s last remaining golden site
on the river, the Landmark Waterfront project is one of the most highly
anticipated developments in Thailand. Occupying an area of 36 rai, the
project consists of 2 premium-branded hotels and a branded residential
tower, scheduled for completion in 2017. The residential tower will be the
first luxury, 5-star hotel-managed riverside condominium in Bangkok,
featuring 350 residence units of an approximate sales value of Baht 15
billion.
Taechaubol concluded: “Landmark Waterfront will be our flagship property.
This project further solidifies Country Group’s leadership position in the
finance and real estate sectors. We are confident that Landmark Waterfront
will redefine the ultra-luxury market in Bangkok and more importantly, our
development will contribute significantly to Bangkok’s ongoing wider
riverfront revitalization efforts.”
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