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How Thai mega-villa buyers have reignited Phuket’s luxury real estate market in the downturn

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How Thai mega-villa buyers have reignited Phuket’s luxury real estate market in the downturn | The Thaiger
Phuket’s newest luxury development is the Residence at Tri Vananda Integrative Wellness Community with 77 villas in Phase 1 newly launched.
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The following story was submitted by Bill Barnett, founder and managing director of C9 Hotelworks.

Phuket’s sizable mega-villa property sector has experienced an unexpected surge in multi-million-dollar sales over the past year as Thai buyers sought refuge in the global Covid-19 crisis. Over 5 billion baht (approximately $167 million USD) in primary and secondary high-end properties transacted at the height of the pandemic.

According to new market research from Thailand consulting group C9 Hotelworks, transactions in 2020 in top tier real estate hit its highest level in five years despite flat trading levels in the broader marketplace. Expansive tropical island mansions with four, six or more bedrooms have struck a chord with wealthy Thai’s who have been unable to travel overseas and are fatigued by mounting air pollution issues in the nation’s capital.

Speaking about the transaction charged revival in the island’s mega-villa sector C9’s Managing Director Bill Barnett said “country living and estate villas in the age of pandemic are a strong reaction driven by both internal and external factors. Thailand’s wealthy have been effectively stranded in the country for nearly a year and the impact has seen them revisiting and falling in love with Phuket. Resort real estate remains an emotional proposition and this is a contributing factor in reigniting luxury property sales”.

Aside from the Thai segment, there is more to the Phuket real estate backstory. There’s off plan and completed properties in the primary market, whereas secondary or resales has seen some deep discounting of large villas to overseas buyers. C9’s research has identified one source of these to be the global luxury marketplace Concierge Auctions. One of the key factors that the group has been able to effectively harness is creating competitive tension by means of an auction and inducing demand through the perception of value creation.

Taking a sharper look at locations recording mega-villa trades, C9 data reflects that Millionaires Mile in Kamala, Layan and Nai Thon Beach, all on the West Coast of the island are favorites. While on the East Coast, Cape Yamu continues to perform strongly with the new Headland project. Phuket’s luxury footprint is now also firmly expanding over the Sarasin Bridge into a Greater Phuket catchment with the Aquella integrated golf course community underway.

Noting how proximity of projects is key to success and that there is often only one degree of separation between buyers in mega-villa estates, Bill Barnett points out “one of the most successful twining of projects last year has been the ultra-luxury Layan Residences by Anantara and Avadina Hills by Anantara. The synergy of having a hospitality overlay and hotel-style management to the developments has helped enormously.

While forecasting how 2021 and beyond will see the Phuket luxury property market fare, Bill Barnett voices optimism for primary residences saying “we are seeing considerable interest from Bangkok high-net worth individuals and key regional capitals like Hong Kong and Singapore who are drawn to the island by clean air and space, quality international schools, and strong support infrastructure.

“We are on the cusp of seeing a series of new inland integrated communities such as Tri Vananda in Thalang come on stream and this is expected to shift a larger slice of demand towards luxury single family homes. Covid-19 has refocused an entire generation on the value of work-life balance and proven work from home is a viable ongoing alternative.”

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27 Comments

27 Comments

  1. Avatar

    J West

    Sunday, February 7, 2021 at 12:42 pm

    This is not unique to Thailand. Low rates and urban conditions are gutting downtown cores worldwide for the time being. WFH schemes are all the rage, albeit temporary. Once the pandemic is mitigated office life will restart and the boss won’t let you WFH anymore. Recent buyers will find Phuket too remote and a difficult commute. We’re having the same conversation worldwide. The Recency Effect , unsustainable interest rates and FOMO will bite many buyers in the *ss. My prediction, prices will likely plummet as quickly as buyers dry up.

    • Avatar

      Toby Andrews

      Sunday, February 7, 2021 at 3:07 pm

      These estate agent really make me laugh at the language they use.
      “inducing demand through the perception of value creation.”
      “The synergy of having a hospitality overlay and hotel style management . . .”
      They can talk it up al they want, but I think these are distressed sales.
      The owners are unloading at a loss to pay off their debts.
      Bankrupt sales always go through auctions.
      The western buyers have stopped buying due to the unreasonable conditions the government have imposed. Hence Thais are buying at a much lower price.

