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Tulip Group signs deal with
Golden Tulip Hotels & Resorts
An artist’s impression of the
Golden Tulip Hotel and Residence Pattaya project.
Tulip Group Thailand has announced that it has reached
agreement with Golden Tulip Hotels and Resorts for the management of its new
project in central Pattaya
The official name for the group’s latest mixed use development will be
Golden Tulip Hotel and Residence Pattaya, and will include a 200-room 4 star
Golden Tulip Hotel and 6 condominium buildings on a total land area of just
under 16,500sqm.
The project will offer purchasers the valued benefit of being managed by the
world’s 8th largest hotel group - Golden Tulip Hotels and Resorts – which is
also the second largest hotel group in Europe and in total owns and manages
over 1000 properties across 40 countries.
Hotel Guests will have their own private facilities including swimming pool
and fitness rooms, and therefore will not disturb the private property of
the condominium development, but condominium owners will be able to enjoy
the facilities of the hotel, such as the restaurants and bars, giving this
project a true feeling of an all inclusive resort in the heart of Pattaya
city.
“We are very much excited about the prospect of working with Golden Tulip
Hotels & Resorts, they are recognized as a true international brand and I
think the two brands will complement each other” said Jason Payne, Tulip
Group Vice President.
Tulip Group recently announced that it had purchased the prime city center
land plot for a figure of 500 million baht, a figure that would have been
unheard of a few years ago.
“We have made a significant investment in order to secure this plot of land,
but we feel the area is continually growing and we see no reason to dwell on
how much we paid for the land,” said Kobi Elbaz, CEO Tulip Group. “Our goal
now is to construct a true resort in the city and our team has worked
extremely hard to design this mixed use development. We are very happy to be
working with Golden Tulip, who will not only mange the hotel but also the
entire complex. Pattaya is continually growing and we are proud to be part
of its growth,” he added.
Golden Tulip Hotels Managing Director (South East Asia), Mark Van Ogtrop,
was also very buoyant and excited about working with Tulip Group and also
bringing Golden Tulips first hotel to Pattaya: “The project is very exciting
and Pattaya is growing all the time and we are keen to move ahead with Tulip
Group to jointly and successfully develop this exciting hotel,” he said.
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Seven Seas sets sail in Jomtien
Property developers Universal
Group unveiled their ambitious Seven Seas Jomtien Condominium project at a
lavish party held at the Centara Grand Mirage Beach Resort on Saturday, Nov.
10. Turn to page 3 for a full report.
Pattaya’s burgeoning property sector was given a further
boost last month with the official opening of the Seven Seas Condominium
Jomtien – a 2.5 billion baht mega resort style project being developed on
Chaiyapruek Road in Jomtien.
An artist’s impression of the
Seven Seas Jomtien Condominium.
A well attended and lavish party that attracted potential
investors and a relative who’s who of local real estate luminaries, plus
Deputy Mayor Ronakit Ekasingh, followed a press conference at the Centara
Grand Mirage Beach Resort on Saturday, Nov. 10 to unveil the development to
the Pattaya media and public and give the project owners an opportunity to
announce their presence on the Pattaya property scene.
Sonia Punjabi (5th left) and
Rajesh Punjabi (6th left) pose with fellow directors, sponsors and VIP’s on
stage to welcome party attendees at the launch of Seven Seas.
The developer of the Seven Seas Condo Resort is Universal
Group Thailand, a subsidiary of the Universal Group based in India, which
was established in 1972. This manufacturing, trading, hospitality and
construction conglomerate has businesses throughout Asia, the Middle East
and Africa with a combined annual turnover in excess of US$300 million. The
property development arm has completed 20 projects in the region so far but
Seven Seas is their first real-estate venture in Thailand.
A lucky winners goes home
with one of a host of top prizes given away on the evening.
