Source: Bangkok Post

The property market is becoming increasingly globalised with people buying houses and condominiums across borders on the back of rising affluence, says Dennis Chiu, managing director of the 250-rai Hyde Park Vibhavadee housing estate and Harrow International School.

Design, environment and standard of development are the key considerations for international buyers, said Mr Chiu, who came to Thailand from Hong Kong 10 years ago to launch the school and also has businesses in Singapore, Malaysia and Australia.

“I find that in places such as Hong Kong, which is a highly urbanised city, people like to collect houses, let’s say in Shanghai [or] Singapore. They like to invest in properties on an international basis, it’s appealing to them, but I think what is more important is that you must have the right product regardless of whether it’s in Kuala Lumpur, Bangkok, Singapore or London.”

While Hong Kong Chinese like buying condominiums for proximity to the city centre, they still consider houses to be real trophies because of the difficulty in finding good sites at home. “Most of them understand that in the long run a house has much higher potential as capital investment.”

With the ability to earn more money than people in many other Asian economies, Hong Kong residents consider anything around US$500,000, or approximately 16.5 million baht, to be very affordable.

A good house in Hong Kong would cost around 100 million baht compared to 15 million baht in Thailand.

“Thailand’s appeal to Hong Kong people is that the price is very low, and if they believe the same trend will occur in Thailand as the rest of Asia then the price will go up,” said Mr Chiu.

The Hyde Park estate, which boasts a 100-rai lake, offers houses priced from 13 to 50 million baht. Some of the 76 houses built in the first phase command 70 million. While Mr Chiu has a good regional perspective, so far most of the marketing has been done within Thailand, though the company does intend to sell overseas. Expatriates in Thailand have also been buyers.

Hyde Park boasts a 100-rai lake with houses priced in a range from 13-50 million baht.

“We were pleasantly surprised to get a lot of buyers from abroad,” he said.

Mr Chiu, who is also managing director of Far East Holdings International Ltd in Hong Kong, believes property prices will always outpace cash holdings but the key is whether one is going to be able to buy something that one likes. He sees this as a bigger issue than timing a purchase since housing is a long-term investment.

“Too much speculative element is not always good for long-term investment, and I think buying a house is a long-term investment and if you believe that the value will increase, it will improve over time, then I think buying a property today is good.”

With the rapid urbanisation across Asia propelling real estate prices upward, Mr Chiu believes buying property is “a no-brainer” for the investor.

“I think the real point is don’t overdo it. You must know what you want to buy and buy the right thing. A lot of people discuss timing to buy, but timing a purchase is more for business.”

While the US credit crunch is having a worldwide effect, Mr Chiu observed that in high-growth Asian economies, inflation is the main worry.

However, inflation can sometimes be a boon because if he had to build Hyde Park again today it may cost him double the price.

“I think inflation is good for me because the price has gone wild. This will be a good hedge against inflation. In fact, I am worried about my next phase because the cost is going to be much higher. That’s becoming the norm in Asia; anywhere you go if you ask anybody in business, the cost push is real.”

Mr Chiu urges the Thai government to relax regulations governing foreign purchases of property because of the international direction of the market. He noted that international buyers are only keen on certain types of real estate and what really appeals to them is a very small percentage of the land bank of any country or city.

“Since I am a property developer, obviously I see that if the government can relax the rules on ownership it will widen the appeal of the whole city or the whole country to the foreigners,” he said.

“You will have a bigger mix of people coming in and to me that has got to be good and I think even on the social side it’s not a bad thing for the country.”

Developer sees globalisation of housing market continuing

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Source: The Nation

Cash-strapped developers put funds from sales into projectssmall- and medium-sized developers have suspended condominium projects in the face of high construction costs and stricter scrutiny from the Bangkok Metropolitan Administration for EIA and construction licences.

With the cost of raw materials rising and construction licences getting tougher to obtain, small- and medium-sized developers are resorting to selling off land and condominium projects under development to stay afloat.

Developers facing a cash-flow problem are putting funds generated by such sales into other projects. The move is designed to help them reduce business risk and offset the spike in construction costs.

Some developers put off launching condominium projects in the first quarter as they remained undecided on factoring in the rise in costs while setting home prices. Others have changed their marketing strategy to launch pre-sales of units lot by lot so that they can keep revising prices in line with construction costs.