      • Avatar

        Gosport

        Sunday, February 7, 2021 at 5:21 pm

        How about this Advert.

        The synergy of having a hospitality overlay and hotel style management, bullet proof glasses drives away erratic meth indulged Btrits. A safe heaven is born.

        • Avatar

          Toby Andrews

          Sunday, February 7, 2021 at 10:56 pm

          Yes that is a point, and might encourage buyers.

      • Avatar

        toby_james

        Monday, February 8, 2021 at 8:03 am

        How about this advert? The synergy of having a hospitality overlay and hotel style management, A respite from the pontificating buffoons found on social media.

        • Avatar

          Toby Andrews

          Tuesday, February 9, 2021 at 12:07 am

          Even pontificating buffoons have the right of free speech . . .

    • Avatar

      Nilsen

      Monday, February 8, 2021 at 1:52 am

      If my boss don’t let me work from home I just change to a better paying job that lets’s me. For those in in-demand professions it should not be a problem. Finding a new boss is easier than finding highly competent people in the tech industry.

    • Avatar

      Mel Burn

      Monday, February 8, 2021 at 7:03 am

      People with this kind of money do not care. We’ve seen this in 2008 crash – multi-million dollar properties in most expensive suburbs never went down in price.

  2. Avatar

    Andy W

    Sunday, February 7, 2021 at 12:46 pm

    There’s no doubt that a few Thai families have unimaginable wealth and there are also a large number of wealthy Chinese looking to move money away from China, and high end property purchasing in a dead market is a wise course of action for them. However that is such a small sub-set of the property market that it has little relevance to the overall property market future.

  3. Avatar

    Slugger

    Sunday, February 7, 2021 at 1:06 pm

    Yes, I mean there’s only 75m millionaires in China after all.

    • Avatar

      Leo Z

      Monday, February 8, 2021 at 4:03 am

      Except it’s NOT 75m millionaires, not even close, it’s 4m millionaires.

      Still a lot, but China is hardly a country of well-to-do people. In fact, only 9 million people make over $1,500 a month after taxes. Kid you not.

    • Avatar

      Andy W

      Wednesday, February 10, 2021 at 1:15 pm

      Because of the unstable financial outlook for many Chinese companies (not all of them!) And despite the CCP propaganda machine saying otherwise, many wealthy Chinese are tightening their financial belts until their future finances are clear.
      Obviously there are many in the ‘Multi-millionaire’ group that are unaffected but far less than pre-virus.

  4. Avatar

    Joe

    Sunday, February 7, 2021 at 1:25 pm

    These rich people can live on their small islands of luxury but once they leave that area they are facing the same bad traffic, noise, pollution, environmental destruction and now a mostly destitute population, etc etc as all of us. In any case this hiso market is very small, Bill Barnett as usual makes things sound bigger than they really are. He loves this hiso environment.

  5. Avatar

    Kim

    Sunday, February 7, 2021 at 1:45 pm

    I beg to differ with Bill. Several high end villas are for sale at the west coast at highly discounted prices. Many hnw foreigners have actually failed to honor their punctual payments after having submitted their initial down payment. All the Bangkok hiso’s have had exclusive property in Phuket for decades.

    • Avatar

      Issan John

      Sunday, February 7, 2021 at 4:38 pm

      How can you disagree, after all he’s quoted an expert source more than half a dozen times?

      Oh 😮

      He’s the expert source … and he was quoting himself …

      Oh 😮

      • Avatar

        Kim

        Sunday, February 7, 2021 at 10:15 pm

        Expert of what? With false claims like this, it’s similar to selling snake oil. You Johnny boy; your deranged and obnoxious comments with no relevance – that’s your expertise. Bugger of Johnny boy. You have no clue as to what is going on in Phuket or anywhere else for that matter. As many have already correctly pointed out; you are a chav, now go fetch your WKD blue and stfu, thank you.