“This is a planned and carefully calculated move by
Universal Group to enter the vibrant property market of Pattaya and
Thailand,” said Sonia Punjabi, CEO of Universal Seven Seas, at the press
conference. “This is a niche condominium lifestyle project and Jomtien was
the only location in the city we could build a themed project on the massive
scale of Seven Seas.”
Party-goers view a scale model
of the Seven Seas project.
But why did the company choose Pattaya for their first
development in Thailand?
“Pattaya has got everything for everybody. It’s the closest tourist
destination to Bangkok airport and also the most happening tourist
destination in Asia,” replied Rajesh Punjabi, Managing Director of Universal
Group Thailand. “Our study shows that tourists all spend at least 2 nights
in Pattaya when they visit here. Holiday homes in Pattaya are becoming more
and more popular for these people who live hectic lives and want to come
here regularly to spend a few days by the sea in a tourist friendly town,”
he added.
Located on a land plot of over 15 rai at the intersection
of Chaiyapruek Road and Jomtien Second Road, and just 350 meters away from
the beach, Seven Seas Condominium will encompass eight low rise buildings
totaling approx. 1400 units, surrounding seven distinct but interconnected
lagoon swimming pools, each with its own themed paradise island location:
Easter Island, Mystery Island, Madagascar, Seychelles, Bahamas, Bora Bora
and Hawaii. These islands will incorporate a wealth of facilities including
artificial beaches, a club house, a fitness centre, Jacuzzis, and a pirate
ship with water slides.
Individual units range in size from a 27sqm studio, a 36.5sqm one-bedroom
apartment and a 73sqm two-bedroom/two-bathroom apartment. The modular design
of the project enables buyers to combine units to form larger living spaces.
Prices start from just THB 999,000 for a studio and THB 1,299,000 for the
one-bedroom apartments. All units come with an inclusive furniture package
featuring Samsung branded electrical appliances.
“Seven Seas will offer residents a world away from their every day worries
and we believe this is the largest development project in Pattaya and will
have something for everyone,” said Sonia Punjabi.
Construction of the Seven Seas Condominium Jomtien is due to begin next year
with a completion date of 2015. The showroom is already open at the project
site and contains examples of all three room sizes for viewing.
The company advised that over 140 units had already been sold as of last
month, mainly to Thai buyers from Bangkok, but they expect the uptake in
Pattaya to be brisk once investors see the quality of the product being
offered.
Although this is Universal’s first toe in the water in Thailand, the group
has big plans for further real estate developments in the kingdom with
Pattaya being their main focus of attention.
“For the future we have acquired two more land plots in Pattaya – one for
another themed resort, but with a totally different design concept to Seven
Seas, and on the other we plan to build a three star hotel on Pratunmak
Hill. Both of these new projects will be announced in the coming months,”
said Rajesh Punjabi.
Seven Seas Condominium is being marketed in Thailand by the Silvermover
company and finance for the project is already in place following a tie up
with LH Bank. For more information, go to
www.sevenseascondo.com.
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Treetops Pattaya unveiled: A stylish boutique condominium development
Kluaymai Thephasadin Na
Ayutthaya, Vice President Siam Commercial Bank (left), providers of project
finance for Treetops, exchanges contracts with Prab Thakral, founder of
Thai-based Thakral Land Ltd. (right) at the press conference held Nov. 24.
The Boutique Group of Companies, a winner at this year’s
Thailand Property Awards for the Rain Hill retail development on Sukhumvit
47, and known for its serviced residence developments in Bangkok such as the
Oakwood Apartments and Citadines properties, has launched a new condominium
project strategically situated in one of Pattaya’s most prestigious
locations between Jomtien and South Pattaya.
An artist’s impression of the
completed Treetops project.
Entitled Treetops Condominium, this stylish boutique
mid-rise comprises 252 units split over 12 floors, and according to the
developer offers excellent investment potential to Thai and overseas buyers
as well as Bangkok residents looking to purchase an affordable holiday home.
