Second Phuket Condo Project to Follow Swift Sellout of 556 Units
By Media Release/Phuketwan Thursday, October 20, 2011
PHUKET: A second large-scale Phuket condominium project is to be launched immediately after the quick sale of the first Sansiri venture on Phuket. While the market for international buyers is sluggish and property purchases are not being made easier, the Thai market appears to be booming.
Here's today's media release in full:
Sansiri Success With First Launch on Phuket 556 Units of dCondo Kathu Sold Out Within Half-a-Day
Sansiri revealed the success of its first launch in Phuket. dCondo sold out within half-a-day of its first official sales day. The company plans a second project which will be launched early next year.
Mr. Suriya Wannabuit, the Executive Vice President - Project Management and Marketing Department of the Sansiri Public Company Limited revealed the company's success of the recently launched 'dCondo Kathu.'
''We are delighted the market has been so receptive to dCondo and this gives us a lot of confidence in the Phuket market. We sold 556 units within half-a-day of our official sales event last weekend. This is very successful for Sansiri's first move into the Phuket market.
''The result of brand building and the strong brand of dCondo delivered successful results. Clients are aware and confident in the brand, and the buyers in Phuket are people who enjoy the convenient access to downtown and Patong, and have confidence in Sansiri developments and the company's strong reputation.
''We will immediately start another dCondo project which will be launched in early 2012,'' Suriya said.
The dCondo Kathu project, which is located on an area of 5-3-10.14 rai, comprises three low rise eight-storey buildings, 556 units of 29-30 square metres, and is a 560 million baht investment by Sansiri in Phuket. Prices started at 999,000 baht per unit.
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Comments
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Funny that Sansiri sold out within half-a-day but all the other no-name projects around kata, karon and patong is empty.
Posted by
Mike
on
October 20, 2011 15:09
These guys must have put guns against the heads of the buyers. We read daily of all the other condo projects standing open without buyers. Look at the rows of white buildings on the Kailim side of Beach Road in Patong. Many other condos can't even be sold off the paper let alone once they are completed. SanSiri, I take you sales figures with a handful of salt.
Posted by
Dun
on
October 20, 2011 16:15
Editor Comment:
At those prices and with time payment, and with a reliable builder, we don't share your scepticism, Dun. Anyone who buys a condo ''off the paper'' from a Phuket developer needs to be extremely careful. Perhaps once the other condos are finished and the prices are realistic, they too will sell.
i don't doubt for a second that they sold out!
look at Supalai project they sold out 80% in less then one month and brand name is quality for a lot of people
Posted by
duca
on
October 20, 2011 21:07
Sansiri is currently the largest real estate stock exchange company of Thailand. So a big player.
They have no reason to lie.
Congratulations Sansiri
Posted by
robin
on
October 20, 2011 23:07
I find this More Than HARD To Believe. That Any Project sells out in half a day never mind one that Prices start at 333,000 USD. In a month I will wait for your new article about units available.
Never on Phuket with all the condos there, but now when the global eco is at its worst, LOL !!!
Posted by
Anonymous
on
October 21, 2011 11:59
Editor Comment:
333,000 US dollars? ''Prices started at 999,000 baht per unit.''
Feel free to do your banking at Phuketwan, Anonymous.
The difference is between offering good value and next to no value.
Why should they lie? Sansiri is a strong brand! look at Sansiri bkk, they almost sold out every units they have there!
And I am guessing that most of the units that have been sold were sold to Thais, they don't want low quality and overpriced condos that you will find in Kata, Karon and Patong!
Posted by
Mike
on
October 21, 2011 12:19
Anonymous, math isn't your strong point, or do you make a habit multiplying everything by 10 for dramatic effect? However, I know where you can rent new condos of a similar type for 7 - 10,000 baht a month. That's a lot of months of living before you hit 999,999 baht...
Posted by
Greg
on
October 21, 2011 12:28
Half a Thai working day around 6 hrs...556 units equals around a finished and signed sale contract every 40 sec including all ID copies, tabien baan etc etc .. ;-) Not likely .. but probably not very important either.
Posted by
Bjarne
on
October 21, 2011 12:49
Editor Comment:
You'll probably find, Bjarne, that a lot have been bought by cashed-up investors. If I bought 10 or 20 apartments, that would still take just a minute. If a brand inspires confidence, everything else falls into place.
People who doubt the sales figures are totally clueless.
Sansiri is maybe the most respected developer in Thailand, and this is the first project they did in Phuket. Plus, I'd say 90% of the buyers are thai people looking for affordable living in an excellent location for working people in Phuket.
The other projects people ramble on about are for foreigners, and have sexy sales staff with a fast talking bozo american "Sales Managers" wearing sneakers with suit pants and harass you in Jungceylon..Not the same thing. To buy a condo off plan from a local "developer" that just happened to have a coconut grove near the beach in what was a sleepy fishing village (patong, karon, etc etc) and now regards him or herself as an international business person is incredibly risky. Not so when you buy from the most respected developer in Thailand with numerous projects in Bangkok.
If there is a delay or if the condo don't turn out as was advertised if you buy from a local "Big Man"? You gonna sue him, take him to court? And still think you can hang around here in Phuket as if nothing happened?
