As the new Layan Hills Estate near to Cherngtalay is starting to handover its luxury villas, more developers are looking at creating larger land plots to enhance project DNA. Consisting of 32 villas, with 18 sold already, pricing is from THB 37 up to 51 million. Lot sizes are over 100% larger than many other sites with average sizing from 1-1.2 rai. Designs were done by Naga Concepts who are well known for Surin Heights and Kamala's Plantation.
Modern tropical with plenty of green space have equated to a good look and feel for the sprawling low rise estate. Our expectations is as the market remains challenging for the foreseeable future that developers are seeing the value to adding in more land and space to projects, which are aimed mainly at primary residential or second home buyers.
Drivers into Laguna have been asking about the site development activity at The Explorer Phuket project in Cherngtalay. We spoke to the developer who updated us that the first phase of the project, 29 commercial shop house units which are now priced at THB 15 million are nearly sold out. Only 3 units remain. Construction is expected to commence within this year.
For the next phases of pool villa and condominiums, these are still in the design and pricing phase. While there has been some speculation about a hotel within the development, there are no plans at the present.
Asia's International Property Awards 2010 have awarded the beachfront condominium project Kata Rocks 'best apartment 'in the region. The accolade which is presented in association with leading finance media firm Bloomberg.
At the event another familiar face Adrian McCarroll's design firm Original Vision pocketed two awards for Best Villa in Asia Pacific and Best Villa Thailand for the Villa Amanzi which is located in Phuket.
These regional winners will be in the running for the competition's global World Awards set to be held in London on November 26.
One of Bangkok's most desirable high end projects, Raimon Land's 185 Rajdamri will be launched in the second half of 2010 according to the developer. The 4 rai, 240 unit development which is one of the only freehold sites in premium area and is expected to raise THB 9.7 billion in revenue.
Also looking to come on stream within 12 months is The Edge, a luxury condo in Pattaya. Despite the global economic downturn for the past two years, Bangkok's top tier residential market has continue to flourish and trade a increasingly higher prices.
Taking the initiative despite current unrest amongst factions, the Thai Cabinet has given its broad approval to the Finance Ministry's draft but asked that public hearing be held. Two issues at the core which remain highly charged are those of rates for tax and exemptions.
Moving forward back of the hearings will be a review by the Council of State on legal implications and then the law needs to go before Parliament. While the timeline remains a moving target its widely expected that the process remains long meaning 1-2 years for the final law to go into place and then another 1-2 years to see it implemented hence this remains a long term objective.
Fueling the urgency of the bill is the Government's position that the new tax would provide needed revenue to assist those below the poverty line and narrow the gap between the nations rich and poor.
As the Euro hits a one year low on the fringes of an exchange rate of USD$1.30 to the US dollar the real estate market is poised with uncertainty over the trickledown effect.
Over the past two years currency fluctuations have played havoc with prospective property buyers with the most decided negative being the plunge of the British pound. Both UK expats and residents have been large scale buyers in the foreign dominated market, and what amounted to an early crash out hit sales streams.
Back of continued worries over the Greek bail-out, stock markets around the world included the Dow Jones saw jitters. Bizarrely enough the Thai baht despite an economic pounding by political upheavals has continued to stay at exceptionally high levels.
After the recent peace initiatives and promise of November elections hit newlines, the SET (Stock Exchange of Thailand) was up. Most market watchers expect the Thai currency to trade within a limited band at its current level.
For developers looking to move up sales pace, there major overseas currencies look to be a hindrance rather than help for the foreseeable future.
According to Thai listed property firm Supalai's President Pradeep Tangmatitham, the company will launch a new development in Q4 2010 targeting the THB 2.4 and up market.
Reports in the Bangkok press say after the success of the 507 unit high-rise condominium launched last year sales have already reached 70%. Looking forward the firm hand land banked two site for further projects as it continue to see upside for real estate on the island.
Here's another in our ongoing property and real estate buzz terms – Sand States. This refers to the US 'Sun and Sand' markets of California, Florida, Arizona and Nevada (okay so the later two are light on waves but have plenty of heat.
Baby boomers always prioritize these as retirement home markets and were under the illusion that prices would continue to skyrocket forever. Then Lehman's, sub-prime, Madoff and well you know the rest.
One of Samui's premier entertainment outlets Beach Republic in Lamai has moved into property with their fractional ownership Residences product. The project includes nine pool villas, four suites and a penthouse with its own private pool.
Added value ownership gives privileges at the adjacent Beach Republic Ocean Club. Fractions of 28 days each of 1/13th are on offer with an entry pricing point of US$35,000.
Given the continued downturn of the islands property market many developers continue to look at alternative ways to generate sales revenue and fractional ownership continues to be one of those targeting consumers.
