In the ongoing story on the search for the biggest and best in a rising Middle East, Dubai has made public plans for the world's biggest shopping mall.
Along with the retail complex called "Mall of the World" will be up to 100 hotels and a massive garden which is touted to outsize London's Hyde Park.
The development is being headed by Emaar Properties and Dubai Holding.
Over 1,200 individual facilities are expected to be included.
Positive investor sentiment and a bullish Indonesia economy are spurring residential rental rates in Jakarta by as much as 15% over 2011.
Much of the rise is being attributed to expatriates taking up Grade A rent stock in the overflowing CBD area.
Commenting on the trend Colliers Indonesia says that the pressure is likely to continue given that non-resident foreigners are not allowed to own property in the country and are forced to rent versus purchase.
Tri Property the group behind the sold out condo project near Laguna Phuket is launching a second project.
Aiming for a December 15th public roll-out the 191 unit Zcape X2 is a series of one and two bedroom condominiums
Pricing points start at THB1.49 million for the seven-story complex, which is located next to the fast rising Boat Avenue commercial and residential complex.
After months of speculation on K.P. Ho's comments during the destination resort's 30th Anniversary, the group going public with the Laguna Shores project.
Located near to Dusit Thani and the new Outrigger (Laguna Beach Resort), the small sized units have pricing points starting at THB3 million.
For those wanting a preview, model units are located in the heart of Canal Village.
The resort's key touch point is a decided shift to small units, and a series of family oriented water slides and other recreational facilities.
In Phuket's property market year 2012, price remains a leading indicator and this is a sure sign that developers who formerly focused on legacy markets are changing their models to address a shift in the buyers market.
In the news from Bali is a story about shrinking occupancy in the villa rental sector.
Knight Frank Indonesia has published research, which indicates a 9% drop in volume for the first six months of 2012.
Citing new supply and volatile rates, most of the pressure is on large villas, especially four bedroom units.
The most popular unit type for travelers is the one bedroom, which is enjoying strong demand.
We spoke to Ian Maccaulay of the leading agency BHMVillas.com who said that increases in supply has impacted trading. Those most affected products are located in inland areas especially Canggu.
Based on their booking trends the 3-4 bedroom sector is feeling the pinch, while the ultra villas with 7 bedrooms and above remain popular given limited competition.
He added that his group is still seeing year-on-year growth in bookings which is being bolstered by a strong Australian market.
The Minor Hotel Group is planning to develop between 17 to 20 hotel branded luxury residences in Phuket priced at USD3-5 million according to a report from Bualuang Securities.
These will be adjacent to the new Anantara resort at the Northern end of Bangtao Bay (formerly Bundarika Villas & Suites), which was acquired by the group earlier this year.
A hotel launch is planned in 2013 after an extensive upgrade , and Minor is expecting residential sales revenue to commence in 2014.
Minor's total investment in the project is reportedly expected to reach THB3 billon (over USD95 million).
While another Thai listed firm Laguna Hotels and Resorts (LRH) has rolled out a new phase of Deluxe Townhouse and Residences back of increased demand.
It's understood the company will also be announcing its lifestyle condominium project near to the Dusit Laguna and new Outrigger (formerly Laguna Beach Resort) hotels in mid December. Pricing points and unit sizes have shifted to lower pricing points and space given a realignment to the Asian market.
In a nutshell, for Phuket's current resort grade real estate market, the focus seems to be either go high or low.
In an attempt to cool off skyrocketing property prices, Hong Kong has instituted a 15% stamp duty on non-resident purchasers.
It's estimated that apartment prices in the SAR have moved up by as much as 20% within this year.
Previous efforts to stem the tide of hyper real state appreciation had focused on wider limitations on mortgage lending.
The key-purchasing group caught on the crosshairs of the new initiative is buyers from the Mainland who have been the main drivers of transactions
AMCHAM will hold a forum titled "Doing Business in Thailand – 3 Things You Should Know" on Thursday November 29th at Royal Phuket Marina. Three top international lawyers will be on hand to talk about how to do business without Thai nominees, enforcing contracts through arbitration and the increasing focus on criminal corrupt practices/anti-corruption laws.
The American Chamber of Commerce Legal Committee is heading up the event along with the Greater Phuket Chapter. Anyone who is doing business on the island or those who want to be up to date on the current state of legislation which impacts nearly everyone should attend. The venue also provides a great opportunity to network with a wide range of business people.
The speakers are –
Douglas Mancill is a partner at PriceSanond, and has been resident in Thailand for over 14 years (he is qualified in California). Before his secondment to Thailand, he practiced law in California for 13 years and was a partner with Graham & James (now known as Squire Sanders & Dempsey). He has been chair of AMCHAM Thailand's Legal Committee for the past five years.
Michael Ramirez is a senior consultant in Tilleke & Gibbins' Dispute Resolution Group, where he assists clients in a wide range of domestic and international disputes. In addition to representing clients in commercial litigation, Michael and his team of experienced litigators represent major international businesses and their principals in white-collar criminal disputes, including corporate investigations, pre- and postcharge inquiries, and subsequent litigation. Michael also serves as a client advisor on the strategic aspects of claims management for international litigation, cross-jurisdictional disputes, and compliance with international anti-corruption laws, including the Foreign Corrupt Practices Act (FCPA).
Olaf Duensing is licensed to practice law in Germany and he is a member of the Rechtsanwaltskammer Hamburg, Germany. Olaf is also a credentialed international arbitrator: Member of the Chartered Institute of Arbitrators (MCIArb). He has worked in Thailand for over 11 years as a legal consultant. Olaf has lectured at the summer law program of the Golden Gate University, San Francisco in Bangkok in 2004 and 2007. In May 2010, Olaf co-founded the legal advisory and services firm DUENSING KIPPEN, LTD whose core practice specializations include domestic and international corporate/commercial, real estate transactional and construction matters, as well as, domestic litigation/domestic and international arbitration proceedings.
Attendance is open to the public and free of charge. Registration at the Conference Room (near to Les Anges) starts at 4:00 p.m. The program begins at 4:30 pm and will wrap up by 6:00 pm. A networking reception follows, sponsored by Royal Phuket Marina.
To register for the event contact Sheree Tanpensuk by email – [email protected] or telephone 02-254-1041 ext 212.
C9 Hotelworks's Bill Barnett will be speaking at next weeks Asia Pacific Real Estate Investment Summit in Makati Philippines on November 14th at the InterContinential Hotel.
The Philippines is currently one of Asia's leading property and hospitality storylines, with recent big name players such as Trump and Fairmont Raffles coming into the market.
For more information <link>http://www.reis.tpgi.org/index.php*Google Home Page</link>
