Thai-listed developer Sansiri is continuing their Phuket surge with the new Baan Mai Khao oceanfront condominium project.
With 206 residential units priced from THB7 million the offering is aimed at both domestic and foreign buyers.
Unit sizing starts out just below 60 square meters and goes all the way up to premium penthouses.
The island is seeing an upswing in foreign property buyers who have been attracted to recent investment type offerings like Laguna Shores.
The industry is closely watching to see how the market reacts to a mainly residential offering.
For Mai Khao this marks a development milestone in the area as there is now a shift up from a landscape dominated by hotels into larger community growth.
A relevant question could be is Mai Khao ready to take on the more developed Laguna area?
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Hong Kong has again implements cooling measures for its red hot real estate market.
In what has been a number of rounds already, the latest measure is doubling tax on properties which cost in exceed of THB7.7 million.
On top of this stamp duty will also escalate to 8.5%.
Mainland buyers have spurred the trend which has even reached into selling not only commercial and residential property, but as the South China Morning Post reported – car parking spaces.
Property prices in the SAR (Hong Kong) continue to be amongst the most expensive in the world.
Moving into 2013, the rise of low-cost condo product coming into the island property market looks to be a hangover from last year.
Leading Thai developer Sansiri have announced a new 14 story, 358 unit property called THE BASE Height-Phuket.
Located in Phuket City in the Samkong area the THB900 million project offers a starting point of THB1.9 million for 29 square meters.
Expect Sansiri to initiate more launches aggressively this year.
Thailand property developer Amari Estates have formally launched their new Phuket project featuring hospitality led residences.
The Amari Residences Phuket consists of 148 apartments and 12 private pool villas on the Patong Headland.
Apartment units are one and two bedroom, while pool villas feature three bedrooms.
A 6% guaranteed return is being offered to buyers, with CBRE Thailand acting as sole agency.
Residential buyers will be able to use the facilities of the existing Amari Coral Beach Resort.
For Onyx Hospitality, the operator of both Amari properties, the new units in what is one of the hottest tourism markets in Asia will be well received.
From the property front here in Phuket two items to watch for with this project is that itwill be sold on a leasehold basis, hence is largely slanted towards foreign buyers. Second is the rental pool set up and focus on a yield based return versus primary residences.
Entry pricing is roughly double what is available at the Laguna Shores investment geared development, so certainly this launch is going to be a barometer as to how many foreign buyers are returning to Phuket.
In an abrupt move last week the government of Sri Lanka has announced a ban on land ownership for foreigners. This will cover both privately held property and state enterprises.
While the civil war ended three years ago and a rush of foreigners has taken up property, the government has said there has not been enough further investment via hard economic benefits. Much of the concerns is that early investors have been speculators and not those interested in developing significant businesses.
At the same time many foreign investors have been put onto the sidelines for much of last year over concerns about high inflation, weakening currency and rising interest rates.
A regime of long term leases is the governments apparent solution to the ban. The shifting policy is expected to put up another obstacle to foreign investment and may further dampen sentiment about the ongoing economic stability of the country.
Entrepreneur Johnny Skepper passed away in the UK last week.
He had an extended illness but fought on during the last few years even after being diagnosed with a brain tumor.
For those involved in the Phuket property industry more than a decade ago, Johnny was a familiar face with his start up internet company Asia Marketing.
Well liked, gentle and always just a smile away, he was able to battle the odds after a twist of fate and continued to lead a full life. He shuttled back and forth between his family in the UK and his island family of friends here up to nearly the end.
Looking back my own personal memories of him are those of a gentle soul, casual and witty.
His good friend Nick Anthony has contacted us and said that a memorial will be held this coming Wednesday the 27th at Bangtao's Reggae Bar from 5 pm onwards. Anyone who knew Johnny is invited.
Thailand's currency the baht looks set to appreciate throughout 2013.
As the baht has continued to flirt with the THB29 to US$1 level this year, strong capital inflows are continuing.
Authorities are concerned about speculation and inflation, though no clear measures are being taken to stop the surge.
In Phuket's real estate scene some developers such as Laguna Phuket have priced in US$ to assuage buyers fears over currency risk during the transaction period.
While in the secondary market some owners have brought down their pricing considering their initial purchasers was at a considerably higher exchange rate.
Pace Development who are behind the Ritz-Carlton Residences project in Bangkok have said a 1,500 square meter penthouse unit was recently sold for over USD16 million (THB480 million).
Pricing at the project is now at THB280,000 per square meter and expected to rise this year with continued demand in the luxury sector.
The project timeline is now expected to complete in 2015, while Pace is saying that more than 100 residential units have been sold.