The project was officially unveiled at a gala party held at the Pullman
Pattaya G hotel on Friday, Nov. 23 and attended by local dignitaries, real
estate professionals and potential investors.
Units at the development are available as studios (24sqm) and one-bedroom
units (34.5sqm), in addition to several one-bedroom corner units which
maximise the views from the excellent elevated location on Thappraya Road.
Single units can also be combined into 2-bedroom condominiums. Prices start
at 1.3M THB for a studio apartment.
Units will enjoy excellent
views from the location on the crest of Thappraya Road.
Facilities include a rooftop swimming pool, gymnasium,
tropical roof garden, BBQ area, rental management services, stunning sea
views, professional landscaping, a resort-like 9 meter-high lobby throughout
and an excellent level of security.
Prab Thakral, founder of Thai-based Thakral Land Ltd. and its related
organisation, the Boutique Group of Companies in 2004, explained, “Treetops
is situated at the top of Pratumnak Hill next door to Pattaya Court, the Big
Buddha statue and some of Pattaya’s most celebrated restaurants. Its prime
location allows easy access to the surrounding beaches of Jomtien and
Pratumnak and is just minutes from the city centre. We are offering a
stylish, modern and affordable development built around the concept of
‘nature, meets style.’
“The boutique nature of Treetops gives it a charming, well-executed quality,
and allows owners to enjoy magnificent sea views, a cutting-edge design
throughout, and beautiful garden, treetop and rooftop themes.”
The project showroom is now open for viewing on Thappraya Road. For more
information, go to www.treetopspattaya.com or call 091 245 8507 (Eng) or 091
245 8506 (Thai).
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Real estate execs see Pattaya as top 5 investment choice
(From left) Apichart
Prasithrit, MD of Angel Ken & Sky Co., Ltd, Dr. Sophon Pornchokchai, CEO of
Agency for Real Estates Affairs (AREA), and Ronakit Ekaingh, deputy mayor of
Pattaya City, speak at the Central Festival Pattaya Beach seminar on
November 9.
Real estate developers say they consider Pattaya to be
among the top five areas in Thailand to invest, thanks to its continuing
population growth.
Speaking at Klasset Co.’s “Pattaya Real Estate Treasures” event at Central
Festival Pattaya Beach Nov. 9, Dr. Sophon Pornchokchai, head of the Agency
for Real Estates Affairs, said growth fuels demand for residences and the
city’s long growth cycle has given investors confidence in investing in
Pattaya.
“From industry research, we can say that Pattaya ranks in the top 5 in
Thailand thanks to its tendency to grow,” he said, adding that last year’s
average selling price for units not located on the beach was 4 million baht.
Apichart Prasithrit, managing director of Angel Ken & Sky Co., said Pattaya
has many selling points, including eco-tourism and nightlife. “It really is
the city that never sleeps,” he said. “These are a part of the reason why
investors want to invest in the city and we have expectations there will be
more in the future.”
Sophon added that most projects have had high sales, usually selling out
within six months: “That reflects that no matter how many investments are
made in mid-sized projects, the buying strength from Thais and foreigners
has remained strong,” he said.
(By Phasakorn Channgam)
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One-Tower launched on Pratumnak Hill
Ronakit Ekasingh, Deputy
Mayor of Pattaya City (2nd left), and Pol. Col. Chaiyos Worakjunkiat,
superintendent of Chonburi Immigration Department (center) congratulate
Meechai Thaocharean (2nd right) during the launch party for One-Tower
Pratumnak.
The One Group Development Co. has launched its fourth
real estate project in Pattaya, the One-Tower Pratumnak Condominium.
Deputy Mayor Ronakit Ekasingh and officials from Chonburi Immigration office
and U-Tapao-Pattaya International Airport, plus a representative from the
Russian Consulate were among the dignitaries on hand for the Nov. 1 launch
party on Pratumnak Soi 4.
