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A graphic showing how Central Festival will look after expansion

Phuket Real Estate Boom Boosted by Central Growth

Friday, November 1, 2013
PHUKET: Central is expanding on Phuket but there's been no word yet about where the new malls to the west and north will be located.

With 20 billion baht to be spent, the location of the malls is likely to be the key to Phuket's future development.

Reports today suggest as much as 50 billion baht is being invested in the middle of a Phuket real estate boom, with Sansiri alone offering 5549 units for sale since 2011.

Of those, 3950 units valued at 8.81 billion baht have already been purchased, either as accommodation or investment.

More is expected. On the street in Phuket City's Samkong district, signs for a development known as The Base are being held by individual workers standing on the footpath.

It's difficult to imagine buyers responding to such an unedifying marketing tactic. But in general, the responses must be coming.

The Nation reports today that smaller developers are also flourishing. Amari Estate has just 28 units in the 238-million baht Amari residence Phuket.

CB Richard Ellis's research shows demand to purchase homes in Phuket is coming from both domestic and foreign buyers.

Phuket residential prices have increased by between five and 15 percent this year, according to Phuket Real Estate Association director Monthavee Hongyok.

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