Compiled by Rachel Williams
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Developers move into Langkawi - the ‘Caribbean of the East’
Thailand based property developer Wise Power Land Company has launched a project in Langkawi, Malaysia.
The Perdana Residences contain large condo apartments which can all be foreign owned. Mr Lai, Wise Power’s CEO, said it was not difficult getting the required papers because the building came with an occupation permit and was located in a zone where foreign ownership is allowed.
As he sees it, Langkawi’s emergence is not a threat to Phuket and actually complements the Thai resort island. The trend he believes is to view the whole Thai-Malaysian-Singaporean peninsular as the ‘Caribbean of the East’.
Source: www.bangkokpost.com
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New condo launches likely to fall by 25%
New condominium launches this year are likely to drop 25% from 2007 due to higher competition in the market and rising construction costs, said Mayta Chanchamcharat, chief executive officer of the developer Plus Property Co.
New condo units would total less than 30,000, down about 25% from last year. But demand remains strong as consumers are concerned more with travel expenses because of high fuel prices.
“We have seen signs of a slowdown since last year. Many small and medium sized developers faded from the market while the remainder were selling already launched units rather than opening new projects, as financial institutions had stricter rules. Most new launches were from larger developers,” said Mr Mayta.
Source: Jones Lang LaSalle
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New AP projects worth THB 10 billion
Asian Property Plc plans to launch at least 10 projects worth 10 billion baht to help it achieve revenue growth of 10% this year, said chief executive Anuphong Asavabhokin. The company plan to launch more low-rise projects to improve cash-flow management in the short and medium term. This year competition in low-rise project development would likely be higher on Bangkok’s outskirts as the number of land allocation permits rose last year.
Source: Jones Lang LaSalle
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Malaysia a ‘safe haven’ for investors
Malaysia can expect more capital inflows this year as the country is considered a ‘safe haven’ by global investors, who are now more risk-averse, Standard Chartered Bank group head of research Dr Gerard Lyons said.
He continued, “Risk-averse investors prefer countries with strong current account surplus, including Malaysia. Investors are also receptive to Malaysia’s credible macroeconomic policy and the possibility of early general elections.”
“Malaysia’s gross domestic product (GDP) growth is likely to remain “strong” this year despite growing at a slower pace,” concluded Dr Lyons.
Source: Jones Lang LaSalle
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Plus Property plans projects worth THB 4 billion
Plus Property, a subsidiary of listed developer Sansiri Plc, plans to launch at least 10 projects worth a combined four billion baht this year. They will comprise five townhouse projects and five condominium projects. Last year the company acquired four land plots, some located on Phahon Yothin Road near BTS. It also plans to spend a further two billion baht to buy more land plots.
Source: Jones Lang LaSalle
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Property market to grow 3-5% this year
Thailand’s property market should expand by 3% to 5% this year to about 200 billion baht in value, according to Prasong Owlarn, chairman of the committee for real estate development of the Thai Chamber of Commerce (TCC).
Mr Prasong, also president of the Housing Business Association, said the growth would come from 75,000 newly built residential units added to the market, up from 73,000 in 2007. Rising construction and transport costs would push sales prices up by 5-7% on average from the previous year.
Low-priced housing units, priced between one million and three million baht each, would account for about 70% of total units. He said the property market could grow even more if the new government launched more effective policies to stimulate the economy.
Source: www.bangkokpost.com
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Property to see uptrend this year
The real state sector is poised for an uptrend this year in anticipation that more residential units will be launched with an approximate value between THB 180 and 190 billion, according to Dr Sopon Pornchikchai, president of Agency for Real Estate Affairs (AREA).
Source: www.bangkokpost.com
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Real estate sector investments to grow
Kasikorn Research Center estimates that real estate sector investments in 2008 may grow within a range of 2 to 5.8% in 2008, providing that the national economy records growth of 4 to 5 %. New housing in the Bangkok Metropolitan Area in 2008 is forecast to be around 64,000 units, which is less than 2007 levels of 66,000. The massive supply of completed homes in housing estates currently available on the market will likely result in a lower housing estate success rate and fewer new projects being unveiled.
