Property news Phuket: Weekly news for September 11-15, 2023

Central Pattana Unveils 'Feel Phuket' Condos as City Earns Spot in Time's 2023 World's Greatest Places

Central Pattana Public Company Limited, under the leadership of Mr. Kree Dechchai, President of Residential Business, has capitalized on the burgeoning Phuket real estate market by launching their high-end condominium brand "Feel Phuket". Located just 300 meters from Central Phuket, this 1,500 million baht project is strategically positioned in the heart of the city, near major shopping centers. Central Pattana's new project in Phuket fits their plan to mix shopping, homes, offices, and hotels. They've done something similar with "Feel Phahon 34" in Bangkok. They're excited about Phuket, especially since Time magazine recently named it one of the World's Greatest Places in 2023. Plus, the government is working to make the city even better for tourists.

Further Details: https://www.bangkokbiznews.com/property/1087665

Thai Aviation Boost: Phuket Expansion & New Phang Nga Hub Proposed

The Thai Ministry of Transport, led by Mr. Suriya Juangroongruangkit, is exploring the expansion of regional airports in response to the post-COVID surge in the aviation industry. Airports of Thailand Public Company Limited (AOT), under President Mr. Keerati Kitmanawat, plans to increase Phuket Airport's capacity from 12 million to 20 million passengers by 2025. Additionally, to alleviate Phuket Airport's congestion, there's a proposal for a new 20 million-passenger airport in Phang Nga Province's Khok Kloi Subdistrict, with an estimated cost of 80,000 million baht. Bangkok Airways, represented by President Putthipong Prasat Thong Osot, has shown interest in the project, and the Thai Airlines Association is set to discuss industry revitalization strategies with the Minister.

Further Details: https://www.thansettakij.com/business/tourism/575732

Prime Minister Settha Thaweesin Proposes Foreign Real Estate Sales to Boost Thai Economy: New Guidelines Inspired by Global Practices

Settha Thavisin, a leading Thai land developer, has been inaugurated as Thailand's new Prime Minister. Many in the development sector see the sale of land and houses to foreigners as a catalyst for the Thai economy. Data from the Thai Real Estate Research and Valuation Information Center, with records since 1994, forecasts that in 2023, out of 220,000 houses and condos up for sale nationwide, foreigners will buy 13,200 (6%), with nearly half likely from China. Thailand boasts approximately 28.2 million housing units, with an annual trade of 704,712 units. Besides the anticipated 220,000 new units. There's a trade of 484,712 pre-owned homes. For the resale properties, foreigners purchase roughly 3% or 14,541 units. In total, foreigners account for about 3.9% of yearly transactions. Given these figures, the government is advised to establish guidelines and tax structures for real estate sales to foreigners to bolster revenue and invigorate the economy.

Further Details: https://www.bangkokbiznews.com/property/1087535

Origin Nationwide's Swift Entry Boosts Phuket Condo Market

Origin Nationwide Company Limited, under the leadership of Managing Director Mr. Krit Techasamma, has strategically entered the Phuket condominium market, introducing a novel investment buying model to captivate both Thai and foreign investors. This move is part of the Origin Group's plan to expand its business in key cities across Thailand. Their recent venture, The Origin Center Phuket witnessed a swift sales closure within just six weeks, underscoring the group's adeptness in meeting local demands. With the upcoming Origin Kathu-Patong project, a collaboration with the seasoned Phuket Villa Corporation Company Limited. Origin aims to further solidify its footprint. This move is timely, aligning with Phuket's burgeoning property market. Which saw a 40% uptick in transfers in the first quarter of 2023 compared to the prior year fueled by increasing tourism and global geopolitical shifts.

Further Details: https://www.bangkokbiznews.com/property/1088489

Veranda Resort Unveils Luxury Villas in Phuket Amid Tourism Boom and Visa-Free Policies

In response to the burgeoning trend of vacation homes in Phuket, Veranda Resort Public Company Limited is set to pre-sell its luxury project, "Veranda Villas & Suites - Phuket," located in the Laem Panwa-Ao Yon area, valued at 850 million baht. The CEO, Mr. Pawat Ongvasit, expressed optimism for the Thai economy in the latter half of 2023, buoyed by a robust tourism sector. Phuket saw a 200% surge in tourist arrivals in the first half of the year, with nearly 2 million visitors. The Thai Hotels Association anticipates 14 million tourists by year-end, nearing pre-pandemic levels. The increase in tourists is due to the government allowing Chinese and Kazakhstan visitors to come without a visa. Phuket's beautiful beaches, rich culture, and easy international access have made vacation homes more popular with both local and foreign buyers. Veranda's upcoming project, featuring 6 villas and 12 condominium units, is slated for pre-sale by September's end, with a sample room ready by April 2567. The location is close to major attractions and is very luxurious, matching Phuket's status as a top place for real estate.

Further Details: https://www.bangkokbiznews.com/property/1088757