Phuket Condominium Projects Presenting Exciting Offers to Attract Purchasers

Phuket’s West Sands incorporated resort expansion on Mai Khao Beach recently opened a ten percent Return of Investment program in December 2008. The ten percent assured Return of Investment is for the coming 5 years on Phase 2 of the project which consists of Town Home and Condominium units.

“In view of the fact that we have offered the ten percent Return of Investment program in December 2008, by now around10 units have been purchased by interested purchasers. It is observed that the majority of the purchasers belong to Switzerland, China, Japan and Russia. This exciting offer of ten percent assured return of investment program can efficiently get rid of the risk for all people who are in search of the prospect to invest on Phuket Island” said Marketing and Property Sales Director of West Sands.

The company is thinking about expanding the endorsement till the end of February 2009 on a first-come-first-served basis. Phase 1 of the west sands project was completely sold out in September 2008 and will very soon start in June 2009.

West Sands is soon going to be a Luxury Lifestyle Resort that will make available immense rental returns with unusual features like a state of the art Water Park , which will be the exclusive one in Phuket . West Sands will get approximately 40 percent to 50 percent enhanced habitation compared to other hotels and resorts as the unique business form of water park and apartments are going to be milestones in the property market.

Foreign Investor Curiosity in Thai Property Declining

The worldwide economic recession is having influence on the Thai property market as a Singaporean investor recently taken out an investment in a project on Sukhumvit Road, said Patima Jeerapaet, managing director of the property consultant Colliers International Thailand.

He said land and condominium values in the central business district (CBD) and Sukhumvit Road's early sois will turn down because of flaccid foreign command.

As per a Colliers database, more than 60% of foreign purchasers getting hold of a condominium unit priced at 180,000 baht a square meter were from the financial division. Number of them were investment bankers or investors gaining earnings from the finance business or the stock market and changing into the property sector.

“Foreign purchasers in front of a financial crisis have to sell property as promptly as possible. A few of them may sell at asking price or with a lower than predictable margin. This will cause decreasing prices however fresh purchasers are coming up. The prices will not be to the degree that considered.”

He said sensible prices for grade-A condominium units in the CBD and Sukhumvit Road close to the BTS skytrain should be amid 90,000-120,000 baht a sq m and 65,000-80,000 baht for grade B+.

Anant Asavabhokhin, president and chief executive officer of the country's leading developer Land & Houses Plc, said land prices in the Sukhumvit area raised to 500,000 baht a square wah from 300,000 baht in just 3 years.

He confirmed that land prices in the inner city would certainly decrease as rising prices in the earlier period were determined by foreign investors, generally from Hong Kong and Singapore. Simultaneously, condominium units on Sukhumvit Road close to the BTS skytrain, prices of which were at present cited at 130,000-140,000 baht per square meter, would face slow sales, he added.

“In 2009, purchasers will wait for construction to freeze to take their money back at the same time as developers will wait for purchaser’s uncertainty in paying to take away their down payments. Although ultimately, the developer will go broke first.”