PHUKET: The onset of high season is here again. The monsoon rains have passed, the sun is out and businesses are preparing for the influx of tourists to Phuket.
The next six months are when most buyers will visit Phuket and when most property sales occur. Phuket real estate brokers will have already been short-listing those properties they will concentrate their efforts on most.
Market conditions remain slow but there is an increase in transactions in the resale market, which is offering great value for buyers right now. Real Estate brokers will always concentrate their efforts most on those properties they feel show best, offer excellent value and are the most attractive to their potential buyers.
If you are preparing your property for sale this high season, here are some pointers.
Establish a price
The current market is very competitive so price your property correctly to attract potential buyers. Consider the price you paid for the property, how long you have owned it, comparable property prices, what similar properties have sold for, any improvements added, present condition of the property, current property climate and exchange rates movements since buying.
Arm yourself with all the facts and remember: a property’s value is only what someone is willing to pay.
Getting your house in order
Before a buyer is found for your property, it is advisable to check through a certified lawyer in Thailand that you have all necessary ownership documents to sell your property, an estimate of the transfer taxes payable upon sale and an explanation of the selling options available to you. You need to know whether you can sell the property leasehold or freehold, or with a land-owning company. Also check whether you need to be physically present to complete a sale, or if you can give power of attorney to your lawyer beforehand.
Allowing the agent to erect a sign is very important as brand name and reputation may draw in passersby.
Be prepared to negotiate on your asking price. Phuket is currently a buyers’ market and in the end it is what the buyer will pay, regardless of your price.
In Thailand it is customary for the seller and buyer to share the transfer costs 50/50 but this is up to you to negotiate. Sellers must understand associated costs and incorporate them into the selling price. Trying to renegotiate fees after a selling price has been agreed will almost certainly lose the sale.
Having found a buyer and negotiated the sale price and terms, it is not uncommon for the seller to run into issues that can potentially ruin the sale, such as missing documents or higher than anticipated tax. All of these are likely to result in a lost sale, or at the very least, returning to the negotiating table, delaying the sale and creating higher closing costs.
For more information about this article, contact Kevin Hodges, Siam Real Estate (SRE) at 076-383646, or email [email protected]; www.siamrealestate.com.
— Kevin Hodges
Reservations now open for ‘Twinpalms MontAzure’ with enticing promotions
Celebrate the grand opening of Phuket’s newest beachside hotel by booking now to snap up fantastic deals. Twinpalms MontAzure in Kamala is offering irresistible packages ideal for both short and long-haul getaways for those who book directly from their website.
Guests may choose to enjoy three nights and pay for just two and for those who are looking to book a longer holiday, stay for six nights and pay only three on all Penthouses and Suite types. Guests may book from now until November 30, 2019, for stays from July 1 to 19 December 2019.
The latest addition to the Twinpalms Hotels & Resorts portfolio is set directly on Kamala Beach, on Phuket’s popular west coast and will welcome its first guests in July 2019. A member of Small Luxury Hotels of the World, the boutique beach hotel offers beautifully appointed Penthouses and Private Pool Suites and a collection of stunning Suites.
Suites range in size from 70m2 to splendid Penthouses with private pools and sea views boasting large living spaces of up to 300m2. Guests will also enjoy using a lap pool or an infinity pool offering views of the Andaman sea.
Adding to the collection of fantastic places to be on Phuket, Twinpalms MontAzure will launch its beachside restaurant and lounge, ‘Shimmer’, with uninterrupted sea views. Shimmer restaurant will serve vibrant and tasty food with an Asian focus, delicious and creative cocktails, and a great wine list, all served with the customary gusto and flair expected from the Twinpalms brand.
Designed by Martin Palleros, following the original Twinpalms concept and style, of utilising Phuket’s beautiful landscape, Martin has allowed the design to maximise the sea views from most of the Suites and areas within the buildings, whilst also ensuring the preservation of the views of the mountainside from other perspectives.