The 500 million baht development spread over 2.5 rai on Pratumnak Hill
offers 1-3 bedroom configurations of 29 to 205 sq. meters. Construction on
the 20-story tower is expected to be completed by 2014. Prices run from 2.8
million to 25 million baht.
An artist’s impression shows
the completed One-Tower (right) on Pratumnak Soi 4.
Meechai Thaocharean, managing director of the One Group,
says that he grew up in the Chonburi area and has chosen to build four
projects in the Pattaya area to help boost the economy here. Construction
was originally supposed to have begun earlier this year but Meechai said
ground-breaking is now set for December.
More than 70 percent of the 218 units will have panoramic
ocean views, with the penthouse units and their private swimming pools
occupying the 17th-20th floors. Access to the Pratamnak yai beach is just
100 meters away. The developers are hopeful of selling out 80% of the
project during the current high season.
Prospective buyers can visit the One-Tower Pratumnak Condominium sales
office at the site location on Pratamank Soi 4, opposite the Asia Pattaya
Hotel, or for more information in English and Thai call 085-827-2333, or for
Russian call 085-827-0333.
(By Warunya Thongrod)
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Embassy Condo set to rise in central Pattaya
Porames Ngampichet, Chonburi
MP Region 7 and Komaen Mahankharat, CEO of ‘The Embassy Pattaya City Condo’,
pose with the project’s executive committee at the launch of The Embassy
Pattaya City Condo.
One of central Pattaya’s last large pieces of vacant land
is set for development with the launch of The Embassy Condo.
Komaen Mahankharat, head of the eight-story project to be built near Central
and Sukhumvit roads, and Pattaya MP Poramet Ngampichet launched the
development Nov. 9 at Central Festival Pattaya Beach.
Komaen called the location “ideal for the new generation” with easy access
to shopping, restaurants and the beach.
The 300 million baht, two-building project spread over more than a rai of
land will offer 200 units starting at 1.3 million baht. Amenities include
swimming pool, fitness center, a “barbecue lounge,” and complex-wide
wireless Internet access.
For more information, go online to TheEmbassyCondo.com or call
038-716-187-8.
(By Phasakorn Channgam)
Property Profiles
Irena De Ribas
Irena De Ribas.
Irena De Ribas came to Thailand three years ago from the
Ukraine. She is half Italian and as such speaks Italian as well as Russian,
Polish, Ukrainian and is working hard on her English skills.
Irena studied design, architecture and the real estate business and at first
she thought that she may continue along that line in Pattaya. However she
quickly observed that there was a niche for her in the form of printed media
targeting the Russian speaking market. Within twelve months Irena had
created The Russian Real Estate Magazine which is a monthly publication that
aims to serve as a link between the business community and those who would
like to invest and/or reside in Thailand. The magazine is objective and does
not necessarily praise the projects & developments; it acts more as an
information service.
She states that her biggest challenge in setting up the magazine (the first
and only official one in town) was to find good partners and that at first
she found that they were not used to dealing with a woman when it came to
business. However, Irena has a gift for being a good listener and that
assists her in creating a bond and therefore builds up a trust between her
and her partners and this is something that makes her somewhat unique in
Pattaya.
Irena sees her magazine as a portal for information and not just a
collection of photo images. She tries as best as possible to partner with
reputable companies that either have a good track record and/or
inspirational projects that offer value for money, specifically aimed at the
Russian market.
Irena views her role as being an adviser to potential investors here in real
estate; informing them that whilst they may see many advertisements around
town, perhaps many of these projects are not really best suited to the
requirements of the buyers concerned, and that they should look around, feel
comfortable with asking questions and look at the various options available
to them.
Her aim is to bring the international community together with the Russian
community so that they can work well and understand each other’s needs and
style. This year there will be an estimated 1.5 million Russian tourists and
therefore there are some significant opportunities for her partners and
partners to be.
Her plans for the future will be to offer complimentary services for her
clients such as translation & writing aimed at the Russian speaking market,
which is markedly different in terms of the mentality from other nations.
