Phuket Property News: Highlights for September 4-9, 2023

AssetWise Secures 67.61% of Phuket's TITLE Amid Tourism Boom

AssetWise Public Company Limited (ASW), under the leadership of CEO Mr. Kromachet Vipanpong, has successfully acquired a 67.61% stake in Rhom Bho Property Public Company Limited (TITLE), a prominent real estate developer in Phuket listed on the Market for Alternative Investment. This acquisition, valued at 1,042,923,750 baht, is a strategic move by ASW to tap into the burgeoning Phuket condominium market, especially as the region witnesses a resurgence in tourism. TITLE, known for its decade-long expertise in condominium development under the brand "THE TITLE", has maintained a robust financial position even during the COVID-19 pandemic. With this investment, ASW not only gains access to TITLE's experienced management team and foreign customer base but also plans to launch two new projects worth over 5 billion baht. This expansion aligns with the Thai government's renewed focus on tourism, spearheaded by Prime Minister Mr. Srettha Thavisin's recent initiatives, including a "free visa" policy for Chinese and Indian tourists.

Further Details: https://www.bangkokbiznews.com/property/1086797

Phuket Shines as Top Investment Destination at Thailand's Prestigious Property Award

The Dot Property Thailand Awards, In this big event that the Bangkok Post talked about: the best people in Thailand's property business came together in Bangkok to give awards for great work. Phuket got attention as a great place to put your money. It won awards showing it's getting more important. The awards were for all sorts of buildings like houses, offices, and green buildings. Phuket did well in every category. The event showed that buying property in Phuket is a good and safe idea. This means Phuket is a great destination for people in Thailand and other countries to invest. With a good chance to make money.

Further Details: https://www.bangkokpost.com/thailand/pr/2637983/thailands-top-real-estate-achievements-celebrated

Thailand's Luxury Condo Market Booms: Foreign Demand and Prime Land Scarcity Drive 7.9% Price Growth

Under the new government's initiative in Thailand, the real estate sector is witnessing a surge in luxury condominium projects to cater to domestic and international demands. With prime land becoming increasingly scarce, luxury projects, especially in downtown areas, have seen an average price growth of 7.9% since 2022. Mr. Abhisit Soonthorn Chukiat, CEO of Origin Condominium Company Limited, highlighted the expanding luxury market in the 4th quarter, driven by an influx of foreign buyers, particularly from the CLMV countries. Notably, tourist destinations like Phuket are gaining traction among foreigners, especially those from Myanmar, Taiwan, and Hong Kong. Concurrently, Land and Houses Public Company Limited is set to launch a waterfront condo project in the 4th quarter, targeting Thais seeking second homes in prime locations.

Further Details: https://www.bangkokbiznews.com/property/1087326

Phuket's Tourist Recovery: Russian Arrivals Surge as Chinese Numbers Dip in August 2023

The Airport Immigration Office of Phuket Province has released the latest statistics on foreign tourist arrivals in Phuket for August 2023. When compared to pre-COVID figures from 2019, there are notable fluctuations across nationalities. Russian tourists have surged to 39,209, marking a staggering recovery rate of 218.26% from 17,964 in 2019. In contrast, Chinese arrivals, previously at 195,567 in 2019, have dwindled to 64,674, indicating a recovery rate of just 33.07%. Australian visitors have slightly surpassed their 2019 numbers with a recovery rate of 104.33%, while India and Malaysia have recovery rates of 63.64% and 100.55%, respectively. On a broader scale, by continent, Europe leads the recovery at 131.81%, followed by Oceania at 103.97%, America at 85.76%, Asia at 59.57%, and Africa trailing at 56.13%.

Further Details: https://www.facebook.com/photo?fbid=600625575612810&set=pcb.600626252279409

Thailand's Marine Department Advances Major Cruise Terminal Project on Andaman Coast to Boost Tourism and Local Economy

The Marine Department of Thailand, in collaboration with a hired consulting firm, is advancing a master planning study to develop a large cruise port on the Andaman coast. By targeting four Coastal Potential Provinces, including bustling Ranong. Led by the Marine Department and Mr. Nit Uitekeng, vice chairman of the Ranong Chamber of Commerce. The Marine Department is working on a big project to build a cruise terminal on the Andaman coast. They're looking at places like Phuket, Krabi, Phang Nga, and Ranong to find the best spot. Before building the new cruise terminal, they're looking at everything to make sure it's the right move, even checking how it might affect the environment. Ranong is a special focus because they want to boost health tourism there. People think the new terminal will be good for businesses and bring more tourists to the area helping the local economy.

Further Details: https://www.thansettakij.com/business/tourism/573743