Guests of Twinpalms MontAzure also have access by complimentary transport to the brand’s other dining and entertainment destinations, taking full advantage of the three beautiful beaches Twinpalms has a presence on.
HQ Beach Lounge, a few steps away on Kamala Beach, Catch Beach Club, Catch Junior and Palm Seaside, located on Bang Tao Beach and of course, the flagship resort, Twinpalms Phuket is just a few steps from Surin Beach.
Phuket hotel watch – 3 months down, 9 to go in 2019
by Bill Barnett of C9Hotelworks.com
At the beginning of the year Phuket’s tourism and hotel sector was cautiously optimistic after a strong first half of 2018 and humbling second half. Key terms that kept popping up were Mainland Chinese, Thai Baht Appreciation, Elections and Supply Concerns.
So today, with three months of performance under the belt in 2019 what are the key trends in hotel trading? These can best be compressed in the following points –
According to data from hotel benchmarking group STR, Thailand remains Southeast Asia’s leading destination for Mainland Chinese, but the gloss is being diminished by Vietnam’s meteoric rise, and strong numbers by the Philippines and Cambodia.
Market-wide RevPar shunk by 0.04% in 2018 and flat demand at the onset of the year is now shifting into negative territory moving into February and beyond. Turning back to last year, group demand is falling which is as key concern in a wholesale driven marketplace.
One stark positive is that RevPar is being propped up by rates and not occupancy. A key takeaway is that in peak and high season, Phuket hotels are able to drive rates up in key periods and continue to do so. This of course is a broad trend. Good hotels tend to perform at higher levels, while poorly managed ones remain subpar.
Getting beyond the numbers, as I speak to hoteliers the expectation is that wholesalers remain a critical component of the island’s hotel industry and despite the expected shift with technology to more direct bookings, the reality is that wholesale models are sensitive to demand volatility and the result of this feeding frenzy most often will be either flat rates for the year or in some cases a retraction.
We expect the remainder of 2019 to be challenging. Some hotels will look at this as an opportunity to reposition, renovate or cut costs. While others will look at new segments, niche offerings or emerging markets like India to regain momentum.
As for the top critical issues facing Phuket hotels, in my opinion these can be distilled in the following Top 3 Things Keep Me Awake at Night…
• Mainland Chinese – If tourism players or hotels believe the damage to Brand Phuket is over, think again. Talking to key tour operators there remains a hangover from last year’s boat sinking incident and travellers remain keenly concerned over safety. Only time and more concentrated promotion will see a return of the numbers.
• Growing Supply and Demand Imbalance – The current pipeline is just over 8,000 keys in development on the island. What’s more concerning is that projects in planning are not represented in this metric, and by our estimate there are approximately 5,000 more keys in planning. While both the pipeline and planning numbers will see some wash, the sum total exceeds current and forecasted demand.
Moreso, the rise of unlicensed condominiums, apartments, houses and villas is continuing unabated and is further exacerbating supply issues. Every time you see a group of tourists renting a 3 or 4 bedroom villa, that’s three or four hotel rooms that lay empty. Government control of unlicensed properties is a key issue facing Phuket’s tourism industry.
• Diminished Natural Resources and Strained Infrastructure – Water tops the list and there is little doubt we are reaching the tipping point with mounting shortages and soaring demand. Electricity is another concern. Lastly is a rising number of vehicles on the road, a urbanising trajectory and slow development of roads and public transport.
To these point’s lets revisit the hotel development pipeline and reflect that a island long term master plan, zoning for new tourism expansion and requirements for developers to invest in public infrastructure to obtain operating licenses is sorely lacking. Something has to give on this front.
In conclusion am I pessimistic about Phuket’s tourism and hotel future in 2019 and beyond? Absolutely not, direct airlinks are growing and the island has a well-structured capacity for handling tourism, but I firmly believe looking into our problems, discussing and finding ways to resolve these are critical to a sustainable growth pattern.