Source: www.kasikornresearch.com
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Contractor scales down property projects
The construction company RNC (Thailand) Co has revised its property development business plan after it had to scrap plans to develop two new projects last year due to the market slowdown, according to managing director Banyat Sukprapruti.
Source: Jones Lang LaSalle
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Shinawatra family invest in residential property
SC Asset Corp, the property arm of the Shinawatra family, plans to launch eight Bangkok residential projects worth a combined THB 4.7 billion this year that will drive pre-sales to THB 4 billion for the year.
Source: Jones Lang LaSalle
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Property market gets tough
Larger property developers are tightening their belts and preparing for fierce competition this year. The sluggish economy and fierce competition in the property market have put pressure on Thailand’s large property developers to slash management and construction costs to maintain business growth.
A survey by The Nation has revealed the present difficulty of playing in the property market. Most developers, while hoping to record more sales this year, say their costs of construction, marketing and management have risen by 15-20 per cent, but because of the intense competition, they are able to raise their housing prices only 5-10 per cent. Even then, many are ready to offer special discounts to achieve sales because home-buyers have an abundance of choices in popular locations.
Source: Jones Lang LaSalle
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Thailand’s condo owners wait new valuations
The Treasury Department said that valuations are expected to rise 15–20%, and those who own units in cheaper buildings should sell them fast, as the prices could fall 10–15% after the valuation is released by end-February.
Source: Jones Lang LaSalle
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Hong Kong property market ‘on fire’
A Merrill Lynch property analyst has predicted a 50 per cent rally in property prices in the next two years, prompting several Hong Kong employees at the bank to go on an apartment hunting spree. UBS has the same forecast.
Geoff Lewis, head of investment services at JF Asset Management, said the property market might “catch fire”. Many analysts say buying an apartment is better than buying shares, as equity markets will probably stay volatile.
Source: Jones Lang LaSalle
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Art Exhibition at D Gallery, Phuket
Located in the Royal Phuket Marina, D Gallery, a contemporary art gallery, opened in 2007 to promote upcoming South East Asian artists. The gallery’s inaugural exhibition named Light of Life will be held from 8 - 29th March displaying the work of Therdkiat Wangwatcharakul.
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The Crest, Phuket show unit open
The Crest, Phuket, located in the hills of Patong, announces the opening of its first show unit. With landscaped gardens, spacious living areas and views over Patong Bay, The Crest offers a green, relaxed lifestyle with all the comforts and conveniences of a self contained freehold development.
The project consists of condominium and duplex residences and is due to be completed in October 2008. Residents get access to communal leisure facilities, including a swimming pool with panoramic views and gymnasium. Prices range from THB 9.9 m for a two-bedroom poolside unit to THB 22.9 m for a luxury duplex residence with over 76 sqm of rooftop space.
For more information visit www.thecrestphuket.com
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Thailand International Furniture Fair
TIFF is in its 12th year and will take place during March at the IMPACT Exhibition Centre, Nonthaburi. Leading furniture entrepreneurs from all over Thailand will be enthusiastically exhibiting their products and services to visitors from around the world. Visitors can see some of the most sought-after designers unveil their latest collections.
Show opening dates: Trade 12 - 14 March, Public 15 - 16 March
For more information visit www.thaitradefair.com
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Bangkok’s newest contemporary condominium
The Lotus, Bangkok’s newest contemporary Boutique Studio Condominium, has opened in Bangkok’s financial district of Sathorn. The stylish condominiums are designed for Bangkok’s savvy young executives. The studios come in City Single, Cozy Twin and Classic mini one bedroom units all fully furnished at affordable monthly rental rates. Residents can enjoy the roof top swimming pool and comfortable lounging areas, parking spaces and chic lobby.
For more information visit www.thelotuscondobangkok.blogspot.com
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