A number of small- and medium-sized developers have suspended condominium projects in the face of high construction costs and stricter scrutiny from the Bangkok Metropolitan Administration for Environmental Impact Assessment (EIA) and construction licences, LPN Development managing director Opas Sripayak said.

“We have seen construction work on city-condominium projects being suspended as developers wait for EIA licences from the Bangkok Metropolitan Administration. Some companies have sold off projects to other developers as they were unable to shoulder the high costs, which have risen 10 per cent to 20 per cent compared to last year,” he said.

The Bangkok Metropolitan Administration is putting applications for EIA and construction licences through more rigorous scrutiny.

As a result, developers who did not apply for construction permissions under Article 39 (2) of the Building Control Act have been facing difficulty in getting their applications approved.

LPN Development has also found a way to offset rising costs by pricing and selling condominium units lot by lot, Opas said.

He said the company would raise prices 5 per cent to 10 per cent should demand pick up after pre-sales. But if the demand is stable or weak, LPN may consider lowering the prices, he said.

Meanwhile, a number of plots have also been put on the market. Grand Unity Development, a joint-venture of LPN Development, Univentures and Youwawong, bought undeveloped plots worth Bt500 million on Rama IV Road, Bangsui district and Vibhavadi-Rangsit Road from cash-strapped developers. The three plots have EIA and construction clearances, Opas said.

Last week, two listed developers, Prinsiri and MetroStar Property, announced sales of undeveloped land in inner Bangkok.

MetroStar Property chief executive Veera Burabhachaisri said the company has decided to sell 4 rai of land on Sathorn Road, opposite St Louis Hospital, to generate funds to develop two projects on Sukhumvit 66 and Ratchavipha Road. The developer is offering the land at a starting price of Bt550,000 per square wah.

MetroStar has a debt-to-equity ratio of 2.4:1. The company recorded sales of only Bt31.12 million and posted a net loss of Bt25.02 million in the first quarter.

Prinsiri sold two plots on Taksin and Krungthep-Kreeta Road to generate funds to develop existing projects, the company’s vice president for finance Pornprom Vongpivat said.

The plots were sold to a listed developer for Bt100 million at a profit of Bt20 million.

“We didn’t want to hold on to plots as they were adding to expenses and had less potential to be developed in the near term,” Pornprom said.

The company also stopped sales and marketing of condominiums, pending EIA approval.

“We faced delays in unit transfers in the first quarter and higher expenses from advertising. This resulted in a net loss.

But our financial problem is not very serious,” he said.

Prinsiri reported a net loss of Bt24.08 million in the first quarter, compared with a profit of Bt20.4 million in the same period last year. Its full-year profit for last year was Bt78 million, down 82 per cent from Bt448 million in 2006.

Chaopraya Mahanakorn Company has also delayed launching new residential projects in the first half as it is waiting for an EIA licence and wants to factor in the rise in construction costs before setting prices for new residential projects, the company’s chief executive Wichian Padhayanun said.

The developer has decided to wait for EIA and construction licences before starting pre-sales of condominium and detached-housing projects, he said.

Firms sell off plots to offset rising costs

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Source: NewswireToday

X2 Resorts (pronounced “Cross Two”), Thailand’s first chain of designer resorts, has opened its doors of the latest X2 Resort at Koh Samui on the 15th June 2008.

After successfully opening X2 Kui Buri in 2007, X2 Resorts (pronounced “Cross To”), Thailand’s first chain of designer resorts, finally opened its doors from the latest X2 Resort; Koh Samui.

Koh Samui Island, the 3rd largest island and one of the most famous beach destinations in Thailand, is becoming increasingly popular for luxurious resorts.

The management team and owner; Astudo Hotel & Resort Management; is holding hands with LIFESTYLEHOTELS to deliver a unique experience of “luxury by design”.

Located on the tranquil Beach of Hua Thanon (South of Lamai) on the south-east coast of Koh Samui, X2 Resort overlooks the Gulf of Thailand with 100 meters of private beachfront where 50 year-old trees provide a true X2 atmosphere…designed to satisfy the spirit.