Good luck with that, you'll need it.
Posted by
christian
on
October 21, 2011 12:53
"the buyers in Phuket are people who enjoy the convenient access to downtown and Patong". I have some doubts about what will happen in the future to the Patong access.
Posted by
Dave
on
October 21, 2011 14:03
Dave... Patong should be cut off. It should be given its own airstrip and isolated from the more wholesome 95% of Phuket. The government should declare Patong a special entertainment zone (i.e. a sin city), legalise gambling and prostitution there, and then allow the degenerates who think that Patong is a good place to live out their lives wallow in their own filth there without spreading it to the rest of the island.
The genuine tourists with class who enjoy Phuket for other reasons will have the rest of the island preserved unspoilt for them to enjoy. That will keep the growing HIV infection problem in Patong restricted to within their captive population.
Patong should not have any roads going in or out of it, just an airstrip and a port. Let them arrive by small plane or fast ferry for their sin city holidays and the rest of the island will be left cleaner, more pleasant and crime and drug-free as a result.
Posted by
Graham
on
October 21, 2011 15:07
Standard large condo business in Thailand (if the brand is reliable) those actually selling and many of their relatives and friends buy up all the best deals prior to the public then hope to re-sale at a profit staying ahead of the minimum payments due the builder. This is great for them if the brand re-sales if not they can take the whole project down when just a handful of people back out of multiple deals. While they may loose only a small amount of their own money or even make a small profit on their re-sales. They can still stick the builder with large blocks of unsold properties with the loss of revenue the builder is expecting each month to keep his project on track. When he can't make his payments the whole project comes full stop. For the investor even if they sell all the units at cost they still have an interest free loan and they can bank the money and take the interest as profit for usually around two years while the project is being built. Win Win for the Thai investor and a Gamble for everyone else until the project is completed. However sometimes it backfires on the investor in Patong many investors backed out loosing money when they bought up blocks of shop houses south of Soi Bagla on the beach road many years ago they didn't get out quick enough and lost lots of money themselves.
Posted by
mike
on
October 21, 2011 17:23
Graham - isn't it time to change the record? Sounds like you're another one who got burned there and are still sulking - get over it.
Posted by
Mister Ree
on
October 21, 2011 17:44
The price is right for 30 sqm. Where the next project by Sansiri will be where ?
I do not want to miss the rush sale again.
Posted by
carle
on
October 21, 2011 23:46
they buy 10 condos and they think they can sell it for a higher price...everybody looks with a rose-glasses....wake up guys
Posted by
mike
on
October 22, 2011 08:51
Sounds like Mike can't differentiate between the international buyer market, and the local Thai market. While exceptionally special in the speed Sansiri sold out, look around at other Thai developers targetting the local Thai market, most are performing very well. Different market characteristics to the underfunded international developers selling on cash-flow.
Posted by
Duncan
on
October 22, 2011 11:13
Agreed... Not for falangs. It's in the middle of a sleepy village (Kathu, and not the busy end of Kathu), I live nearby and there's a 7-Eleven, a Family Mart and some street food. No decent "restaurants" to speak of within 1 or 2 km. And miles from the beach... Basically 300 m down the road from the large Chinese shrine if you know where I mean. Certainly not a "prime location" by any means! For Thai only.
Posted by
Greg
on
October 22, 2011 12:17
Editor Comment:
It's central with swift access to both coasts, east and west. And if you think the surrounding amenities won't improve as the units fill up, you have never seen Big Buddha road. Build it, and they will come. Plenty of expats will find it attractive. What's your definition of a ''decent'' restaurant? One that serves pies with sauce?
Other condos here have done as well. Sugar Palm -adjunct to Phuket town's park - sold out in just a few months. Most expats as usual are a negative bunch who don't see the next boom until its a slam dunk. They are the investor nerds.
Posted by
Paul Renaud
on
October 23, 2011 10:59
MBK announced that they will build a shopping mall near the entrance to Loch Palm. As ED says, Field of Dreams (i.e. Build it and they will come).
Posted by
GiantFan
on
October 28, 2011 13:16
Graham.. agree with you 100 percent, Patong is a cesspit.. I hate the joint, i cannot even drive through it, its a dump to say the least..Cheap and Tacky and full of low lifes..
Posted by
james
on
October 29, 2011 10:56
Will you expats who just want to moan please go back to Thai Visa, where you belong. There is nothing wrong with Patong . And Sansiri is a sound investment for 20,000 pounds .
Posted by
Lord jim
on
October 29, 2011 13:12
This complex fully sold is presently on paper or full built???
Is it free hold or lease??
Thanks
Eddie
Posted by
Eddie
on
October 31, 2011 18:52
Editor Comment:
condos are usually freehold, this is as they say ''off the plan''
(moderated)
Posted by
Anonymous
on
November 3, 2011 15:01
Editor Comment:
Nameless commenters, who needs 'em. You can't even be sure I'm talking to you, can you? I don't like or dislike any building project. You clearly fantasise a lot.
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Funny that Sansiri sold out within half-a-day but all the other no-name projects around kata, karon and patong is empty.
Posted by Mike on October 20, 2011 15:09