Compiled by Li Zhou
Malaysia property market upbeat
There is still growth potential in the local property market although the prevailing volatility of the stock market has made property consultants and analysts more cautious. While concerned that the recent stock market jitters would affect property stocks in the near term, they are upbeat that the sector will be able to ride out any negative investor sentiment.
Source: The Edge Daily
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Vietnamese firms eye real estate market
As the real estate market continues to grow exponentially in Vietnam, many Vietnamese enterprises are jumping into the field, hoping to get their piece of the rapidly expanding pie.
Do Thi Loan, General Secretary of Ho Chi Minh City’s Real Estate Association, said she had seen the trend first hand, with an increase in the number of newly-founded Vietnamese enterprises dealing in real-estate.
Source: Jones Lang LaSalle
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Philippine developers required to pay VAT
in advance
The Bureau of Internal Revenue will start requiring real estate developers to pay in advance a value-added tax (VAT) of 3% based on gross selling price for each sale, exchange or transfer of real properties used in their trade or businesses.
Source: Philippine Star
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Real estate funds reviving
The local real estate market is expected to improve this year with several property funds lined up for launch as the political situation eases, according to research by global real estate advisory firm DTZ Debenham Tie Leung. The research said that property funds were becoming more popular in Thailand as an attractive option compared to government bonds.
Source: Bangkok Post
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QH projects for 2008 worth nearly THB 20 billion
Listed developers Quality Houses Plc (QH) planned to launch 13 new residential properties this year worth a combined THB 19.55 billion. Rutt Phanijphand, the QH president and managing director, said the new projects being launched this year would comprise 11 low rise developments and two condominiums.
Source: Bangkok Post
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PF says customer confidence is back
Perfect Property Plc (PF) said sales have grown 15% during the first six weeks of the year on a return of consumer confidence. “After the election, homebuyers who delayed decisions last year started buying units,” said Sirirat Wongwattana, director of investor relations and information technology at the SET listed developer, “some of them were also worried about a rise in housing prices.”
Source: Bangkok Post
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Pattaya Condominium project to offer homes
on a golf course
A new luxury condominium called The Lakes at Phoenix will be built in the centre of Pattaya’s Phoenix Golf and Country Club. It will offer 118 residences at a total sales value of THB 1.3 billion. Addax Development unveiled a show unit last weekend at an event attended by business executives and prospective buyers.
Source: The Nation
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Thailand’s Preuksa posts robust residential sales
Residential sales of Preuksa Real Estate Plc doubled from a year ago to THB 2 billion in the first eight weeks of 2008 on the back of improved consumer confidence. CEO Thongma Vijitpongpun also announced the company will pay THB 2 billion for 20 plots of land in Angkok and the surrounding area.
Source: Jones Land LaSalle / The Nation
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Slow down in Hua Hin
The global impact of the sub prime problem in the US is starting to be felt in Thailand’s resort market, with some foreign property buyers in Hua Hin either backing out or adopting a wait and see position, says Cobby Leathers, sales and marketing director of Red Lotus. The Sansiri Plc subsidiary has seen a decline in the buying power of Europeans since late last year and expects it to continue in the first half of this year.
Source: Bangkok Post
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CMC shifting into higher gear
The property developer Chaopraya Mahanakorn Co Ltd (CMC) is planning six residential projects worth THB 2.7 billion to double its sales by the end of 2008, said managing director Wichian Padhayanun. New projects include two high rise condominiums on Phetkasem 30, with 300 to 400 units each.
Source: Jones Lang LaSalle
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Pattaya development growth areas
The first quarter of 2008 is proving to be a busy time for buyers and developers in Pattaya. The market for high end projects is strong with many new developments launched during 2007 and 2008, mostly condominium projects. Top range new-comers include The Cove, Sanctuary, Ananya Naklua, Northpoint, La Royale and Southshore.
At the lower end of the market the small affordable units are also popular including Suan Sawarn (Jomtien) and The Avenue Residence project in centre Pattaya. Developments costing around THB 1 million are selling extremely well. Commercial shop-houses are also growing at a fast pace. Complete streets were recently built in East Pattaya predominantly at Soi Siam Country Club, Soi Kauthalo and Soi Kauw Noi.
Source: Town & Country Property
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Charoen’s TCC Capital Land enters non
luxury sector
Medium priced city condominium developers are facing tougher competition with liquor tycoon Charoen Sirvadhanabhakdi entering this lucrative market. TCC Capital Land announced it planned to launch its first non luxury development, offering units from THB 1.29 million in Soi Sukhumvit. The company decided to launch a new brand following findings in a recent survey it conducted. The findings showed that home buyers today sought privacy, convenient commuting, distinctive design and functionality in urban housing.
Source: The Nation
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Higher costs hit big firms
Higher construction and marketing expenses forced Land & Houses, Preuksa Real Estate and Prinsiri to record lower net profits last year. But LPN Development, SC Assets Corporation, Quality Houses and Sammakorn were able to reduce management and marketing costs to offset higher construction bills.
Source: The Nation
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Design becomes more daring
in Asia
With major Asian economies roaring ahead in recent years, property owners’ mindsets are changing, there is greater focus on interior design and contemporary art according to Bill Bensley of Bensley Design Studios, the Bangkok based architecture, interior design and landscape architecture firm. Mr Bensley, who has worked on the Indigo Pearl Resort in Phuket and The Four Season Hotel on Koh Samui, believes Thailand leads the world in resort interior design.
Source: Bangkok Post
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Heritage Suites Condominiums
Construction is well underway for the Heritage Suites condominium project in Kathu, Phuket. The development comprises of two low rise, seven story buildings with a total of 67 condominium units. The location is just a few minutes away from Patong beach and many other surrounding conveniences. Freehold units are still available with prices starting from THB 3.25 million, the project is due for completion February 09.
For more information www.theheritagesuites.com
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Hong Kong Weekend Connoisseur Series
The Landmark Mandarin Oriental, Hong Kong launched the first of its Weekend Connoisseur Series a comprehensive package incorporating deluxe accommodation, gourmet dining, relaxing spa treatment and all inspiring classes on wine and chocolate tasting.
For reservations and information visit www.mandarinoriental.com
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