Phuket Property News: Weekly Highlights for July 10-14, 2023

Cissa Group's Resilient Growth Amid Crises Transforms Phuket Real Estate

Atthanop Phantukamnud, CEO of Cissa Group Co., Ltd., has successfully navigated his real estate development firm through numerous challenges in Phuket, Thailand. Capitalizing on the demand from foreigners for second homes, Phantukamnud's firm has weathered significant setbacks, including a tsunami and the Ruble Crisis, which led to a substantial loss of Russian customers. Despite these hurdles, the company adapted its business model to focus on long-term investment properties. The COVID-19 pandemic brought additional challenges, but Phantukamnud's strategic response has positioned the company for future resilience. Cissa Group is now diversifying its offerings in Phuket, integrating digital and wellness services into its hotels, and adopting a "Sharing Economy" business model. This strategy aims to increase revenues by at least 10% per year, with an expected increase in hotel revenue by 20-30% through these new initiatives.

Further Details: https://www.bangkokbiznews.com/property/1077842

Thailand: Boosting Economy and Tourism with Strategic Cruise Terminal Developments

In a strategic response to the escalating global demand for cruise tourism, the Thai Marine Department is redoubling its commitment to create dedicated cruise terminals in pivotal tourist destinations throughout the country. As chronicled by the Bangkok Post, this initiative strives not only to stimulate the national economy, but also to foster sustainable tourism practices. The Marine Department's plan centres around key coastal and riverine locations, including Phuket, Krabi, and Bangkok, and necessitates the collaboration of numerous governmental bodies and private entities. Although specifics concerning the project's timeline and funding have not yet been disclosed, this innovative strategy signifies a substantial progression in Thailand's tourism infrastructure and its broader economic growth agenda.

Further Details: https://www.bangkokpost.com/thailand/general/2605586/dept-pushes-plan-for-dedicated-cruise-terminals-in-key-destinations

Asset Wise Expands Real Estate Portfolio with Majority Stake Acquisition in 'TITLE'

Asset Wise Public Company Limited, led by CEO Mr. Kromchet Viphanpong, has made a strategic move to enhance their real estate business through acquisitions. They have acquired a majority stake in Rhom Bho Property Public Company Limited, known as 'TITLE,' a renowned Phuket-based real estate developer. This acquisition aims to expand Asset Wise's presence in high-potential locations, diversify their portfolio, and drive significant revenue growth. During a recent Board of Directors' Meeting, it was approved for Asset Wise's subsidiary, 39 Estate Co., Ltd., to invest in TITLE's shares. This investment amounts to 57.79% of the total issued and paid-up shares of TITLE, acquired from existing shareholders. Asset Wise intends to make a tender offer for all securities of TITLE. The acquisition allows Asset Wise to promptly enter the condo market in Phuket, capitalizing on TITLE's extensive land bank in promising locations. Asset Wise aims to develop up to nine projects with a total project value exceeding 14 billion baht.

Further Details: https://www.bangkokbiznews.com/property/1078097

Cissa Group Unveils 8 Billion Baht Investment Plan for Four Phuket Projects, Aiming to Revitalize the Real Estate Market

Cissa Group, a leading real estate developer utilizing the Investment Property (IP) model in Thailand, is set to embark on an ambitious venture in 2023. CEO Mr. Atthanop Phantukamnerd revealed the company's plan to launch four projects with a total investment value exceeding 8 billion baht. Among the developments is the Natai Medical Center and Resort, a 6-star luxury resort accompanied by a health and beauty center that will offer medical services starting in Q1 2024. Additionally, the Medical Wellness Resort, located within the Wyndham Grand Nai Harn Beach Phuket hotel, will feature a comprehensive wellness center focused on preventive medicine, including health check-up programs, anti-aging medicine, physical therapy, and aesthetic medicine. Two other projects, the Layan Villa and The 8 Pool Villa Phase 2, will also be introduced later this year. Cissa Group's strategic investment aims to awaken the Phuket real estate market and establish the region as a prominent medical hub within the ASEAN market.

Further Details: https://www.thansettakij.com/real-estate/570176

Thailand's Tourism Industry Revives: Loosened Travel Constraints and Vaccination Efforts Pave the Way

The Bangkok Post reports an expected surge in Thailand's tourist numbers, indicative of a significant revival in the country's tourism industry. This promising trend is primarily driven by relaxed travel restrictions and accelerated vaccination efforts, both domestically and worldwide. The Thai government's assertive strategies, such as the 'Phuket Sandbox' program and the reopening of multiple key tourist destinations, have been crucial in catalyzing this resurgence. Despite persisting global uncertainties, this positive trajectory signals a much-needed boost for Thailand's tourism sector, a vital contributor to the national economy. In the face of this recovery, adherence to rigorous health protocols remains critical. As Thailand navigates its way towards a revitalized tourism landscape, it remains committed to safeguarding the health of its residents and visitors, showcasing a balanced approach to economic revival and health safety.

Further Details: https://www.bangkokpost.com/thailand/general/2603965/tourist-numbers-set-to-rise