Irena’s charm and ability to think like a Russian is what makes her an ideal
business partner for professionals, developers and smaller related companies
in Pattaya and one meeting with Irena will leave you in no doubt that the
Russian community is a vital element of the city and is one that should be
embraced and respected.
Irena now considers Thailand as her home; she is comfortable with the ways
of doing business here and is respected as the conduit between Russian
speakers and other nationalities. Over the next five to ten years she
expects that the Russian community will thrive and hopefully be embraced by
the Thais and other nationalities that now consider Thailand as their home.
(By Paul Strachan)
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Five suburban hubs planned
The Bangkok Metropolitan Administration (BMA) has
announced plans to decentralize the growth of urban areas by designating
five locations around the capital as commercial areas.
Department of Public Works and Town and Country Planning committee member
Preecha Ronnarong said the development plans, including new mass-transit
lines and high-rise building projects, are to be launched in Bang Na, Bang
Khen, Ram-Indra, Min Buri and Taling Chan districts.
Mr. Preecha said the plan will be implemented by May of next year,
elaborating that it would also allow private developers to construct
underground rail junctions.
He suggested that Bangkok and nearby provinces, such as Nonthaburi and
Pathum Thani, adopt a unified development plan to foster growth.
(NNT)
Centara to open 4th hotel in Pattaya
Centara Grand Resort & Spa
Pattaya.
Centara Hotels & Resorts will be opening its fourth
property in Pattaya in March 2013, the five-star Centara Grand Resort & Spa
Pattaya, located at Phratamnak Hill on the east side of the city.
Centara will be managing the hotel under a contract signed in February 2010
with the Cliff Residence Company Limited, a division of the Tulip Group.
The newly built nine-storey hotel will have 161 rooms and suites and is
being developed under a budget of 1.1 billion baht including land.
“We have worked very closely with the Tulip Group to bring this project to
fruition, and we are delighted to be announcing the opening date,” says
Thirayuth Chirathivat, chief executive officer of Centara Hotels & Resorts.
“The location is superb, being in the centre of the exclusive Phratamnak
district and within just two minutes of Phratamnak Beach, and the design of
the hotel is that of understated club-like luxury.
Thirayuth Chirathivat, CEO of
Centara Hotels & Resorts.
“We have enormous confidence in the future of Pattaya,
and regard this beautiful property as being an important strategic step in
our growth plans.”
The hotel will have an all-day restaurant named Oceana serving international
and Thai cuisines and featuring a huge aquarium as its design theme. Other
outlets include a rooftop restaurant named Altezza that will serve Italian
cuisine and comfort food against a spectacular setting of ocean and city, a
deli called Crumbs, and a French-inspired bistro.
There will also be a Spa Cenvaree, a fitness centre and a swimming pool.
“This property is completely different in style and locality to our other
three hotels in Pattaya, and gives us a very strong addition to our
marketing options,” says Chris Bailey, senior vice president for sales and
marketing at Centara Hotels & Resorts.
“We can now offer a five-star hotel in the very desirable resort area of
Phratamnak Hill, just 90 metres from the beach, and with its air of discrete
luxury and its very high quality restaurants we feel the hotel will appeal
to travellers who rate style and individuality as being an essential part of
their travel experience.”
Mr Bailey says the hotel will also be aimed at the MICE sector, with its
Excel meetings facility that offers two function rooms and an adjacent
lounge.
“The events facilities will be especially attractive for companies with
business interests in the region, and for local and Bangkok residents
organising private parties and receptions,” he says.
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Holiday Inn Resort Krabi Ao Nang Beach opens its doors
Holiday Inn Resort Krabi Ao
Nang Beach.
The Holiday Inn brand opened the Holiday Inn Resort Krabi
Ao Nang Beach last month at the former Sala Talay Resort. The rebranding of
the resort adds yet another Holiday Inn flag on Thailand’s map and also
marks another milestone in the history of the brand as it celebrates its
60th birthday this year.
