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Alpine tourism ignites billion dollar resort property market

Bill Barnett

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Alpine tourism ignites billion dollar resort property market | The Thaiger
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by Bill Barnett of c9hotelworks.com

Niseko visitor numbers continue to climb on the back of a sharp increase in airlift.

Tourism arrivals to Asia’s leading alpine destination, Niseko, rose 17% year-on-year in 2017 and bumped up a 5-year growth spree with an impressive 16% compound annual growth rate. One clear sign of market maturation is a push to a year-round marketplace as last year 48% of tourists came during the summer season.

Last year Niseko recorded a record-high 1,676,300 visitors, with large inroads bolstered by surging regional flights. The top 5 geographic source markets are Hong Kong, Singapore, Taiwan, South Korea and Mainland China, with the latter benefitting from direct international flights from 8 cities into the gateway New Chitose Airport.

Alpine tourism ignites billion dollar resort property market | News by The Thaiger

For travelers from Thailand, access to Niseko has been effectively doubled with Thai AirAsia X launching direct flights in April, joining Thai Airways who already serve the popular route. Investment by real estate players has been highlighted by Property Perfect PCL’s investment into the Kiroro Resort. Featuring a Sheraton branded hotel and a second under the Tribute flag, the mixed-use resort recently launched their first condominium project Yu Kiroro.

One sector that is having a direct impact from tourism is the property sector. According to new data released by consulting group C9 Hotelworks in their Niseko Market Review, the transaction value of resort-grade real estate developments currently in the market is set to tip to USD1 billion mark over the next two months.

Alpine tourism ignites billion dollar resort property market | News by The Thaiger

Speaking about the connection between hotels and property offerings C9 Hotelwork’s Managing Director Bill Barnett commented, “given high land values and elevated country-wide construction costs which have been impacted by the build up to the 2020 Tokyo Olympics, it’s extremely hard to underwrite sole hotel developments.

“Projects like Hong Kong’s PCPD Groups’ upcoming Park Hyatt Hotel and Residences has mitigated the situation by selling managed residences as part of the hospitality offering. A similar scenario is playing out at the Niseko Village integrated resort where the Malaysian-based owner YTL is planning a similar Ritz-Carlton Hotel and branded real estate combination.”

With its substantial inventory of resort condominiums and homes, Niseko is very much a tourism model like alpine destinations in the West such as Whister, Vail and Aspen. Examining the recent move by the Japanese government to effectively legalize Airbnb-type rentals via the ‘minpaku’ legislation has been seen by the local tourism community as a positive, given a legitimate solution is now in place to effectively manage non-traditional accommodation.

To download C9 and read Hotelworks Niseko Market Review, click HERE.

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Looking to jettison some items before jetsetting away or chartering a yacht? Look no further than Thaiger Classifieds where you can find and post items, work, property and more for free. Be sure to check out YonderTours for things to do in Thailand and tours across the country.

Bill Barnett has over 30 years of experience in the Asian hospitality and property markets. He is considered to be a leading authority on real estate trends across Asia, and has sat at almost every seat around the hospitality and real estate table. Bill promotes industry insight through regular conference speaking engagements and is continually gathering market intelligence. Over the past few years he has released four books on Asian property topics.

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Coronavirus (Covid-19)

Thai authorities track down contacts of Covid-19 victim

Anukul

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Thai authorities track down contacts of Covid-19 victim | The Thaiger
FILE PHOTO: easybook.com

Yesterday a 57 year old man, named as ‘Anan Soho’, passed away due to the effects of the Coronavirus. Authorities are now trying to track down people who came in contact with the man. The man died travelling on a southbound train on Monday night.

A spokesperson from the Immigration Bureau says that Anan had returned to Thailand from Islamabad, Pakistan, on Flight TG350 at 5.50 am on Sunday along with 279 other passengers, who were mostly Thai students returning home.”

“6 Immigration police have been identified as those who had potentially been in contact with Anan as they were involved in handling his immigration clearance documents upon his arrival at Suvarnabhumi airport,” according tot he Bangkok Post.

“At least 13 of the students arriving on the same flight were found to have body temperatures exceeding 37.5C and were transferred to a hospital serving as a Covid-19 quarantine zone. Anan had travelled to Pakistan alone and passed a Covid-19 screening test at the immigration check counter upon return.”

Kittiphong Kittikahchon, Suvarnabhumi deputy director of airport operations, says that the passenger had been walking with a limp and requested a wheelchair and spent a long time at the baggage claim area due to long queues.

“An airport worker pushing the wheelchair for him and the taxi driver who took him from the airport after baggage claim were located and have been tested for Covid-19.”

The State Railway of Thailand director for train service operations, says that a male passenger, who happened to be at Bang Sue central station at the same time as Anan on Sunday morning, was caught on a security camera as the infected man appeared to cough on him.

“After the security footage was aired by the media, the man in the video contacted the SRT to say Anan did not cough on him. However, he now must quarantine himself in case of possible infection.”

SOURCE: Bangkok Post

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Coronavirus (Covid-19)

Thai Airways goes into hibernation until end of May, others ground fleets too

Greeley Pulitzer

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Thai Airways goes into hibernation until end of May, others ground fleets too | The Thaiger

After a decade of financial struggles and corporate upheaval, Thailand’s national flag carrier, Thai Airways, with a previous reputation as one of Asia’s premier airlines, is ceasing all flights for a period of at least two months, due to the Covid-19 coronavirus pandemic. The Civil Aviation Authority of Thailand has now allowed the suspension of all domestic and international flights.

