Leading Thai institutional group MBK PCL through a subsidiary MBK Guarantee Ltd. have gone into the real estate financing business.
On offer to foreign homebuyers in freehold condominium projects are terms with key items being loans between THB 2 to 20 million and monthly payments over 2-10 years.
A balloon payment at the end of the loan of up to 50% of the total can be arranged. Interest is set at MLR (minimum leaning rate) plus 2% per annum.
There is no requirement for employment in Thailand or permanent residence. For those over 60, only 50% of the value can be financed.
For more details contact Khun Supatida Bhuvanit at email [email protected] or phone 02 620-7126.
Leading Thai property developer Pruksa Real Estate is expected a reported THB 1.5 billion in revenue in 2010 from new ventures in India, Maldives and Vietnam.
Taking its cashed up position after an extended bull run in the Bangkok condo market the group has diversified into emerging regional property markets.
Keeping a close watch on its core business values the firm has retained a disciplined strategy overseas with lower cost units using both pre-fab and mainstream construction methods in order to protect margins.
The recent public announcement by Thailand's Office of Consumer Protection Board has the property sector running at top of the pops for buyers woes.
Close to 50% of the overall complaints failed fell into the real estate basket. Most of these concerned suspended projects or those failing to materialize, false advertising, breaches in facilities or anticipated infrastructure.
In the majority of cases the regulatory body was able to mediate solutions between the two parties which means cases did not note have to go through the courts.
One failing in the system though is that foreign buyers who are not present in Thailand face an arduous task in filings and appearances using the system, hence the tables favor domestic purchasers
Leading Indochina legal and taxation firm DFDL Mekong will be conducting a seminar covering "How to Repatriate Income to Thailand Tax Efficiently from Vietnam, Cambodia, Laos and Myanmar."
Set of August 17 at the Dusit Thani Hotel in Bangkok from 2 pm to 5 pm
The workshop aims to provide expert knowledge and practical experiences and trouble shooting on Structures for Tax Efficient Repatriation of Income to Thailand from Vietnam, Cambodia, Laos and Myanmar.
Key points covered for Cambodia, Laos, Myanmar and Vietnam:
Dividends
-Reduced withholding tax rates and tax exemptions
-Regulatory restrictions, foreign exchange control on paying dividends
Shareholder loans
-Interest deductibility? Thin capitalization and foreign exchange rules
-Withholding tax
Management and service fees
-Withholding taxes and DTA benefits in practice?
-What are the local VAT implications?
-How do local tax authorities apply transfer pricing rules?
Royalties: How to reduce withholding taxes for royalty payments from each country?
Singapore, Hong Kong, BVI or Labuan: which route is the most attractive for sale of shares and holding structures
Practical Case Studies:
Repatriating engineering income, franchise fees and management fees from Vietnam, Cambodia and Laos through a Thai Regional Operating Headquarters
Hotel and villa resort investment fund covering Vietnam and Cambodia: optimal tax structure for routing income to Thailand.
The registration fee for this course are THB2500 (+VAT) per Participant
For registration contact: [email protected]
According to the Phuket Gazette who have been receiving a flurry of complaints over aggressive timeshare street sales in Patong the Absolute Group have responded with a "zero tolerance policy" for staff.
For those wondering about the term according to sage site Wikipedia "Zero tolerance imposes automatic punishment for infractions of a stated rule, with the intention of eliminating undesirable conduct."
Absolute have created a pro active response to the situation setting up a help line at (076) 346-625 or 626 or email [email protected] to field complaints from unhappy 'potential' consumers.
For those of you mystified by overseas real estate advertising featuring Interest Absorption Schemes (IAS) these are somewhat of a phenomenon in bull market trading conditions.
In a nutshell these are offered to purchasers on off plan units which lowers down payments until the property is complete. Except for a down payment often 10-20% of the value, the loan is deferred to the time of handover.
While a loan is arranged at the time of transaction, interest is absorbed by the real estate developer.
Used as a market initiative to boost 'emotional purchases' or speculators looking to buy at launch to obtain the lowest pricing.
In Singapore the Monetary Authority stopped the practice in late 2009, though Malaysia is now seeing a number of quasi – official IAS offerings in its burgeoning residential market.
One has to wonder if the IAS schemes will make their way to Thailand in the broader domestic Bangkok market in the near future?
This one is kiss and not tell but no one's giving up too many details on the highest individual luxury villa transaction purportedly ever to hit Greater Phuket.
Andrew Batt at the leading industry periodical Property Report has given us permission to re-publish his account of a deal for the ages –
'What is widely regarded as Asia's most luxurious home has been sold, Property Report understands.
Beyond Villa, located Natai Beach in Thailand's southern Phang Nga province, has been sold for around US$24 million, according to a number of industry watchers who declined to be named. The 6,500 sqm property, which was previously owned by California Fitness founder Eric Levine, has been purchased by an unidentified Russian buyer, according to several sources familiar with the transaction.
The ocean-front property has been on the market for several years and was initially listed at around US$27.5 million.
Located on a 10-rai (4 acre) beach front estate on quiet Natai Beach in Phang Nga, the four-bedroom villa has one of the best home gyms in the world, thanks to its former owner. It incorporates glass, steel and granite into its uber-modern and light-filled design which was created by Hong Kong architect Branko Pahor.
Outside its doors Villa Beyond has a two-hole golf course, 37-metre infinity swimming pool, barbecue terrace and covered outdoor massage and dining areas. Notable inside amenities include a 24-seat cinema, hidden kitchen, meditation room and a spa. The master bedroom is 500 sqm in size and boasts its own private swimming pool.
The home gym – with more than 80 pieces of equipment – is located in a separate pavilion on the property, as is a 750 sqm games room complete with bowling alley and karaoke room.
The property was being marketed extensively by local and international agents, and had been featured in the pages of global newspapers and magazines, including The New York Times.'
For now expect more than a few upscale villas to start work on posting their 'For Sale' signs on the island.
As for beleaguered brokers, clients will no doubt start raising their expectations just somewhere short of Jupiter and Mars. Indeed awesome Phuket never fails to amaze.
To view the original story <link>http://www.property-report.com/site/asias-most-luxurious-home-sold-for-us24-million-8212*CLICK</link>
Upscale hotel chain Banyan Tree are looking to cash in on the current surge in tourism and property numbers in Bali.
With 73 private villas on offer architecture is by Peddle Thorp with interiors though international firm Wilson & Associated. Villa configurations are one bedroom units providing 239 square meters living area, two bedrooms 315 square meters and a presidential unit at 680 square meters.
Exchanges to other Banyan Tree products worldwide are available and make up one of the marketing USP's (unique selling propositions).
Developed by an affiliate of leading Indonesian group Surya Semsesta Internusa Tbk. the Banyan Tree Residences Unggasan, Bali are being marketed by real estate firm CB Richard Ellis.
International firm Jones Lang LaSalle Thailand have signed an agreement to manage the common areas (condominium juristic person) of Bangtao's Palm Beach Club Resort.
Speaking to Dexter Norville who heads the Estate Management group, the agreement took effect July 24th. JLL now have 16 residential developments on the island which they operate.