Buyback Option at VIP KATA Condominium by Phuket9
Phuket9 Company announces a buy-back option for VIP KATA Condominium Project with a rental return of 56% over 8 years.
The first two buildings of VIP KATA Condominium were launched in July 2018. After one month in August 2018, Phuket9 commenced construction of the second phase – 2 more buildings including 209 apartments, 2 common swimming pools, rooftop gardens, restaurants and a kids club.
By March 2019 foundation construction of 2 new buildings is completed and more than 50% of apartments are already sold out.
From March 2019 Phuket9 offers an option of re-purchasing apartments registered under leasehold. This offer is available only for a limited number of apartments.
56% Rental Income
Rental program and apartment management in VIP KATA Condominium has been operating for 8 years and brings 7% income per annum to the customer. Value-added tax (VAT) is deducted from rental income.
At the end of a rental program agreement, further cooperation or agreement extension is discussed on a case-by-case basis.
Instant Rental Income
If a customer purchases an apartment in new buildings of VIP KATA Condominium, he/she has an opportunity to receive income starting the next day after full advanced payment is complete, even before construction is completed. In other words, if a customer decides to make a full advanced payment, his/her investment will bring income instantly after the payment is transferred to a company account.
Condominium Buyback Agreement
Agreement of buy-back by a developer is signed together with a unit purchase agreement from the VIP KATA Condominium. This agreement is an option for our customers.
The unit may be bought out by a developer at the end of the rental program (after 8 years). A customer has an opportunity to get 56% (7% per annum) rental return and plan an investment exit with 100% unit price return.
Condominium unit buyback agreement implies obligatory unit sale to a developer in case customer signed this agreement. If at the end of a rental program customer planning to sell an apartment by himself/herself at the market or extend rental program agreement with a developer, buy-back agreement should be not signed.
Condo Purchase in VIP KATA
If you want to purchase an apartment in the completed buildings of VIP KATA Condominium, or in one of the buildings under construction, you can contact Phuket9 sales department for more information. You will receive a current price list, apartment floor-plans for each level, reservation and payment details, examples of agreements translated into your language.
You can purchase an apartment remotely. However if a customer has the opportunity it’s better to visit the developer’s office and construction site to see the location, check out the completed buildings of the first phase and construction works of the second phase.
After choosing an apartment the customer makes the first payment 100,000 THB to Phuket9 and gets a receipt of their apartment reservation.
In most cases, apartment reservation is made only after visiting show-room and construction site. After 100,000 THB payment the customer leaves Thailand and further agreement signing is made remotely.
The signing of an Agreement
- Preparation of purchase/sale agreement takes from a few days to 2 weeks, depending on how many amendments customer will make.
- After all the preparations are done developer sends 2 signed copies to a customer by express mail.
- The customer signs 2 copies and sends 1 of them to Phuket9 office address.
Payment by Agreement
After the agreement is signed the customer makes payment in accordance with the payment schedule specified by the agreement. After payment is received, the developer sends a receipt and the agreement comes into force.
Depending on the terms and conditions of the rental program, the developer transfers a percentage to the customer’s Thai bank account twice a year.
Investment With Guaranteed Income
If you’re interested to invest in VIP KATA Condominium by Phuket9, please check out some of the following advantages of this project:
- Location – 500 metres away from the beach, developed area facilities
- Unique concept – more than 380 apartments, kids park, rooftop gardens
- Completed buildings and 2 more buildings under construction
- Rental program with 56% ROI – instant income already during construction works
- Unit buy-back option for fixed investment exit
- Furniture and decoration packages are included in the price
- Bonuses for customers like discounted accommodation in company hotels
Phuket9 company is one of the fastest growing development companies in Phuket known for active construction of commercial properties in Phuket – hotels, kids parks, spa, medical clinics.
Welcome to Phuket! Contact us for more information, transfer order to company office or construction site.
Phuket9 sales department contacts:
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