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Milestone complete for upscale MontAzure on Kamala Beach

Tanutam Thawan

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Milestone complete for upscale MontAzure on Kamala Beach | The Thaiger
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The developers of MontAzure, the upscale residential resort community on the west coast of Phuket gathered in Kamala with the joint venture partners to celebrate the completion of the main structure at its unique beachfront condominium development, Twinpalms Residences MontAzure.

Designed to take full advantage of its unrivalled oceanfront location, the development comprises a series of low-rise clusters set amid tropical landscaped grounds with two communal swimming pools and a range of onsite resort facilities.

One-bedroom units start at 70 sqm, two-bedroom units range from 154sqm to 400sqm, and a select number of super penthouses offer breathtaking views across Kamala Beach and the Andaman Sea.

“As our first residential phase, Twinpalms Residences MontAzure offers a unique integrated beachfront resort concept within easy reach of Phuket’s most appealing lifestyle attractions. Café Del Mar officially launches this week, which is also part of MontAzure, so the timing couldn’t be better to complete the main structure of the condominiums,” said Richard Yue, CEO of Arch Capital Management, one of the three joint venture partners behind the MontAzure mixed use development.

“Other word class components within the MontAzure community include the new InterContinental Phuket Resort, which opens in 2019 and Kamala Senior Living, an exclusive residential village being developed in the nearby hills,” he added.

Milestone complete for upscale MontAzure on Kamala Beach | News by The Thaiger

Twinpalms Residences MontAzure will be managed and operated by Twinpalms Group to offer owners a combination of hotel-driven yields, capital appreciation and personal usage time. Entry-level units start from 15.5 Million baht (approx. USD 489,000) and more than 70% of the project has already sold out with prices expected to rise on completion.

“We are delighted to reach this construction milestone on schedule,” said MontAzure’s Executive Director, Setthaphol Boottho. “The construction team is pushing ahead with fit-out and we are confident that the entire project will be finished before the end of this year.”

To mark the milestone achievement, MontAzure is offering buyers a guaranteed return on investment for 3 years on selected units, as well as free furniture packages worth up to 2 Million baht (approx. USD 64,000).

For more information or to make an appointment to view the show units call +66 93 624 8800 or email Fiona HERE.

Milestone complete for upscale MontAzure on Kamala Beach | News by The Thaiger

Milestone complete for upscale MontAzure on Kamala Beach | News by The Thaiger

Front Row: Khun Varissa Srisataporn, Director – Tierra Design, Ms. Fional Nel, Director of Sales – MontAzure. Back Row: Thanachit Chinagorn, Director of Project Management – MontAzure, Setthaphol Boottho, Executive Director – MontAzure, Diego Palleros, Director – Tierra Design, Jonathan E. Umali, Director, Investments & Asset Management – ARCH Capital Management Co., Ltd, Richard Yue, CEO & CIO – ARCH Capital Management Co., Ltd, Leland Kwee, Director – Pontiac Land Pte Ltd, Terence Lo, Associate Director, Investments & Asset Management – ARCH Capital Management Co.,Ltd, Ms. Sonja Nihlmark, Project Manager – Twinpalms Management Limited, Mr. Sittichai Jitnatham, Hotel Manager – Twinpalms Phuket.

 

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Local Thai journalist speaking fluent Thai and English. Tanutam studied in Khon Kaen before attending Bangkok’s Chulalongkhorn University.

Property

Thailand’s property market waits for an end to Covid-19

Tanutam Thawan

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Thailand’s property market waits for an end to Covid-19 | The Thaiger

The Coronavirus outbreak poses challenges for Thailand’s property market as potential Chinese condominium buyers remain stranded in China. Meanwhile, some believe that the outbreak may bring opportunities for non-Chinese buyers and in the long-run, the Chinese may be looking for an overseas refuge in the event of these types of emergencies popping up again

Through all this, there will be a certain level of pent up demand for Thai real estate.

Of course, it’s not just the Chinese unable to come and inspect potential buys, the rest of the world is also mostly shut out of Thailand.

Market remains weak

The pandemic is hurting the condominium market as Chinese nationals were accounting for half of the international buyers in Thailand, or 57.6% of the total foreign condo owners in 2018.

Vichai Viratkapan, acting director-general of the Real Estate Information Centre says that 50% of Chinese condo transfers are expected to disappear in the first 2 quarters of this year and the total transfer value by the Chinese will miss the mark of the usual 29 billion baht by about 25% (around 7 billion).

However, since Chinese property buyers only make up 6% of the total international and domestic housing transfers in Thailand, the proportion of total housing transfers in the country is likely to be similar to last year.

Developers looking to sell current stock whilst shelving new projects

CBRE reports that most Thai developers are postponing the launch of new condo projects to focus on clearing existing stock.

“Discounting completed projects to generate quick revenue as a financial lifeboat is the best solution for many of the country’s larger developers whilst the market is in limbo.”

Rathawat Kuvijitrsuwan, head of CBRE Research and Consulting in Thailand believes that, now business is gradually recovering, a few developers have started to launch new condominium projects.

“In the first half of 2020, the Bangkok condominium landscape was gloomy with fewer than 10,000 condominium units launched, which was much lower than the total number of new launches in the past three years of more than 60,000 condominium units per year.”

