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Danish businessman builds luxury condo project
Ariyawat Nuamsawat
A Danish businessman has invested 40 million baht to build a luxury
condominium at Jomtien Beach, targeting Europeans and Scandinavians as potential
owners.
 Jens
Westerburg, a Danish businessman, is the inspiration behind the Jens Luxury
Apartment project.
Jens Westerburg, 64, has given his own name to the Jens Apartments that are
being built on a 2-rai plot of land at Soi 3 on Bunkanjana Road.
The building will be of four stories, with a total of 24 units, each with two
bedrooms and two bathrooms, and ranging in size from 83 to 86 square meters. The
units are priced at about 42,000 baht per square meter, or 3.5 million baht
each.
There is a clubhouse, two swimming pools, CCTV, a 24-hour security guard
service, and a secure keycard entry system.
To ensure adequate water supplies in times of shortage, a reinforced concrete
tank has been constructed that is able to store 20,000 liters of water. There
are also four smaller reservoirs on the deck of the building, able to hold 2,000
liters of water.
An artist’s render shows the
interior of one of the 2 bedroom units.
Residents will enjoy spectacular
views of Jomtien from the balcony.
Dusit Residence Dubai Marina to soft-launch end-2008
Dusit International will soft-launch the group’s first
branded residence Dusit Residence Dubai Marina at the end of this year.
The 35-storey tower will contain 146 serviced residences fully equipped with
kitchenette, washing facility, wireless Internet access and iPod docking
stations.
Facilities in the contemporary five-star property include three f&b outlets, a
health centre, a swimming pool, meeting rooms and mobile office support. A spa
will open next year.
General manager, Dalip Singh, said the property was only five minutes’ drive
from Dubai Media City, Knowledge Village and Dubai Internet City and within an
easy reach of Ibn Battuta and the Mall of the Emirates.
Dusit Residence Dubai Marina is the third Dusit property in Dubai, joining a
residence in Al Barsha and Dusit Thani hotel. Three more properties are slated
to open on Palm Jumeirah within the next few years.
The hotel chain will also be making an entrance into the UAE capital of Abu
Dhabi in end-2009. Meanwhile, its new Dusit Thani Lake View hotel in Cairo is
due to open in January-2009. (TTG)
Pan Pacific suites
to open in Bangkok
Pan Pacific Serviced Suites has announced the establishment
of its first property in Bangkok, following the launch of its flagship property
in Singapore.
The eight-storey property has a total of 148 suites, comprising 27 executive
suites, 74 one-bedroom suites and 47 two-bedroom suites. Residents’ facilities
include a fitness centre, swimming pool, Living Room and Pacific Lounge.
The property, slated to open in 2009, will be located between Sukhumvit Soi 55
and Petchaburi Road, two bustling areas in the heart of Bangkok with upmarket
malls and trendy nightspots.
It will be part of Eight Thonglor, a mixed-use development that includes a
34-storey apartment tower named Eight Thonglor Residences and a shopping centre
spread over three levels. (TTG)
Samui charting
its own path
Prices for luxury property on Koh
Samui are beginning to catch up with those
on Phuket, it’s more illustrious neighbour to the west.
According to CB Richard Ellis, the leading international
property consultants in Thailand, although prices in the Samui condominium
market are beginning to catch up with Phuket, there are a number of important
differences between the two resort destinations. Prakaipeth Meechoosarn, Manager
of CB Richard Ellis Samui, explains, “Samui’s development pace, when compared to
Phuket, allows the island to be positioned as Asia’s boutique island
destination. Developments are limited, although more local and foreign players
are now starting to get involved. Overall, however, Samui remains an exclusive
destination for tourists looking for a quieter, more secluded retreat.”
There are a limited number of condominium projects in Samui, and a recent survey
of the island’s condominium sector reveals that 70% of the total existing and
future supply of approximately 500 units are still under construction, which
reflects the recent pace of development.
The North East area of the island (Choeng Mon Beach) accounts for 38% of total
existing and future supply, followed by the North (28%) and East regions (25%).
59% of units were sold as of Q2 2008.
Prices for condominium units in Samui range between THB 1.8-48.7 million per
unit, with an average of THB 10.4 million. The highest average prices were in
the South (Laem Set Beach), at THB 20.0 million per unit. Casavela in Laem Set
was priced at THB 88,000 per sq.m. at launch (Q1 2006), and resale units have
now achieved prices of THB 100,000 per sq.m. The project is now completed and
sold out.
As in Phuket, developments in Samui are sometimes registered as apartment
buildings instead of condominiums and then are leased out on long-term leases
(30+30+30 years). Most buyers of high-end and luxury Samui properties are
foreigners.
Villa supply is similarly limited, with around 550 existing and future villa
units spread over 41 projects. Ten of these projects, with 95 units, have been
classified as luxury projects by CB Richard Ellis and account for 17% of the
total existing and future supply. Existing luxury supply is limited, but a
number of luxury-branded developments, including Park Hyatt and Banyan Tree, are
expected to be launched in the near future.
The North and North East coast of the island have proven popular for villa
developments, with 21 villa projects accounting for 40% of total unit supply,
followed by the West (17% of total unit supply) and the South West (14%). 44% of
the total existing and future supply of villa units had been sold as of Q2 2008.
Sales performance at the luxury projects was similar, with 47% of total existing
and future units sold.
The two projects with the highest price points in Samui are The Estates
(adjacent to Four Seasons Resort Koh Samui) and W Koh Samui Retreat &
Residences, where prices range from THB 65 to 205 million. The island’s south
has the highest average price per unit, at THB 68.4 million. The Conrad Koh
Samui Residences, a luxury development of 32 villas, is located in this area.
Prakaipeth goes on to state, “As with any resort destination, the property
market in Samui is dependant on repeat high-end tourism. As such, deteriorating
global economic conditions and weaker tourist activity could adversely affect
this market in the short run.”
“In the long-run, we expect the high-end and luxury segments of the Samui
property market to outperform. Coastal land prices in Samui have been on the
rise and prime land plots are becoming rare. Land price movements will play a
significant role in the pattern of development on Samui, as will the continued
development of infrastructure and other support services,” she concludes.
Note: This report was compiled by CB Richard Ellis (Thailand) Co., Ltd.
For more information, visit the company’s website at www.cbre.co.th.
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