Situated on one of Thailand’s most well-known holiday locations, the resort
immediately adds another 55 rooms to Holiday Inn’s existing 3,293 rooms
across the country, with another 133 to be added via a new wing by October
2013.
The resort, which is set along Krabi’s Ao Nang beachfront, is both
contemporary in design and environmentally sensitive. It offers guests a
full range of services and facilities, including an outdoor free-form
swimming pool, a fitness centre, Kid’s Club and a well-stocked book and DVD
library in the Resort Centre.
Sukosol hotel gets the family stamp
The Sukosol hotel in Bangkok.
One of the most luxurious hotels in Bangkok is The
Sukosol, located in the heart of the city and close by to the Phayathai
skytrain station and the shopping markets of downtown Pratunam.
A few months ago The Sukosol was still known under its old name Siam City
hotel, until that is it was re-named after the owners’ family-name. (The
founder of this hotel dynasty is the famous singer and business woman Kamala
Sukosol).
Like many successful businesses, this famous hotel group started from humble
beginnings and with little more than the spark of an idea. Without any help
from major hotel chains Kamala succeeded in establishing a well known and
luxury brand hotel company.
One of the luxurious reception
areas of The Sukosol.
It all started in 1974 when Kamala’s father, a business
man from Bangkok, ordered her back from the United States to help in the
family business. After a while in Bangkok she made her own plans and decided
to realize them in Pattaya. Without previous knowledge or any experience in
the hospitality industry she founded the Siam Bayshore hotel. In a stroke of
foresight and/or good timing, the hotel opening coincided with a boom time
for tourism in Pattaya and so it was just a matter of hard work and
application that led to the Siam Bayshore being a huge success.
After scoring a hit with her first project, Kamala, who apart from being a
mother of four children and a successful business-woman is also a talented
singer as well, started to organize the opening of a second hotel in Pattaya
which was named Siam Bayview. Just like the first hotel, the new project
became very successful and nowadays both hotels stand as icons of the
Pattaya hospitality scene and are famous for their first-class
accommodations and facilities. The Siam Bayshore is on its way to receiving
its fifth star soon.
Founder of the hotel group
Kamala Sukosol.
Besides setting up two hotels on the Eastern Seaboard,
Kamala still had plenty of business to take care of in Bangkok. In addition
to her properties in Pattaya, she set about opening a new hotel in the
center of the capital that was launched as the Siam City. Just like in
Pattaya, the Siam City would not stay alone for long and was soon joined by
a sister project in Bangkok named The Siam hotel, built directly on the Chao
Praya-river and with its own private jetty. The next hotel, the Wave, is
already under construction and should be completed by early next year.
At the beginning of this year it was decided for posterity reasons that the
name Sukosol should be incorporated into one of the family’s existing
hotels. Thus the Siam City was renovated and reborn as The Sukosol and it
now acts as the headquarters for the hotel group.
The family is rightly proud of their hotels and so are the hundreds of
employees who serve the more than 1,000 guests staying at the four combined
properties. It all adds up to being a true masterstroke by a woman who
started everything on her own.
(By Elfi Seitz)
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Bangkok office rates hit 1,000 baht per sq.m/month
An artist’s impression of the
AIA Capital Center, a 35 storey Grade A office tower due for completion in
2014.
Office rents have spiked for the first time ever in the
history of Bangkok to over THB 1,000 per square metre per month, according
to leading international property consultant CBRE Thailand. Although the new
record high was, for now, only a single transaction and for a fully
furnished office, this is indicative of the rapid improvement in Bangkok’s
office market in the last quarter of 2012.
The two leading grade A buildings, Park Ventures Ecoplex and Sathorn Square,
are now close to full. Although space is still available at both properties
today, users requiring larger spaces are close to making binding
commitments, which will take occupancy at both buildings to well above 90%,
possibly filling all the remaining space.