      • Avatar

        James R

        Monday, February 8, 2021 at 1:05 am

        Issan John, it seems Kim did not realise you were being sarcastic at what the expert was quoting about himself.😮

        • Avatar

          Nipral

          Monday, February 8, 2021 at 3:42 pm

          Issan’s comments are usually so weird that its getting hard to see when they are supposed to be sarcastic !

          • Avatar

            Toby Andrews

            Tuesday, February 9, 2021 at 12:11 am

            Yes Isaan John is a master of posting incomprehensible posts.
            I try to advise him but my kind suggestions are cruelly ignored.
            Alas . . .

        • Avatar

          Issan John

          Tuesday, February 9, 2021 at 12:49 am

          Yes … I thought it was pretty obvious, James R, and the emojis were a bit of a give-away, but oh well ;(

  6. Avatar

    Ian

    Sunday, February 7, 2021 at 4:19 pm

    It happens all over the world when thier is depresion and property falls in price thier is always people with money ready to buy and sit on it until the markets rise again and they will they always do as demand outstrips supply once economys become strong again its life the rich always take advantage of the disadvantaged

    • Avatar

      Mel Burn

      Monday, February 8, 2021 at 7:06 am

      It’s not about investing. Ultra rich people – UHNW – just move wherever they want at the moment.

  7. Avatar

    Mr cynic

    Sunday, February 7, 2021 at 4:50 pm

    Property agents the world over are the same.
    This reminds me of that scene in the titanic movie of the band playing on.

  8. Avatar

    John_2

    Sunday, February 7, 2021 at 5:14 pm

    I didn’t realize that Bill Barnett was running the comedy section now.

    Having so famously predicted the end of Covid by June 2020.

  9. Avatar

    Investor Ken

    Sunday, February 7, 2021 at 7:38 pm

    very verbose language; I prefer the straight, down to earth talk of Tim.

  10. Avatar

    Joe

    Sunday, February 7, 2021 at 8:45 pm

    Next time Mr wannabe hiso Bill Barnett interviews a real hiso he might be better of wearing some nice clothes and not some tight t shirt 2 sizes too small.

  11. Avatar

    Sir Burr

    Monday, February 8, 2021 at 10:43 am

    “One of the key factors that the group has been able to effectively harness is creating competitive tension by means of an auction and inducing demand through the perception of value creation”.

    Or, in plain English, they have put the prices down.

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Events

Phuket Monopoly game creators need your help with token designs

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Phuket Monopoly game creators need your help with token designs | The Thaiger

Phuket is set to get its own version of the popular game MONOPOLY and its creators want your help with ideas for the specialised tokens. ‘MONOPOLY: Phuket Edition’ was announced last month which will see the street art on the board game replaced with that of famous places around Thailand’s famous tourist destination. Such art will include beaches, hotels, shops, markets and other popular attractions.

Jennifer Lau from Winning Moves UK, is producing the game under official license from Monopoly brand owners, Hasbro. Lau says the tokens will feature a holiday theme. The token’s departure from the original theme of wheelbarrows, boots, iron, and thimbles as well as popular sports cars and hats.

“We have had a wealth of emails and suggestions coming in for Phuket, so thank you for each and every single one of them! We are taking them all into consideration whilst putting together the design of the game.”

“We wanted to change the tokens so that they would be more suitable for an island like Phuket, where so many people like to go on holiday to.”

“There will be six themed tokens that replace the original and we want to hear your suggestions for what these tokens should be!”

Bangkok has already been featured in the Monopoly game as it came out for purchase back in 2018.

SOURCE: The Phuket News

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Coronavirus (Covid-19)

Phuket holds vaccine administration rehearsal as it waits for green light

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Phuket holds vaccine administration rehearsal as it waits for green light | The Thaiger

Phuket is rehearsing procedures to ready themselves for the Covid‐19 vaccine administration green light. A rehearsal at Vachira Hospital’s Lan Muang Khao open area was held late yesterday to iron out any kinks in the administration process. Phuket Vice Governor Pichet Panapong watched over the procedures along with other health officials.