The resort occupies 5 acres (12 Rais / 20,235 sqm) of land embracing 27 unique designer villas:
- 1 Owner’s Villa; 1 Suite Pool Villa; 21 Pool Villas; 4 Garden Bungalows;
The villas range from 110 to 225 sqm with pools of approximately 30 sqm.

Each designer styled private villa features a spacious private terrace, a garden patio, entertainment including a home theatre/ DVD/ LCD with satellite TV, a movie and music library, a selection of magazines and of course free high speed WiFi internet access throughout the resort.

X2 Samui is also equipped with its popular X2 Spa and an impressive outdoor massage pavilion to deliver a combination of traditional massages and spa treatments.

As well as in every other X2 Resort, the well known 4K restaurant and bar (pronounced “fork”) which provides a ‘mix & match’ of eastern and western dishes and the best of fusion, will ensure that every single guest never gets bored. Local products in season and organic ingredients do dominate the menu.

According to Astudo CEO and co-owner Anthony McDonald X2 Samui is truly a totally unique resort. “It is the kind of resort that guests do not want to leave. The service is of course 5-star and the private villas are a sublime relaxing oasis. The peaceful and spacious atmosphere of the resort provides a feeling akin to a 21st century temple experience alike”.

Thailand X2 Resort Samui Officially Opened its Doors

Technorati Tags: Thailand X2 Resort Samui Officially Opened its Doors

Source: Bangkok Post

Demand expected to pick up in Q4

CP Land Co Ltd, expecting single-housing demand to revive by the fourth quarter of the year, plans to launch a project with unit prices starting at 2.5 million baht in Min Buri, according to executive vice-president Somkiat Ruentongdee.

The company will also be able to gain an advantage over some rivals who will have to follow new city planning regulations introduced over the past two years. The old regulations allowed for housing lots from 50 square wah.

“We obtained a construction permit before the new city planning [regulation] was effective. So new projects seeking construction permits can be developed for units sized from at least 100 square wah,” said Mr Somkiat.

As well, the company expects the site to appeal to buyers because the planned Pink Line mass-transit route would pass nearby.

The project will occupy a 70-rai site and have 275 single houses. Formerly named CP Home Park, the project would have a new name under CP Land, he said.

It will also launch the CP City Home project worth 700 million baht on a 69-rai site in the southern province of Nakhon Si
Thammarat, with 320 units priced from 1.9 million baht.

The company also has a condominium, The Seasons in the Srinakarin area of eastern Bangkok and worth 700 million baht, which is 50% sold.

CP Land is looking for plot sized from three to four rai to develop a condominium near a convenient transit route, and another plot of one to two rai in the central business district.

The company yesterday introduced a new subsidiary CPMQ, a joint venture with CP Group subsidiary Magnolias Quality Development Corporation (MQDC). Its first project will be The Chur condominium on a 29-rai site near the Tesco Lotus store in Pattaya. Worth two billion baht, it would have six seven-storey six buildings with a total of 792 units sized from 44 to 144 sq metres and priced 46,500 baht each.

The project will be launched on June 28 with one-price marketing. Construction with an investment of 1.1 billion baht would start in October. The company hopes to achieve one billion baht in sales by the end of the year and the rest in 2009.

Mr Somkiat said the subsidiary would start booking revenue next year of around two billion baht. To maintain revenue, the subsidiary would develop three projects in 2009 while CP Land would develop at least four to five projects worth four billion to five billion baht per year.

For the Pattaya project, CP Land had strong network and customer database with potential to buy units.

Currently, CP Land has a total of around 4,500 rai in hand - 3,200 rai in industrial estates in Rayong and 100 rai in the Greater Bangkok. It aims to have a 50:50 ratio of revenue from sales and recurring income in the next few years, compared with the current 30:70 breakdown.

CP Land to launch B2.5m single houses

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Source: The Nation

Middle-class buyers ready to pay more for healthy living conditions: developer

Despite rising petrol prices, which make commuting to the city expensive, many middle-class families are still going in for suburban homes, says developer Mana Jiranapakul.

“If they can afford it, middle-market buyers prefer living far from the inner city, which is very polluted, crowded and noisy. They’re prepared to pay more for petrol to drive to work and back. They want healthy living conditions not only for
themselves, but also for their children,” said Mana, who is head of the Normboom Group.