The Chinese are reluctant to complete transfers

The virus has continued to affect hospitality operators, including hotels and condominiums that service tourists, nationwide. Since China has suspended tours, put restrictions on movement, and locked down cities, home to over millions of people, it also poses a threat to real estate developers as their clients are unable or unwilling to fly.

“Currently multiple off-plan condominium developments are approaching completion, and Chinese clients are unable or unwilling to transfer. Chinese clients who made a reservation in Q4 2019 are requesting a refund and withholding their investment,” said Marciano Bijmohun, Business Development Director at FazWaz Property Group.

He believes every condominium that is in transfer status will see the percentage of non-transfer units rise in the coming months.

“These non-transfer units will cause a big financial hit to developers.”

If a client refuses to transfer, does not comply with the terms and conditions stipulated in the sales and purchase agreement, and decides to release the property, their deposits will be forfeited.

“However, there is some good news, these non-transferred units can be offered with a discount to new clients.”

Also, as China has been susceptible to a few disease outbreaks – from bird flu to the current coronavirus – it may prompt Chinese buyers to look for second homes outside of China.

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Bangkok

Silom Road tops as the most expensive area to buy land in Bangkok

Caitlin Ashworth

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Silom Road tops as the most expensive area to buy land in Bangkok | The Thaiger
PHOTO: Unsplash: Paul Szewczyk

Silom Road, Bangkok’s nightlife district, is the most expensive area to buy land in Bangkok, followed by Phloen Chit Road, according to data the Treasury Department gathered from 2016-2019. The pandemic may have fluctuated the prices, but no data on land value for 2020 has been reported by the department. They also say only asking prices were recorded, so it’s unclear how much the price decreased by during negotiations.

On Silom Road, land prices per square wa are up to 1 million baht while land on Phloen Chit Road have been reported to cost up to 900,000 per square wa. A square wa is about 4 square metres. Land on Rajadamri Road ranges from 750,000 baht to 900,000 baht per square wa. The cheapest areas to buy land in Bangkok are farmlands in the Bangkhuntian district. Land prices range from 500 baht to 10,000 baht per square wa.

Properties on Silom Road are also the most expensive in Bangkok. The price for a 170 square wa 4 storey office on the road costs around 155 million baht, according to the data. The highest asking price was 7 billion baht for a 37 storey office building on Sathorn Road.

Here are the top 10 most expensive areas to buy land in Bangkok:

1. Silom Road at 700,000 baht to 1 million per square wa

2. Phloen Chit Road at 900,000 baht per square wa

3. Rajadamri Road at 750,000 baht to 900,000 baht per square wa

4. Rama I Road at 400,000 baht to 900,000 baht per square wa

5. Wireless Road at 500,000 baht to 750,000 baht per square wa

6. Sathorn Road at 450,000 baht to 750,000 baht per square wa

7. Yaowarat Road at 700,000 baht per square wa

8. Thaniya Road, Pattanapong Road, Pattanapong II Road at 600,000 per square wa

9. Narathiwas Rajanakarin Road at 280,000 baht to 600,000 baht per square wa

10. Ratchawong Road, Sampeng Road at 550,000 baht per square wa

SOURCE: Nation Thailand

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Thailand

Thai condo developers clearing inventory rather than starting new projects

Tanutam Thawan

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Thai condo developers clearing inventory rather than starting new projects | The Thaiger

“With waves of uncertainty and financial stress crashing into the market from the COVID-19 pandemic, most residential property developers have decided to postpone their plans.”

CBRE, the international property consultants, reports that most Thai developers are postponing the launch of new condo projects to focus on clearing existing stock. Discounting completed projects to generate quick revenue as a financial lifeboat is the best solution for many of the country’s larger developers whilst the market is in limbo.

Rathawat Kuvijitrsuwan, head of CBRE Research and Consulting in Thailand believes that, now business is gradually recovering, a few developers have started to launch new condominium projects.

“In the first half of 2020, the Bangkok condominium landscape was gloomy with fewer than 10,000 condominium units launched, which was much lower than the total number of new launches in the past three years of more than 60,000 condominium units per year.”

Since June, CBRE Research says new condominium projects, along new extensions and future routes of mass transit lines, with starting prices under 2 million baht, and those along existing mass transit lines are usually priced lower than 3 million baht.

“On the other hand, there has been no newly launched condominium in the high-end and above segments this year due to the high level of unsold supply and high land cost in prime locations. Investors have become more cautious in spending a large amount of cash during these uncertain times.”

“Some of the newly launched condominiums have had a good sales rate during their first launch. Most of these projects have been launched with a product and pricing that are mainly targeting large demand from buyers with lower-purchasing power and are located in an attractive location with limited available condominium supply in the area.”

But despite the slowdown of general activity and the current sales and promotions to dispose of excess stock, over 60,000 condos are expected to be completed this year and around 80,000 units each year over the next 2 years.

“With over 140,000 condo waiting to be transferred over the next 2 years, there is a possibility that a large number of booked units could return to such a volatile market as some cash-strapped buyers could decide not to transfer their units.”

“The future of the condominium market depends on the direction that residential developers will take collectively. With the 10 year record low number of newly launched condominium projects, this is the moment for the market to correct its long-standing oversupply and overpricing issues.”

CBRE Research believes that there are still opportunities for developers, including the 4 under-construction mass transit lines that are expected to be completed in 2022, the new Bangkok City Planning that will unlock many new locations for condo development and foreign demand that will come back… eventually.

To find the best range of condos, houses and villas, around Thailand, click HERE.

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