Phuket Property: Weekly Highlights for June 26, 2023

Phuket Sizzles: Supalai's 'Ville Ratsada Phuket' Unleashes Diverse Housing Options to Meet Soaring Demand

Supalai Public Company Limited introduces an exciting addition to Phuket's property market with its latest venture, 'Supalai Ville Ratsada Phuket.' Spread over 14 acres and valued at an estimated 416 million baht, this residential project redefines versatile living with six unique housing styles, from single-detached houses to twin houses, starting from an attractive price of 4.89 million baht. Conveniently located near the heart of Phuket town, the development provides seamless connectivity to various key locations. Designed with a global appeal, it caters to the eclectic lifestyle needs of both Thai and international clientele. The exclusive 76-unit project promises spacious interiors and complete functionality, positioning it as the go-to choice for families at various stages of life seeking a new home in Phuket.

Further Details: https://www.bangkokbiznews.com/property/1076026

Standard International Prepares for Launch of Exciting New Residential Ventures

Standard International, a renowned hotel chain, has unveiled its ambitious plans to introduce two captivating residential projects in Phuket and Hua Hin, alongside the opening of five new hotels across Thailand from 2023 to 2026. The first residential endeavor, scheduled to launch in the fourth quarter of 2023 in Phuket's Laguna, aims to attract foreign buyers, with a particular focus on Chinese and Russian investors. The company is also considering implementing a rental pool program to enhance the appeal of the project. The second project, set to commence in Hua Hin during the first quarter of 2024, will showcase residences offered at unprecedented prices for the region. This bold expansion strategy follows the tremendous success of Standard International's initial residential project in Miami. Moreover, the forthcoming five hotels, set to open between 2024 and 2026, will be divided between The Standard and The Peri brands, signifying the company's shift from relying heavily on Chinese tourists to a more diverse customer base.

Further Details: https://www.bangkokpost.com/property/2601643/standard-readies-new-residential-projects

Cissa's Billions in Investment Fuel Phuket's Thriving Tourism and Real Estate

Cissa, a prominent Thai development company, is seizing the opportunity presented by the resurgent international tourism industry in Phuket, Thailand. With a keen focus on wellness and leisure, Cissa is injecting billions of Thai baht into ambitious projects, including wellness hubs and theme parks. The company aims to cater to the high demand from affluent investors hailing from Russia, the Middle East, and Europe. To achieve this, Cissa has allocated over 10,000 million Thai baht toward the development of medical wellness hubs and luxurious pool villas. The investment plan, with a total budget of 9,500 million Thai baht, encompasses prestigious ventures like the Wyndham Grand Nai Harn Beach Phuket project and the ongoing construction of the Nai Thon Medical Center and Resort. With the Thai government actively promoting Thailand and Phuket as an international health center, Cissa's substantial investments align perfectly with the growing interest of foreigners in residential properties in Thailand, thereby stimulating significant growth in the real estate sector.

Further Details: https://www.bangkokbiznews.com/property/1075453

Phuket's Real Estate Market: Condo Demand Surges Amidst Slowing Housing Market in 2023

Phuket's real estate market has exhibited a mixed performance in the first five months of 2023. While there has been a substantial 13% decline in overall housing demand since January, the condominium sector has shown remarkable resilience, experiencing a noteworthy 10% increase in demand. This makes condominiums the sole residential type demonstrating growth in the market. However, low-rise housing, including detached houses, has faced a significant downturn of 26%, while townhouses have seen a decrease of 15%. An intriguing trend is the consistent preference for properties within the 1-3 million baht price range across all housing types. Within this range, condominiums have witnessed a 7% surge in demand, whereas townhouses and detached houses have experienced declines of 4% and 62%, respectively. Despite these fluctuations, the Phuket housing market displayed stability in May, indicating a sense of cautious optimism among investors and homeowners when compared to the previous month.

Further Details: https://www.bangkokbiznews.com/property/1075833

Growing International Interest and Policy Advocacy Boost Thailand's Real Estate Sector

Thailand's real estate sector is attracting escalating attention from foreign investors, prompting property developers and consultants to urge the new government to foster increased foreign investment, according to a report by the Bangkok Post. One of the key proposals put forward is to extend leasehold periods, aiming to enhance the appeal of Thai properties to overseas buyers. The market's increasing allure is evidenced by a remarkable 79% year-on-year surge in condo unit transfers to foreigners in the first quarter of 2023. Prominent developers, such as Proudputh Liptapanlop of Proud Real Estate Plc and Thongchai Busrapan from Noble Development Plc, foresee sustained growth, particularly if Chinese investors make a comeback, which could result in record-breaking sales. The popular tourist destination of Phuket has witnessed a surge in real estate activity, further bolstering this optimistic outlook. The appeal to the government not only seeks to expand foreign property ownership but also underscores the need for tax incentives and guarantees of safety and livability to attract and retain foreign investment.

Further Details: https://www.bangkokpost.com/business/2599390/call-for-more-real-estate-incentives