With the success of his first housing estate on Srinakarin Road, Le Nakarin, Mana plans to embark on a much bigger phase of suburban developments.

“Although there are worries about inflation, high petrol prices doubling from last year and political unrest, the real demand for housing has continued to record strong growth,” he said. “Developers offering good products at affordable prices will do much better in this tough climate.”

There are only a few units left for sale at Le Nakarin, a project spread over 16 rai and offering 67 single-detached homes.

“One reason suburban units continue to do well despite the higher cost of commuting is that middle-market buyers can adjust better to higher fuel costs than can low-income buyers,” he said.

With average annual growth of 5 per cent recorded in the Kingdom in the past few years, the middle-class market has continued to expand steadily.

“Today, it is not uncommon to find middle-class households with monthly incomes of Bt60,000 to Bt100,000 a month. This group can certainly afford to live outside of the squalor of the inner city.”

The company has a land bank of about 90 rai near Le Nakarin, which is located beyond the Thepharak Intersection on Srinakarin Road, Mana said. The estate is only a few metres from the Kanchanaphisek flyover. While many housing projects are located deep inside small sois, Normboon’s projects are only 200 metres from the main road and a short drive from the exit of the newly opened Southern Ring Road.

But the key to Mana’s success is the improved home designs.

“To compete, we must provide the same facilities as our competitors. But really to succeed, we have to provide better and bigger homes at a cheaper price,” he said.

Le Nakarin was launched after the infrastructure development and landscaping was completed. One of the signatures of Mana’s homes is their spaciousness and well-lit and airy ambience. The houses have been built on plots of 52-130 square wah, with use areas ranging from 176-280 square metres.

Three fully fitted sample homes have been completed. Prices start at Bt4.7 million.

Construction on half of the houses is under way. They are expected to be ready for delivery in less than six months, and Mana expects their transfer to be completed by next year’s first quarter.

While Normboon does not provide furniture or kitchens, its promotional package includes air-conditioners for the bedrooms.

The project also offers a swimming pool and clubhouse.

He hopes the linking of the new Southern Ring Road and the Industrial Ring Road, as well as the future Skytrain route, will make the area popular with those who have offices on Rama III, Silom, Sathorn and Sukhumvit roads.

“Once the link is established, commuting to the central business district will take only a few minutes,” he said.

Fuel pinches, but suburbs still draw buyers

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Source: The Nation/Itthi C Tan

Launched last August, Royce Private Residences has been steadily drawing wealthy buyers over the past few months.

The Sukhumvit 31 condominium project has prices starting at Bt150,000 a square metre, a record for the posh area. Half of the 160 freehold units have already been booked.

Developed by MJAI Develo-pment, a joint venture between Major Development and AIG Global Real Estate Investment, Royce signals more upscale real-estate ventures from the group may be a distinct possibility.

Royce is a two-tower project on a 3-rai, 306-square wah plot. One of the towers will rise 39 floors while the other will be 25 storeys. The sample units are expected to be completed by August.

Construction will begin next month and the towers are expected to be ready by 2011.

Royce’s take-up rates have “beaten expectations”, Major Develop-ment managing director Dr Suriya Poolvoralaks said.

The high-end residential sector has so far appeared immune to short-term shocks arising out of the worrisome inflationary trend and high oil prices coupled with political infighting.

“Even in a tough, competitive market, we have managed to obtain bookings from both foreign and local clients,” he said.

“For a project like this, it’s important to draw a core group of high-end buyers. Once they go for it, the likelihood of their friends buying will greatly improve,” he said.

To lure this group, the developer is offering facilities such as an English-style garden, a clubhouse and private lifts. The
project also offers a 50-metre pool.

Major Development was formed after the 1997 financial crash. It took advantage of the opportunities that sprang up in the following years when failed properties were forced to sell at low prices. Since then, it has carved a niche for itself by employing original concepts and focusing on quality projects, Suriya said.

The company’s first project, Hampton on Soi Thonglor, marked a revival in the high-end condominium sector in 2002. In many ways, Royce is based on Hampton’s success, offering fairly large units, with nothing under 100 square metres.

“In this part of the town, prices are not as important as having units that meet the requirements of the high-end market.

Small units simply cannot work in this segment.

“Having seen what the crash did to the market, we know what to avoid,” Suriya said.