Pichet says the first vaccine round of 4,000 doses should arrive early in March, with the 2nd and 3rd set of doses, 16,000 and 48,000 respectively, to arrive in April and May.

“The government recognises the importance of the affected areas of the economy where the epidemic situation of COVID-19 must be stopped and has allocated the COVID-19 vaccine to Phuket Province to build herd immunity, restore the economy, return a smile to Thailand.”

“We are preparing to COVID-19 mass vaccination to build confidence among the people that they will receive a quality, safe vaccine and to receive follow-up care after it has been administered.”

Pichet says Phuket’s first target groups to receive the vaccine include medical and public health personnel, with others on the frontlines to come next.

Then, workers aged 18-59 years old, people with underlying diseases including chronic respiratory disease, cardiovascular disease, chronic kidney disease, cerebrovascular disease, cancer, diabetes and obesity will follow.

“People with severe neurological conditions and pregnant women should be wary of taking the vaccine, as well as women who are breastfeeding and people with immunodeficiency.”

The procedure to get vaccinated starts by recipients undergoing screening by having their temperatures taken, and then sanitising their hands before entering the administration area. Then, they will move their way through a series of steps, detailed below:

Step 1: Register

Step 2: Record weight and blood pressure

Step 3: Pass the screening process by have their medical history and risk assessment recorded and then signing a consent to receive the vaccine

Step 4: Wait for vaccination

Step 5: Vaccination

Step 6: Rest for 30 minutes, while being observed for symptoms. Then scan the official Line account “หมอพร้อม” (“Doctor Ready”)

Step 7: Pass a final check before receiving a document confirming vaccination

Pichet says health workers will follow up with vaccine recipients after 1,7, and 30 days from being vaccinated to monitor any adverse reactions.

Those who are set to receive their second jab will have appointments made for them. Those who receive the Sinovac vaccine will be scheduled to have their second doses 2 to 4 weeks after the first. AstraZeneca vaccine receivers will be scheduled for their second doses 10 to 12 weeks after the first.

SOURCE: The Phuket News

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Phuket

Phuket police officer charged with attempted murder for shooting and critically injuring a noodle vendor

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Phuket police officer charged with attempted murder for shooting and critically injuring a noodle vendor | The Thaiger
PHOTO: Siamrath

The drunk, off-duty police officer in Phuket who has caught on camera shooting and beating a noodle vendor on Bangla Road is now facing attempted murder charges as well as charges of carrying a firearm in public without a necessary reason and firing a weapon in a public area. The commander of the Phuket police station said he ordered investigators to prosecute the officer Pornthep Channarong with every criminal charge that can be applied.

The officer had gotten into an altercation just before dawn yesterday and shot a young vendor who was walking by. Surveillance camera footage show the 25 year old suddenly falling to the ground after being shot. The officer walks up and shoots the vendor at a close range, but it appears the second shot did not hit the vendor. The officer also slapped the vendor in the face, picked him up and shoved him over, and then kicked him as he lay on the ground.

The vendor has a 4 year old daughter and 3 month old son. His wife says normally he works as a motorbike driver, but he was helping his mother selling noodles. He was shot while he was walking back from collecting a noodle bowl, she says. The vendor is in critical condition and being cared for at Vachira Phuket Hospital’s intensive care unit. He’s in need of Type B blood.

“For his condition, the doctor told me that the bullet went through his lung. He lost a lot of blood. We need a lot of Type B blood for him.”

A disciplinary investigation into the incident was launched by police and Pornthep was officially dismissed from the Royal Thai Police force. Region 8 Police Commander Kitrat Panpetch says the incident does not reflect the police force in Phuket.

“The incident was caused by an officer who did something wrong that our organisation does not want. We are a big organisation with more than 200,000 officers under our control. Our officers are not all bad like this.”

Phuket Provincial Police Commander Pornsak Nuannu says he has reminded the police chiefs across the island to discuss reasons for carrying firearms in public.

“Carrying firearms is to prevent any type of crime that may happen, not to commit a crime by themselves like this incident. If I see any police doing such a thing, I will decisively proceed in terms of both officer discipline and criminal charges.”

SOURCE: Phuket News

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