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Le Meridien Khao Lak Beach Resort is among many global brands that have opened in the Phuket region. Will there be any more?

Phuket Property: Big Brands on Hold Amid Unrest

Saturday, November 29, 2008
PHUKET has attracted numerous major international resort brands to its shores over the past decade, with brands including the Hilton, Marriott and Best Western establishing and expanding their presence here.

Still more branded projects, including the Radisson and Jumeriah Private Island, are nearing completion.

But with the continued siege of both Bangkok airports and rising political tensions, the glittering announcements of more luxury resort properties coming to the island are certain to grind to a halt.

Here's what some in the Phuket property industry had to say about the situation:

CB Richard Ellis, Phuket branch The property market is tough to read quickly. There will be a long-term effect, but so far nothing has happened in the short term. When Phuket airport was closed earlier this year, we lost one buyer, but so far no one has pulled out following the Bangkok airport closures. Some branded developments we have been assisting were set to launch in 2009, but have decided to wait and see how the political situation develops. These are projects that have not been made public and have not begun building. Luxury projects including Jumeriah Private Island and The Yamu that are already underway are still going ahead as planned.
Comment from Charlotte Filleul, general manager

The Regent Cape Panwa It is too soon to comment on the airports' occupation effect to the Phuket property market. Unlike hotels and travel-related businesses, the property market is not immediately hurt by such events.
Comment from developer Methee Tanmanatragul (also president of the Thai Hotels Association Southern chapter and developer of Rising Sun Residences luxury villas)

Phuket Real Estate Club Property is not like tourism, there have been no short-term effects. The financial crisis has been having more of an effect. Maybe next year projects will have a problem because they will not be able to sell their properties.
Comment from spokesman Phummisak Hongsyok (former mayor of Phuket City and member of family with large landholdings on Phuket)

Phuket One Real Estate We have not had any cancellations but we don't know how people will react to the situation long term. With hotel bookings down by up to 20 percent, it means that out of 100 people we expect to see, some 10-20 will not be coming. Year-on-year for the past three years mid-December through the end of January is our peak sales period, coinciding with the high season for resorts. We don't get customers unless they come and stay here on holiday first. In general, this will have a very negative effect on people's perceptions of Thailand. Developers may have difficulty since they need to reach a certain level of sales in order to complete their projects. If sales don't go through, it will have an effect.
Comment from Paul Martin, sales manager

Bangkok Airports Siege: Phuket Businesses Hit
Phuket businesses lost millions of baht this week in the wake of the Bangkok airport closures. More uncertain are the long-term effects of the political crisis.
Bangkok Airports Siege: Phuket Businesses Hit

Phuket Resorts Facing Cancelled Bookings
Hopes for a good high season have been shattered as Phuket resorts face cancellations following strengthened travel advisories to Thailand.
Phuket Resorts Facing Cancelled Bookings

Phuket King's Cup Set to Race
Update: Racing Delayed to Dec 2. Bangkok airport closures have forced sailors joining the King's Cup Regatta to find alternative ways into Phuket, but the event is going ahead as planned.
Phuket King's Cup Set to Race

Comments

Comments have been disabled for this article.

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Knowing a few of the smaller property brokers on the island ALL of them have confirmed canceled sales and a cliff like drop off in inquiries.

Now if these smaller guys have all had those things happen how is it that the larger guys have 'seen no impact' or are 'not immediately hurt'. One side or the other must be lying !

Maybe finally people will start to understand these comments are issued by a biased PR based media influenced by their advertisers and have little basis in on the ground reality.

Posted by Anon on December 10, 2008 09:49

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I have interest of purchasing a villa with three or four rooms in a gated estate for retirement purpose. With the current world economic downturn, how is the prices of properties of the above nature in Phuket for year 2009/2010?

Editor: Let's see what our readers have to say to that question.

Posted by Bob Yeoh on December 10, 2008 21:39

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Here's the answer: (The real answer is name your price)
Chom Tawan
25% off completed units at this superb luxury development on Bang Tao Beach. The developer has a range of villas and apartments which they would like to sell at hugely reduced prices. The reason for this - they need to 'sign-off' the development and transfer ownership to the buyers. This is a residential estate with communal swimming pool. Apartments are within 150m of Bang Tao Beach. Available stock includes: Five apartments, each with three large en-suite bedrooms and a total livingarea of 230m2. Apartments are fitted with Pogen Pohl kitchens, complete with appliances and have air-conditioning throughout. These are top quality apartments with solid wood floors, high ceilings and high-end fittings. Prices now from 12,200,000 Baht, previous price 16,300,000 Baht. One, three bedroom villa, finished with solid wood and ceramic floors throughout. Imported Pogen Pohl kitchen and Teka appliances. Fully landscaped garden with private swimming pool and access to communal areas. This residential estate is within walking distance of Bang Tao Beach and is ideal for retirement or holiday home. A small number of owners rent out their properties. Previous price 25,800,000 Baht, now 19,400,000 Baht. ---- Two, four bedroom villas, finished with solid wood and ceramic floors throughout. Imported Pogen Pohl kitchen and Teka appliances. Fully landscaped garden with private swimming pool and access to communal areas. This residential estate is within walking distance of Bangtao Beach and is ideal for retirement or holiday home. A small number of owners rent out their properties. Previous price from 28,900,000 Baht, now 21,700,000 Baht.

Posted by jack on December 11, 2008 09:56


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