Documented legal proceedings in the Thai media between the developer of the Phuket Airpark and an investor has cast a shroud of uncertainty over the residential-led project.
In what had been a unique property inspired product, an airpark for private planes on the island's east coast and house plots has encountered financial and now what appears to be larger issues.
With the apparent inability of the developer to fund the project to completion, plots sold to investors and new litigation, there is no telling what lays in the future for the Phuket Airpark.
In the meantime anxious Bangkok listed property developers and scouring the middle of the island and inner areas of the east coast for large land parcels in order to bank for future domestic residential projects.
Investor confidence has been on the upswing in Phuket since the peaceful elections were held early this year.
A key sign of this is new data that leading developer Laguna Phuket has secured over THB400 million in sales reservations over the past 6 months.
According to Michael Ayling, Managing Director of Laguna there has been a spike in demand from various geographic source markets.
Buyer selection has be broad ranging from million dollar properties down to entry level type units at the destination resort.Indications over the past four weeks from other developers is that an increasing number of visits are slated for this coming high season.
While reports from local property brokers is that the six months of 2011 is seeing renewed levels of resale transactions despite a sharp rise in listings.
Signs of life in Phuket real estate that despite the Bangkok flooding the wider positive impact of political stability is more a greater demand driver in the market.
Jones Lang LaSalle have signed an agreement to manage The Pelican Krabi resort development.
The project which is located on 33 rai currently has 90 condominiums under development which are planned to complete by the mid part of next year.
A second phase will have 40 villas and an upscale hotel.
The Pelican has been actively tapping into the Bangkok domestic market with frequent exhibitions at Siam Paragon.
Results are in from the 2011 Southeast Asia Property Awards held last night in Singapore, with Phuket developers Malaiwana and Laguna taking top honors.
Banyan Tree/Laguna Phuket entrepreneur K.P. Ho earned the accolade as Real Estate Personality of the Year.
The Village Coconut Island garnered a prize for Best Shared Ownership Development.
The full list of winners in the 2011 South East Asia Property Awards are:
Best Developer (South East Asia)
Far East Organization
Best Villa Development (South East Asia)
Song Saa Private Island , Brocon Co., Ltd
Best Condo Development (South East Asia)
Nassim Park Residences, UOL Group Ltd / Russville Pte. Ltd. / Orix Investment And Management Private Limited
Best Architectural Design (Southeast Asia)
Sandy Island, YTL Singapore Pte Ltd
Architecture Co – Claudio Silvestrin Architects
Best Interior Design (South East Asia)
The Residences at St. Regis, Bangkok, The Minor Group
Interior Co – Brennan Beer Gorman Architects, New York; Plan Architect Co., Ltd., Thailand
Best Shared Ownership Development (South East Asia)
The Village Coconut Island, The Village Management Co.
Green Development Award (South East Asia)
Ocean Financial Centre, Keppel Land International Limited
Real Estate Personality of the Year (South East Asia)
Ho Kwon Ping, Executive Chairman of Banyan Tree Holdings
Best Developer (Singapore)
Far East Organization
Best Housing Development (Singapore)
Sandy Island, YTL Singapore Pte Ltd
Best Condo Development (Singapore)
Nassim Park Residences, UOL Group Ltd / Russville Pte. Ltd. / Orix Investment And Management Private Limited
Best Developer (Thailand)
Laguna Resorts & Hotels Public Company Limited
Best Villa Development (Thailand)
Malaiwana, Malaiwana Park Development Co., Ltd
Best Condo Development (Thailand)
The Residences at St. Regis, Bangkok, The Minor Group
Best Developer (Indonesia)
PT Lippo Karawaci Tbk
Best Villa Development (Indonesia)
Montigo Resorts, Nongsa, KOP Properties Pte Ltd
Best Condo Development (Indonesia)
The St.Moritz Penthouses & Residences, PT. Mandiri Cipta Gemilang / PT Lippo Karawaci Tbk
Best Developer (Malaysia)
YTL Land & Development Berhad
Best Villa Development (Malaysia)
Martinique Villas By-the-Sea, Eastern & Oriental Berhad
(joint-venture with CIMB-Mapletree & Al Salam Bank)
Best Condo Development (Malaysia)
Sunway Vivaldi, Sunway D'Mont Kiara Sdn Bhd
Best Developer (Philippines)
Ayala Land Inc.,
Best Villa Development (Philippines)
Alphaland Balesin Island Club, Alphaland Corporation
Best Condo Development (Philippines)
Anchor Skysuites, Achor Land Holdings
Best Developer (Vietnam)
Indochina Land
Best Villa Development (Vietnam)
Hyatt Regency Danang, Marble Mountain Resort JSC / Indochina Land
Best Condo Development (Vietnam)
The Estella, Keppel Land (Vietnam) / Estella Joint Venture Co. Ltd
Best Developer (Cambodia)
Brocon Co., Ltd
Best Development (Cambodia)
Song Saa Private Island , Brocon Co., Ltd
A 135 rai land parcel on Koh Lone has come into the transaction market under brokerage CBRE Thailand.
Planned as a luxury resort the property features three individual white sand beaches, chanote titles and current build permits.
Access to Koh Lone is just 15 minutes from Chalong Pier.
Priced at THB5.5 million a rai, the site is expected to draw considerable interest amongst hotel developers.
A recent Singapore road show by Jones Lang LaSalle for Patong's The Privilege Residences was termed a success.
