A QUIET area of Phuket City has been undergoing a dramatic change over the past year since construction began last April on a condominium project on a scale not usually seen beyond Bangkok.
Phuket condo developments have proliferated to satisfy demand from foreign buyers seeking a property they can own outright, with a law allowing 49 percent foreign ownership of individual units within a condo project.
But this three-billion baht Phuket City project is aimed squarely at the Thai market, with time-payment options as low as 6000 baht a month designed for workers' pockets.
Phanason, a local developer, believes that condominiums also appeal to Thai buyers at the right price, and is investing big money to tap the market.
So The Green Places will open the first two buildings next year, and the entire project of eight condo blocks will be finished in four years.
The 1400-apartment project is set at the base of a well-known landmark, Rang Hill, along Ekwanich Road, a winding lane connecting the Sam Kong area of Phuket City to the bypass road intersection near Surakul Stadium.
The apartment blocks and other buildings will cover half of the 28-rai land area, while the remaining half will be ''green'' areas.
Green Places, together with another Phanason condo project near the Makro store that is yet to begin construction, will bring nearly 3000 new condo units to the Phuket City area in a total of 13 apartment blocks once both are complete.
Phuket property prices may level off in the months ahead in the midst of the global economic downturn, but even so land prices remain out of reach for many local Thais.
This is why condos are becoming an attractive option for Thais, especially those working in salaried jobs, says Preeyanuch Anuwongkul, assistant marketing manager.
The Phuket lifestyle is also becoming more like Bangkok's, she said, and people are seeking the convenience, facilities and security offered in a condo development.
Each room in The Green Places will be equipped with cable TV and telephone lines, with two options for furnishings.
As well, the project will have generators, a club house, swimming pool, tennis court, children's playground, wireless internet, wide connecting roads, covered parking on the first two levels of each building and 24-hour security.
Two of the eight buildings, the 215-room ''A'' building and the 164-room ''E'' building will be the first to open in about a year.
Prices range from 1.44 million baht for a 36 square metre Studio apartments to 6.6 million baht for 165 sqm Suite units.
About 20 percent of the rooms in the first phase have already been booked by buyers, and 70 to 80 percent are Thai.
Easing the entry of buyers into the project is Phanason's own financing package in which ownership can be gained with a down payment of as little as 238,000 baht.
In this arrangement for Studio units, monthly payments over 23 months are 6000 baht, followed by a lump-sum payment of 100,000 baht on the 24th month.
Most buyers are those who have previously bought Phanason projects elsewhere or have heard about Phanason projects through friends or family, says Khun Preeyanuch.
The project developer is the Chinese-Thai Ittinantawan family, and the registered owner is Chatchanee Ittinantawan.
The family has many property projects in Bangkok under Nantawan Property brand.
All of the family's developments are built using their own construction team.
A total of seven Phanason projects are in various stages of development in Phuket, including the Phanason Villa Bor-Rae.
The mixed residential project of 200 houses and townhouses Wichit Municipality is already sold out, Khun Preeyanuch says.
The Green Places will have a ''soft opening'' in February, where new buyers will be offered special gifts and furniture package options.
As for concerns by nearby residents about the possible traffic problems from the large increase of people living in the area, Khun Preeyanuch said it would not be a problem.
Roads leading to and from the project would be adequate for handling the traffic, she said.
Phuket condo developments have proliferated to satisfy demand from foreign buyers seeking a property they can own outright, with a law allowing 49 percent foreign ownership of individual units within a condo project.
But this three-billion baht Phuket City project is aimed squarely at the Thai market, with time-payment options as low as 6000 baht a month designed for workers' pockets.
Phanason, a local developer, believes that condominiums also appeal to Thai buyers at the right price, and is investing big money to tap the market.
So The Green Places will open the first two buildings next year, and the entire project of eight condo blocks will be finished in four years.
The 1400-apartment project is set at the base of a well-known landmark, Rang Hill, along Ekwanich Road, a winding lane connecting the Sam Kong area of Phuket City to the bypass road intersection near Surakul Stadium.
The apartment blocks and other buildings will cover half of the 28-rai land area, while the remaining half will be ''green'' areas.
Green Places, together with another Phanason condo project near the Makro store that is yet to begin construction, will bring nearly 3000 new condo units to the Phuket City area in a total of 13 apartment blocks once both are complete.
Phuket property prices may level off in the months ahead in the midst of the global economic downturn, but even so land prices remain out of reach for many local Thais.
This is why condos are becoming an attractive option for Thais, especially those working in salaried jobs, says Preeyanuch Anuwongkul, assistant marketing manager.
The Phuket lifestyle is also becoming more like Bangkok's, she said, and people are seeking the convenience, facilities and security offered in a condo development.
Each room in The Green Places will be equipped with cable TV and telephone lines, with two options for furnishings.
As well, the project will have generators, a club house, swimming pool, tennis court, children's playground, wireless internet, wide connecting roads, covered parking on the first two levels of each building and 24-hour security.
Two of the eight buildings, the 215-room ''A'' building and the 164-room ''E'' building will be the first to open in about a year.
Prices range from 1.44 million baht for a 36 square metre Studio apartments to 6.6 million baht for 165 sqm Suite units.
About 20 percent of the rooms in the first phase have already been booked by buyers, and 70 to 80 percent are Thai.
Easing the entry of buyers into the project is Phanason's own financing package in which ownership can be gained with a down payment of as little as 238,000 baht.
In this arrangement for Studio units, monthly payments over 23 months are 6000 baht, followed by a lump-sum payment of 100,000 baht on the 24th month.
Most buyers are those who have previously bought Phanason projects elsewhere or have heard about Phanason projects through friends or family, says Khun Preeyanuch.
The project developer is the Chinese-Thai Ittinantawan family, and the registered owner is Chatchanee Ittinantawan.
The family has many property projects in Bangkok under Nantawan Property brand.
All of the family's developments are built using their own construction team.
A total of seven Phanason projects are in various stages of development in Phuket, including the Phanason Villa Bor-Rae.
The mixed residential project of 200 houses and townhouses Wichit Municipality is already sold out, Khun Preeyanuch says.
The Green Places will have a ''soft opening'' in February, where new buyers will be offered special gifts and furniture package options.
As for concerns by nearby residents about the possible traffic problems from the large increase of people living in the area, Khun Preeyanuch said it would not be a problem.
Roads leading to and from the project would be adequate for handling the traffic, she said.
It all sounds exciting to have a development like this but I drive on this road at least twice a day. The road is narrow and you have to cruise through the villages to get to the main roads, yet the developers claim 'no problem'.
We have over a thousand units of condos and nature soon to be replaced by blocks of concrete. You can safely conclude that there will be horrendous traffic, social and garbage problems to be solved in the future.
Posted by A disappointed resident on February 17, 2009 23:11