MJAi’s Royce rolls in high-end buyers

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Source: The Nation 11 Jun 2008

New Act puts tighter controls on escrow transactions

The Escrow Act of 2008 came into effect on May 21, establishing laws governing the escrow business in Thailand.

In an agreement to purchase and to sell immovable property, or any such reciprocal contract, one party will have an obligation to transfer or deliver assets or documents to another party and the other party will be obligated to pay the first party. In order to ensure that the obligations of both parties are fulfilled, the parties may mutually agree to appoint an escrow agent. This involves a tri-party written agreement known as the escrow agreement.

The escrow agent has the duty to ensure that the parties fulfil their obligations under both the contract and the escrow agreement. The escrow agent will also be responsible for the safekeeping of any money, assets or documents deposited by the parties and for handing over the money or arranging the transfer of ownership or rights to the assets when required.

As well as providing general definitions and outlining the main features of an escrow agreement, the Act lists the conditions and requirements for engaging in the escrow business, the rights and duties of the parties to an escrow agreement and those of an escrow agent, and the powers of the Escrow Committee. It also prescribes penalties for non-compliance.

One of the requirements is that companies wishing to engage in the escrow business must obtain a licence from the Finance Ministry. The Act will not affect existing escrow agreements, but if existing escrow agents wish to continue to carry on their business under the new Act, they are required to apply for a licence within 90 days of the Act taking effect.

The escrow business under the Act is a juristic person. The term “escrow agent” is defined as a juristic person whose
creditworthiness has been approved by the Escrow Committee, which acts as a middleman.

Only a financial institution, or other juristic persons as specified under a ministerial regulation, will be permitted to act as an escrow agent. Further, the escrow agent must have no conflicts of interest with either party to the contract, and must obtain a licence to conduct the escrow business from the finance minister.

Escrow agents will be monitored by the Escrow Committee, which has the authority to order them to correct or stop prohibited activities if they are detected and to perform their duties in compliance with the Act. If an escrow agent does not comply with an order of the committee or with certain sections of the Act, the committee will have the authority to impose an administrative fine on the agent. The Act also prescribes criminal penalties for escrow agents committing fraud. The fines and penalties will also apply to the managing director or authorised representative of the escrow agent - unless they can prove their innocence or demonstrate that they exercised sufficient duty of care.

Kanitnoy Praneechit is a senior manager of legal services at PricewaterhouseCoopers Mekong.

Thailand’s new Escrow Act in effect

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Source: Bangkok Post

Contractors losing money on state jobs

Local contractors are threatening to boycott government projects unless the authorities act within 30 days to help them deal with skyrocketing construction material prices. “We are in a very hard situation, if the government still ignores us, we will stage a strike and we won’t join bids for government projects until we find solutions,” said Yanyong Kosawanont, vice-president of the Thai Contractors Association.

The association held a meeting yesterday with 350 participants, who said their costs had risen by a total of 10 billion baht during the first four months of this year because of higher prices for materials including steel and cement.

However, many contractors are working on projects based on contracts signed with various state agencies last year, when the price of materials was far lower, which was reflected in the prices they quoted to the government.

“The government should think about the impact if their projects cease, how many construction workers will feel a deep impact, how about the effect on the related industries,” Mr Yanyong said.

For contractors, state projects typically allow for fluctuations in expenses that may occur from the time a contract is signed and the date actual work begins under a clause known as the “K-factor”.

However, the contractors say the government offers a K-factor with a 4% ceiling, far out of line with increases of 20% or more in the costs of some goods.

The association wants authorities to remove the ceiling on the K-factor, adding that members would seek compensation from the state for their losses from government projects.

They also urged the government to allow them to delay project schedules for 180 days in a bid to ease supply tightness.Angsurus Areekul, the association’s secretary, said that steel prices at present were being pushed up partly by speculation as some steelmakers were hoarding products, driving domestic steel prices higher than global prices.

“We want the Commerce Ministry to take control of steel prices as they have been increased steeply by speculators,” said Mr Angsurus.

Apart from steel, other materials such as copper need to be closely watched by authorities, said Saknarong Dechrapepong, a mechanical and electrical contractor.

“Copper prices have risen nearly four-fold from 2001 until now, and now even worse, prices are changing every day. It is not possible to manage costs in this kind of situation,” Mr Saknarong said.

