Phuket Property News: Highlights from September 25-29, 2023

MontAzure and Botanica Luxury Phuket Collaborate on High-End Villa Project

MontAzure and Botanica Luxury Phuket have formally announced their collaboration to co-develop a luxury villa project on Kamala Beach, Phuket. This strategic partnership comes in response to the current property purchasing surge in Phuket. Notably driven by Russian nationals. The forthcoming project, dubbed Botanica MontAzure, boasts a valuation of 2.6 billion baht, with villa price points ranging from 49 to 170 million baht. Setthaphol Boottho, the executive director of MontAzure, said, "We acquired the 454-rai plot in 2012 and began developing MontAzure on this land in 2016, aiming to make it a global destination." This collaboration aims to boost Phuket's standing as a top spot for luxury real estate investments.

Further Details: https://www.bangkokpost.com/property/2648753/partners-co-develop-phuket-villa-project

Southern Real Estate: 9.6% Rise in Unsold Stock Led by Phuket, Songkhla

In the first half of 2023, the southern real estate market, encompassing four key provinces - Phuket, Songkhla, Surat Thani, and Nakhon Si Thammarat - witnessed a 9.6% increase in unsold stock, amounting to 15,000 units valued at 65,000 billion baht, as reported by the Real Estate Information Center (REIC) of the Government Housing Bank. The overall market absorption rate stood at 2.6%. Phuket and Songkhla emerged as the leading provinces in terms of market size, with Phuket offering 7,507 units valued at 36,662 million baht and Songkhla presenting 5,388 units at 20,780 million baht. Notably, Songkhla led in new project launches, introducing both housing and condominium units. The overall supply for the period reached 17,719 housing units, priced at 75,841 million baht, marking a year-on-year growth of 9.4% in units and 5.2% in value. The remaining units for sale in this period totaled 15,004, worth 65,147 million baht, reflecting a 9.6% increase in units and a 5.7% rise in value compared to the previous year.

Further Details: https://www.bangkokbiznews.com/property/1090391

Supalai Unveils 20 Condo Projects for 2023 Amidst Post-COVID Rebound

Supalai Public Company Limited, under the leadership of Mr. Tritecha Tangmatitham and Mr. Prateep Tangmatitham, is pivoting towards condominiums, unveiling 20 new projects across Thailand, including an expansion into five new provinces by 2023. Notably in Phuket, one of their top-selling provinces. This move comes in response to the rebounding condo market post-COVID-19. With a rich history of developments in 28 provinces and a sales increase of 9% in the first half of 2023 compared to 2022, Supalai aims to fortify its brand reputation amidst growing competition. The company's 2023 regional sales target stands at 15,000 million baht, marking a 10% growth from the previous year. Additionally, the introduction of "Bow-Melada Susri" as their first brand presenter in 34 years and the "STANDARD GOOD, SAME QUALITY" campaign emphasize their commitment to consistent quality and brand strengthening.

Further Details: https://www.bangkokbiznews.com/property/1089168

Visa-Free Policy Expected to Attract 5 Million Chinese Tourists to Thailand

Thailand is poised to witness a significant surge in Chinese tourists as a result of its new visa-free policy. The policy, aimed at bolstering the nation's tourism sector, is anticipated to draw an additional 5 million Chinese visitors. This projection was shared by Thai officials, who have closely monitored the potential implications of the visa exemption. Instituted as a strategic move to rejuvenate the tourism industry, the visa-free entry is expected to further strengthen the ties between Thailand and China. As the world's largest outbound tourism market, Chinese travelers play a pivotal role in shaping global tourism dynamics. With this policy in place, Thailand is strategically positioning itself to tap into this vast potential, fostering economic growth and reinforcing its status as a top travel destination in the region.

Further Details: https://www.bangkokpost.com/thailand/general/2652754/5m-chinese-likely-from-visa-free-policy

Royal Phuket Marina Champions Carbon-Neutral Sustainability

In a groundbreaking initiative, the Royal Phuket Marina (RPM) in Thailand has set a new benchmark for environmental responsibility by pioneering carbon-neutral sustainability practices. Located in Phuket, one of Thailand's premier tourist destinations, RPM has taken decisive steps to offset its carbon emissions. The marina has implemented a series of eco-friendly measures, including the utilization of renewable energy sources and the introduction of sustainable waste management systems. This proactive approach not only underscores RPM's commitment to environmental stewardship but also positions it as a leader in the global marina industry. As climate change concerns intensify worldwide, RPM's efforts serve as a testament to the potential of businesses to make a positive impact on the environment.

Further Details: https://www.bangkokpost.com/thailand/pr/2652591/royal-phuket-marina-pioneering-carbon-neutral-sustainability