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By the book: Preparing your property for sale

Legacy Phuket Gazette

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By the book: Preparing your property for sale | The Thaiger

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.

Signage

Allowing the agent to erect a sign is very important as brand name and reputation may draw in passersby.

Negotiating

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.

Sharing costs

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



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Phang Nga

Hong Kong property tzars team up for new Phang Nga development “Aquella”

Bill Barnett

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Hong Kong property tzars team up for new Phang Nga development “Aquella” | The Thaiger

FILE PHOTO

Two of Hong Kong’s leading entrepreneurs Allan Zeman and Richard Li are developing a mixed-use project in Thai Muang, Phang Nga named Aquella.

The initial phase of the development includes a par 72, 18 hole golf course, resort pool villa residences with two to four bedroom unit configurations back of a massive land site that offers over 2.5 kilometres of white sand beach.

Previously, the approximate 1,000 rai site was the home of the Thai Muang golf course. After acquisition the course was closed, and the master planned Pinetree project that was to contain a marina and luxury Park Hyatt hotel stopped when land zoning issues changed in Southern Phang Nga.

Today, the new golf course has been reconfigured and Zeman’s Paradise Group who developed Kamala’s posh Andara ultra villa resort in Phuket are collaborating with Li’s Pacific Century Premium Developments (PCPD) group.

South West Phang Nga hosted some of Asia’s most significant luxury villa sales in the mid 2000’s given it’s close access to Phuket International Airport, over the Sarasin Bridge.

Changes in the zoning regime stunted the area’s growth over the past decade but a new wave of interest has been born in projects such as Charn Issara’s Baba Beach Club.

Land prices in Koh Pilai and Koh Kloy have sharply escalated in recent months on the announcement of a second Greater Phuket airport by Thai aviation authority AoT.

That said, the area has a rich history in demonstrated luxury residential sales in projects such as Aleenta and Sava.

With Phuket bursting as the seams, and prime oceanfront plots limited, the recent transaction of the former greenfield site of the Ritz-Carlton Reserve has indicated positive sentiment.

Hong Kong property tzars team up for new Phang Nga development

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Property

Car and house loans surged in 2018

Kritsada Mueanhawong

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Car and house loans surged in 2018 | The Thaiger

The Bank of Thailand says they’re concerned about the double-digit growth in loans for cars last year. The central bank is now monitoring the trend and will keep track of statistics for the rest of 2019. Their concerns about the Thai mortgage market the year before resulted in new regulations coming into effect this April.

Loans for cars were up nearly 13% in 2019, up from 8% growth in 2017 and much smaller growths in the years before.

They reported that commercial bank auto loans rose to 1.07 trillion baht last year, a rise of 12.6% from the previous 12 months. Defaults on loans has also risen during 2018 but the BoT says the rate is still “manageable” at 1.66%.

The BoT says they will need to continually monitor the business of loans for cars for at least the rest of 2019.

Last year they put the spotlight on property mortgages. The study resulted in more stringent conditions for the loan-to-value ratio, especially for second or subsequent housing loans.

Mortgage lending expanded nearly 8% in 2018, compared to 5.5% in 2017. The more stringent requirements for housing mortgages comes into force on April 1 this year.

Generally, the loan sector for commercial banks rose by 6% last year, again a rise from the previous year where the rise was 4.4%.

But the BoT reports that the profitability of the banking sector remains in positive territory. Interest income is now the main source after the fee-based income of some banks, particularly fund transfer fees, declined.

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Phuket

Kamala’s Twinpalms Montazure poised to welcome guests in July

Kritsada Mueanhawong

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Kamala’s Twinpalms Montazure poised to welcome guests in July | The Thaiger

Set on the golden sands of Kamala Beach, Twinpalms MontAzure will welcome its first guests in July this year.

Already a member of Small Luxury Hotels of the World, the boutique beach hotel offers beautifully appointed Suites, Penthouses and Private Pool Suites.

Suites range in size from 70m2 to 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.

Twinpalms MontAzure will also 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.

Olivier Gibaud, General Manager of Twinpalms Hotels & Resorts says, “With 15 years’ experience refining Twinpalms excellent service standard complemented by a luxurious dining and entertainment quality that sets itself apart from other destinations on the island, we are very excited to bring this knowledge to a new hotel”.

Designed by Martin Palleros, following the original Twinpalms concept and style, of utilising Phuket’s beautiful landscape, Martin has allowed the design to maximize 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.

Resident Manager, Thipwimon Chatchavansilachai says, “For respect for our island location, we will launch with a ‘no single-use plastic’ policy, meaning alternatives to common plastic items such as straws, packages for bathroom amenities and water bottles will be replaced with materials such as bamboo, ceramic and recycled paper.”

“We will continuously find better alternatives in our hotel operations for the preservation of the environment”.

Naturally, guests of Twinpalms MontAzure also have access to the brand’s other dining destinations, taking full advantage of the three beaches Twinpalms has a presence: HQ Beach Lounge – a few steps away on Kamala Beach, Catch Beach Club, Catch Junior and Palm Seaside, located on Bang Tao Beach and the flagship resort, Twinpalms Phuket, is just a few steps from Surin Beach.

Kamala's Twinpalms Montazure poised to welcome guests in July | News by The Thaiger

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