The once proud airline made the initial announcement a week ago, suspending some flights at that time. Then, acting president Chakkrit Parapanthukul said in a statement that, compounded by a sharp reduction in passenger numbers, the continuation of operations would increase the airline’s already massive losses. So, the company has now asked employees to take two months off from Saturday (tomorrow) to May 31. Along with this, staff salaries will be reduced by 10-50%.

Thai has transferred flights from Bangkok to Phuket, Krabi and Chiang Mai to its sister company Thai Smile Airways.

Passengers who have Thai Airways or Thai Smile code-share tickets issued before March 25 with the date of travel between March 25-May 31 for Asian routes and between April 1-May 31 for European, Australian and New Zealand routes can convert the tickets to one-year-valid travel vouchers without a fee and surcharges. Visit thaiairways.com.

It’s not only Thai Airways grounding its fleet. Thai Smile suspended all international flights beginning on March 23 but is still operating a few domestic flights. Passengers can ask for a full refund without any charge via member.thaismileair.com/customerservice/refund.

Thai AirAsia has temporarily suspended all international flight services from now until April 25, and April 30 for domestic flights.

Passengers who booked tickets before March 20 can rebook the flights on the same routes within 180 calendar days from the original date without additional cost. They can change the tickets to credit accounts, which can be redeemed for booking within 365 calendar days from the issuance date.

Passengers can ask for a full refund in the amount equivalent to the original booking. Visit support.airasia.com.

Bangkok Airways also halted international services until further notice. It’s also reducing domestic flights and has temporarily closed its lounges at Suvarnabhumi and other airports.

Thai Airways goes into hibernation until end of May, others ground fleets too | News by The Thaiger

Passengers can request refunds without a service charge by contacting its sales offices, or call Bangkok Airways’ call centre at 1771.

Nok Air has suspended services from Bangkok to Nanning, Chengdu, Hiroshima and Yangon until April 30. Direct flights from Bangkok to Ho Chi Minh City are halted until May 31.

Passengers can rebook or reroute for a new flight until Nov 30 without a fee. The change must be made before the date of departure. Passengers can also request a ticket refund via its contact centre at 1318.

Thai Lion Air has suspended all domestic and international flights until April 30. Passengers can rebook tickets without a change fee or fare difference. The new travel date must be on or before September 30. Passengers can request a full refund at lionairthai.com.

To check which airlines still offer international flights, visit the website of Airports of Thailand at airportthai.co.th/en/flight-schedule.

SOURCES: The Nation | Bangkok Post

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Coronavirus (Covid-19)

Thai banks report they can handle the impacts of the virus

Anukul

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Thai banks report they can handle the impacts of the virus | The Thaiger
PHOTO: Bloomberg.com

As the Covid-19 coronavirus continues to spread in Thailand, authorities have temporarily shut off shopping malls, entertainment and sporting venues while allowing food stalls and restaurants to open, but only for take-out and delivery services. The measures have led to social disruption, unemployment, leave without pay and salary cuts.

However, a senior official at the Bank of Thailand reports, “Thailand’s banking sector is strong enough to defend against a potential upsurge in bad debt as well as debt restructuring cases stemming from the ongoing Coronavirus outbreak and official measures to contain the spread.”

Senior director for the economic and policy department Don Nakornthab says that banks have a sufficient capital buffer in the event of higher past-due payments and debt restructuring. Unlike the 1997 Tom Yum Kung (Asian financial crisis in Thailand) crisis, the banking system’s financial position is much more solid now.”

“At the end of 2019, the banking system’s capital funds totalled to 2.85 trillion baht, with a capital adequacy ratio of 19.6% and loan-loss provision of 701.2 billion baht, according to central bank data.”

“The non-performing loan coverage ratio was stable at 149.9% at the end of last year, and the liquidity coverage ratio remained high at 187.5%.”

“The banking system delivered a 30.8% rise in net profit to 270.9 billion baht in 2019.”

Siam Commercial Bank ‘s co-president Apiphan Charoenanusorn says that more than 100,000 clients with over 150 billion baht worth of total loans have requested financial aid to ease their burden after the bank launched the scheme in February.

Last week The central bank has set guidelines for the minimum assistance that financial institutions must offer to debtors to ease their financial burden amid the pandemic, which is effective from April 1st. All lenders, comprising commercial banks, specialised financial institutions, and non-bank and leasing companies, are required to comply with the guidelines covering 6 types of loan product…

  • Credit cards
  • Personal and car title loans
  • Auto and motorcycle loans
  • Machinery leasing
  • mortgages
  • SME – Nanofinance and Microfinance loans

Krungthai Bank data shows that the bank has already provided financial aid to 1,500 customers with combined loans of 30 billion baht, while another 70,000 clients with total loans of 250 billion baht are in the process.

The strongest demand for debt restructuring is seen in the bank’s mortgage and personal loans.

At the state-owned Government Savings Bank, President and chief executive, Chatchai Payuhanaveechai says that the GSB has offered a three-month grace period on principal and interest for all debtors who still service debt and miss payment for less than three months as of the end of March.

“The scheme, will run until June 30 and is automatically applied to qualified debtors without any registration requirement, adding that those who do not want to participate in the scheme can honor their debt as usual.”

SOURCE: Bangkok Post

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