Building boycott threatened

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Source: Bangkok Post

Residential units near workplaces, prebuilt and second-hand homes in the city are in demand among residents of Bang Sue, Rama IX, Chaeng Watthana and Bang Buathong, according to research on purchasing behaviour by the Real Estate Information Centre

(REIC). Witawat Rungruangphon of Thammasat University said most respondents in Bang Sue and Rama IX moved in order to be closer to their workplaces, while those in Bang Buathong and Chaeng Watthana relocated because they wanted to start families.

He said condominium units would be an alternative for residents in Bang Sue and Makkasan while respondents in Rama IX preferred prebuilt units.

The survey showed that people in Bang Yai, Bang Buathong had the least satisfaction in their current residence as they had to spend too much time travelling to work. They are also unhappy with their units and the environment but more than half still want to live in this area.

For respondents in Pak Kred/Chaeng Watthana, condominium townhouses are in demand as people in this area have a positive attitude towards second-hand homes. They tend to move to new places though they are currently happy with their present location because most are freelancers and their original homes are in other provinces.

Second-hand homes were an attractive choices for people living in Rama IX, Bang Buathong and Chaeng Watthana but people in Bang Sue found difficulty in finding a second-hand home at a reasonable price as there are not many of them available in the area.

Mr Witawat conduced the survey among 800 working people aged 30-49 with household incomes of more than 15,000 baht a month and living in the area more than one year.

The survey also showed that the Rama IX area had the highest percentage of debt-free people.

Homebuyers want good locations and convenience

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Source: The Nation

Several property developers are focusing their development efforts on new projects along the subway routes. The companies expect better returns because people looking for a more convenient commute prefer such locations.

According to The Nation’s survey, the value of land and property along the subway route from Hualumphong to Bang Sue has soared significantly in the past few years.

Some of the most popular locations are the business areas and entertainment zones on Ratchadaphisek Road, near the Queen Sirikit Convention Centre, in particular.

Many developers, as well as buyers who have rented out these properties, have generated high returns for their investments.

The survey shows that there is a big supply of ready condominiums, and many more will soon be available for purchase as well as rent by Thais and foreigners.

These include the Queen Lotus Guesthouse, which will have its grand opening on July 15. The project - situated only 300 metres from the Asoke-Sukhumvit intersection - has 30 units.

A guest house is available at Bt1,400 per day and can also be had as a serviced apartment for daily, monthly or annual rentals.

Jasmine City Building, a serviced-apartment project with 202 units across 30 floors at Sukhumvit Soi 23, has been developed by Lai Suwan, which was formerly in the garment business. The project is at a five-minute walking distance from the MRT and Skytrain stations. This project also has office and commercial space for rent.

A studio apartment covering 34 square metres is available for Bt51,300 a month; a one-bedroom apartment covering 58 square metres costs Bt64,800 a month; a one-bedroom suite covering 68 square metres goes for Bt70,200 a month; and a two-bedroom apartment covering 108 square metres is available for Bt106,650.

NL Residence is another project, situated close to the Phetchaburi station.It has been developed by Asoke Kamolwan, a subsidiary of NL Asset.

The building has 33 units on 11 floors. Three types of apartments are available on monthly rent: one-bedroom covering 85 square metres costs Bt33,000 to Bt38,000 a month; a two-bedroom apartment covering 175 square metres goes for Bt45,000 to Bt48,000 a month; and a three-bedroom apartment covering 285 square metres is available for Bt60,000 to Bt65,000.

Apart from these projects, The Nation survey also found other apartments and condominiums for rent on Sukhumvit Soi 21 and nearby areas.

Asoke Court has 16 units for rent at Bt25,000 a month. At Asoke Place on Sukhumvit Soi 21, which has 250 units, one- and two-bedroom apartments are available for Bt27,000 to Bt30,000 a month, respectively.

Supalai Premier Place, a condominium project with 337 units, has been available since 2005 at rents between Bt26,000 and Bt80,000 per a month.

Rambhalai Court, an apartment complex, has eight units, each available for Bt25,000 a month.

The survey has revealed most condominiums and serviced apartments in and around Asoke Road are available at competitive prices because of the high level of competition.

Developers eye subway routes for high gains

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