Leading Phuket contractor DCM Solutions are set to start construction of the luxury condominium project Kata Rocks and are currently mobilizing for the start of work.
Principal Julian Olds with DCM has a strong track record of quality projects including work at Twinpalms, Baan Yamu and the new Hafele Design Center in Phuket City.
Leading design firm Original Vision are acting as project coordinators for the 34 upscale oceanfront units. Completion is being set for end of 2011.
Leading yachting destination Royal Phuket Marina has been voted 'Asia's Best Waterfront Development by the 2010 Cityscape Real Estate Awards in Singapore.
Both the Aquaminium condo project and the Luxury Waterfront Villas saw good strong sales interest the first quarter of the year and continue to see sales momentum.
Speaking to Gulu Lalvani recently on a trip to Singapore next in the planning stages is a 220 unit hotel managed condo project that looks to come into the market by the start of the next high season.
Yes that's billions and not millions as troubled Middle East conglomerate Dubai World has reached an agreement for the restructuring of USD23.5 billion in debt.
Part of the package includes conversion of UDD8.9 billion into equity in property arm Nakheel who has been hit hard by the global real estate slowdown.
At the heart of the deal remains a bail out initiative by Government led banks in Abu Dhabi followed by a number of global banking institutions.
We've all seen the movie the Titanic and that epic iceberg which sunk the ship. Gathering momentum in recent days is mounting concern over the stability of the Euro.
Is an iceberg lurking just under the water?
Both the island's tourism and property sector are highly leveraged on Euro based travelers and real estate buyers. Historically no single event as the dramatic swing of the British pound's decline impacted property sales over the past decade.
While Greece has been the focus, new concerns are mounting over Spain Portugal and Ireland that could see a dramatic shake up of underlying fundamentals.
While in this part of the world one of the regions key outbound tourism markets Korea is suffering from both political and financial market jitters over the recent sinking of a naval vessel but its northern neighbor and now a new series of war monging saber rattling is creating instability.
For now as has been the case for the entire decade, 2010 is looking to be a rocky road not only here but all over the globe. While tourism and property remain domestic matters, they continue to be linked to the larger picture abroad.
Safe havens, sorry there don't' seem to be any these days.
A new incentive has been rolled out by the Thai Finance Ministry for international companies who wish to use the country as a regional headquarters.
Under the new plan a tax waiver will be offered for 15 years which expanded on the current program.
Under the tax regime a zero tax would be applicable for money earned outside of the country, while onshore taxation rates of 10% for the term.
Expatriates working for these firms also look to benefit with reduced income tax of 15% for the initial eight years.
There are a number of precursors for the incentive including proportion of revenue earnings from outside Thailand and certain approved industry.
Expectations are keen for further BoI (Board of Investment) incentives to come out in the coming months. For many foreign land ownership remains a pressure point and remains a key point of discussion between the private and public sector.
Leading Phuket property firm Siam Real Estate are targeting social media with their new site <link>http://www.thailandpropertydoctor.com*Thailand Property Doctor</link>.
Using a Q & A format and extensive links to both Facebook and Twitter the firm is going out and trying all available channels to tap into prospective buyers, sellers or renters.
Be it Phuket, Bangkok, or Singapore the Asian urban train of 'smaller is better' condos is plunging full steam ahead. Combine small floor areas from 20 to 50 square meters, tall buildings with critical mass and this equates to low entry point property units in what is being called the “Mickey Mouse” market.
In Bangkok, a growing trend is to see these built in proximity to the MTR and BTS network; while in Phuket city (or town, depending on your preference) a growing number of units coming in at THB 2-3 million mark are rapidly coming up.
In Singapore the market is seeing similar traction, as a increasing preference for CBD locations and younger buyers who are mostly single are fueling the growth.
Back of government measures to cool off the red hot China property market a domino effect has been felt in transaction fall off's by both buyers and sellers.
Increased down payments and higher loan financing costs have experts talking that a drop in volume could be by as much as 30%.
While the economic initiative look to be sound there could be a negative knock on effect to related industries such as construction and services which cater to the real estate market
Bangkok's property market is being hit hard by the continued red shirt problems according to a discussion we had with CBRE Thailand's Chairman David Simister. Currently in the nation's capital transaction levels are down 30% and could fall further should the events be prolonged.
As for now looking for green shoots, demand in resort markets including Koh Samui and Phuket continued to be subdued. Foreign purchasers which drive a good amount of volume in the sector as remaining acutely aware of the current risk elements and have chosen to maintain the status quo.