Using the upscale Hilton Hotel, two reservations were made and a number of site visits arranged by the team.
Speaking to the JLL team, key drivers of demand for the property were the security of freehold condominium ownership and guaranteed returns.
The property firm expects to take other Thailand projects to the Singapore market given the upswing in interest from the Privilege event.
The gateway to Cambodia's fledgling real estate Riviera – Sihanoukville is getting a boost with regular direct flights starting December 14th .
Cambodia Angkor Air will fly between Siem Reap and Sihanoukville three times a week.
The airline is owned 51% by the Cambodia government and 49% Vietnam Airlines.
Property developers have been keen to speculate on the large availability of oceanfront land on white sand beaches in the area, but airlift has been a major obstacle to widespread development.
As branded real estate in Phuket continues its relatively flat trading regime, CBRE Phuket is now promoting hospitality led residences at Six Senses Con Dao in Vietnam.
Fish where the fish are, and perhaps product and destination fatigue are weighing in to the current marketplace.
A few years ago the leading Thai brokerage sold a number of properties at Cambodia's Koh Rong island, so perhaps the strategy makes sense.
Something new, and the vision for investors to get high appreciation in a developing market.
While the same could be said a decade ago for Phuket the current stream of resale listings headed into high season look to a very crowded field of play.
Laguna Phuket at the upper eschelon's also appear to have a curent Viet-fixation, so only time will tell if things are indeed beter on the other side.
A short list of developments has been announced by the organizers of the South East Asia Property Awards 2011.
Set to be held in Singapore on November 30th the awards are organized by Ensign Media along with Channel News Asia.
Phuket based properties on the list include Laguna Hotels and Resorts, Malaiwana, Banyan Tree and The Village – Coconut Island.
The full list is:
Best Developer (Cambodia)
Brocon Co. Ltd
Koh Puos (Cambodia) Investment Group Ltd
Best Developer (Indonesia)
PT Intiland Development Tbk
PT Lippo Karawaci Tbk
Best Developer (Malaysia)
IJM Land Bhd
Mah Sing Group Bhd
SDB Properties Sdn Bhd
Sunway Integrated Properties Sdn Bhd
YTL Land & Development Bhd
Best Developer (Philippines)
Anchor Land Holdings, Inc.
Ayala Land, Inc.
Century Properties Group
Best Developer (Singapore)
City Developments Ltd.
Far East Organisation
Keppel land Ltd
UOL Group Ltd
Wing Tai Holdings Ltd
Best Developer (Vietnam)
Indochina Land
VinaCapital Real Estate Ltd
Vincom Joint Stock Company
Best Developer (Thailand)
Asian Property Development PLC
Kalara CODE Co., Ltd
Laguna Resorts & Hotels PLC
Minor International PLC
The Nova Group
Best Architectural Design
delMango Villa Estate
Sandy Island
Soneva Kiri by Six Senses Resorts and Spas
Sunway Palazzio
The Capers @ Sentul East
Best Interior Design
Residences at Four Seasons Resort Chiang Mai
Six Senses Con Dao
The Residences at The St. Regis Bangkok
Best Villa Development (Vietnam)
Hyatt Regency Danang
Riviera Cove
The Estates at Montgomerie Links
Vincom Village
Vinpearl Danang Luxury and Residences
Best Villa Development (Thailand)
Azaya Villas
Banyan Tree Residences Phuket
Malaiwana
Soneva Kiri by Six Senses Resorts and Spas
Residences at Four Seasons Resort Chiang Mai
Best Villa Development (Indonesia)
delMango Villa Estate
Karma Kandara
Montigo Resorts, Nongsa
Best Villa Development (Malaysia)
20trees
Martinique Villas By-The-Sea
Novella 10
The Glades
Vasana 25
Best Villa Development (Philippines)
Alphaland Balesin Island Club
Blue Coral Resort & Spa
South Lake Village at Eton City
Best Housing Development (Singapore)
Poets Villas
Sandy Island
Suncottages
Best Development (Cambodia)
Karavansara Retreat and Residences
Mekong Gardens
Morakot Island
Song Saa Private Island
Best Condo Development (Thailand)
Alanna Yamu
AEQUA Residence Sukhumvit 49
Panu
Siamese Gioia
The Residences at The St. Regis Bangkok
Best Condo Development (Indonesia)
The St. Moritz Penthouses & Residences
Rio de Janeiro Tower at Regatta The Icon
Gandaria Heights
Best Condo Development (Philippines)
Anchor Skysuites
Arya Residences
Primavera Residences
Raffles Residences Makati
Best Condo Development (Vietnam)
Hyatt Regency Danang
Indochina Plaza Hanoi
Vincom Center B Ho Chi Minh City
The Estella
Best Condo Development (Malaysia)
Sunway Vivaldi
The Light Point
St Mary Residences
Panorama
Verticas Residensi
Best Condo Development (Singapore)
Belle Vue Residences
Nassim Park Residences
The Residences at W Singapore Sentosa Cove
Green Development Award
Hyatt Regency Danang Resort and Spa
Ocean Financial Centre
Soneva Kiri by Six Senses Resorts and Spas
Sunway Rymba Hills
Best Shared Ownership Development
Beach Republic – The Residences
Karma Kandara
The Village, Coconut Island
For more information on the event <link>http://www.southeastasiapropertyawards.com/
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