PHUKET: Boom condo company Sansiri plans a concluding 1000-unit estate on Phuket despite concerns in the property industry of an oversupply.
The largest of all the Sansiri projects on Phuket will leave the drawing board as the company's sixth Phuket condo estate, managing director Authai Authaisangsuk told a Bangkok news site.
Sansiri took the Phuket property limelight in October last year with its dcondo Kathu estate of 500 units selling out in under a day.
That was followed by a series of sales almost as rapid as Sansiri announced successive projects, hinged on low prices and low initial repayments.
Even the more expensive The Base near Central Festival Phuket, a project of 300 units with prices from two million baht up, is 90 percent sold.
Khun Authai told prachachat.net that the withdrawal of foreign buyers from the Phuket market led Sansiri to sell for the Thai market.
Demand had once been for single homes or townhouses but with Phuket people now often based overseas or in bangkok, smaller units suited most people.
There were also the vast numbers of workers from other provinces on Phuket who did not necessarily want to settle on Phuket but who were looking to work there and invest over a lengthy period.
Where once the demand had been solely by the sea from foreign buyers, Sansiri purchasers were looking for relatively compact units from where they could commute, he said.
Phuket's living costs were 10 to 15 percent higher than in Bangkok but accommodation was 10 to 15 percent cheaper, he said.
Industry observers have warned that Phuket may face a time when only a few people live on some large estates built for hundreds, and that many of the purchasers of condominiums on Phuket buy two or more as an investment.
Rival firms with condos still unsold are clearly not beneficiaries of the Sansiri boom.
Khun Authai added that a project over seven rai at an undisclosed location on Phuket would mark Sansiri's sixth quick-fire Phuket project.
The largest of all the Sansiri projects on Phuket will leave the drawing board as the company's sixth Phuket condo estate, managing director Authai Authaisangsuk told a Bangkok news site.
Sansiri took the Phuket property limelight in October last year with its dcondo Kathu estate of 500 units selling out in under a day.
That was followed by a series of sales almost as rapid as Sansiri announced successive projects, hinged on low prices and low initial repayments.
Even the more expensive The Base near Central Festival Phuket, a project of 300 units with prices from two million baht up, is 90 percent sold.
Khun Authai told prachachat.net that the withdrawal of foreign buyers from the Phuket market led Sansiri to sell for the Thai market.
Demand had once been for single homes or townhouses but with Phuket people now often based overseas or in bangkok, smaller units suited most people.
There were also the vast numbers of workers from other provinces on Phuket who did not necessarily want to settle on Phuket but who were looking to work there and invest over a lengthy period.
Where once the demand had been solely by the sea from foreign buyers, Sansiri purchasers were looking for relatively compact units from where they could commute, he said.
Phuket's living costs were 10 to 15 percent higher than in Bangkok but accommodation was 10 to 15 percent cheaper, he said.
Industry observers have warned that Phuket may face a time when only a few people live on some large estates built for hundreds, and that many of the purchasers of condominiums on Phuket buy two or more as an investment.
Rival firms with condos still unsold are clearly not beneficiaries of the Sansiri boom.
Khun Authai added that a project over seven rai at an undisclosed location on Phuket would mark Sansiri's sixth quick-fire Phuket project.
I see a big Sansiri sign (for wee condos) on Pisit Goranee Rd. That's after winding one's way from Phuket Town through Kathu, past hundreds of empty buildings and hundreds of lots under construction, over the hill to the mecca of one way streets with the real (not the Bangkok plastic) traffic cops looking bemused at the mess on their corners. More buildings, no more roads, no real public transit. My lady, my (black?) driver and I laugh about the day coming soon when all transport grinds to a halt, do we want to be trapped on the town side, on Patong side, or in the traffic (or far, far away). We do hope the EGAT/PEA guys are out at the spot of the latest electrical outage when the traffic moment comes.
Posted by ssresident on July 16, 2012 16:42