This changes the dynamics of the office market and, for large tenants
seeking contiguous floors in modern grade A buildings, space can now only be
taken as a result of future vacancies. More significantly, landlords are not
under pressure at this time to agree to concessions or to negotiate
discounts for individual tenants as they are not critical to their overall
income stream. In fact, many landlords will be raising rents on renewals in
line with the latest open market rents.
Out of the 26 buildings in the Bangkok’s central business district (CBD)
that CBRE classifies as being grade A, eleven are already 100% occupied and
the rest are nearly all at least 90% occupied.
Existing and new office supply
in Bangkok.
“Lack of choice and limited availability of space are
also becoming pronounced factors in the market and we have the following
advice to give office tenants,” said David Simister, Chairman of CBRE
Thailand.
Looking two to three years ahead, there will be a further round of prime
grade A projects developed. Bhiraj Tower, a grade A office development with
47,000 square metres of lettable area, located on Sukhumvit Road opposite
the Emporium with direct connection to the BTS Promphong station will be
completed in 2014. AIA Sathorn Tower, a grade A office building with 38,500
square metres of lettable space will be completed in 2015. AIA Capital
Center, a grade A office development with 54,000 square metres of lettable
area, located on Ratchadapisek Road, close to the MRT Thai Cultural Center
station will be completed in 2014. G Land Tower a grade A office development
with 65,000 square metres of lettable area, located at the corner of
Ratchadapisek -Rama IX Roads will be completed in 2014.
However, these new projects are all just starting construction, so they will
offer no immediate relief to the limited supply for at least the next 24
months. During that time, CBRE predicts that CBD rents will continue to
increase and demand will increase due to companies expanding and new
entrants to the market - all of which will mean that rents will only move in
one direction
“Therefore, tenants seeking to renew leases, expand or relocate would do
well to address their needs as soon as possible. Alternatively, they need to
come up with a strategy to seek early-bird deals at the new office stock
that is scheduled to come on stream from late 2014 onwards,” concluded
Nithipat Tongpun, Executive Director and Head of Office Services at CBRE
Thailand.
(Source CBRE Thailand Ltd.)
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Fitzroy Place proves popular with Thai buyers
Buyers and investors view the
Fitzroy Place exhibit in Bangkok.
Exemplar, a multi-award-winning developer based in
London, recently exhibited their London W 1 project, Fitzroy Place, at a
two-day exhibition at the St. Regis Bangkok hotel. This was the first time
that a major exhibition had been held of truly central London property,
right in the heart of the city.
The developer and their agents, CBRE Thailand and Savills, were delighted
with the results. From the exhibition and with a few keen buyers placing
deposits before the exhibition doors even opened, a total of over GBP 25
million worth of UK property (approximately over THB 1.25 billion) was sold.
The agents noted one of the main reasons for the strong response was the
strong level of confidence in the London property market, representing one
of the safest and most secure investment locations in the world. Buyers can
readily appreciate the prospects of steady capital appreciation. More
specifically, a number of buyers were seeking apartments with an eye to
overseas education and the need to find safe and secure home for their
children and a base for family visits.
Fitzroy Place is now releasing the current phase, with prices range from GBP
800,000 to GBP 12.5 million for studio, 1 to 3 bedrooms and penthouses.
One of the main attractions is the very central location of the property in
a new and comprehensive re-development of an entire central London block.
The well-known restaurant district of Charlotte Street and Oxford Circus is
only a short walk away.
The Fitzroy Place exhibit has since moved onto Kuala Lumpur, Singapore and
Hong Kong and it is significant that they chose Bangkok as the first stop
for their Asian road-show. “Thai buyers are definitely interested in the
London market,” said Aliwassa Pathnadabutr, Managing Director of CBRE
Thailand.
There is a broad awareness of the main features of Central London but buyers
at present are still educating themselves on specifics such as locations,
pricing and the general underlying supply and demand trends of the market.
Robert Collins, Chief Executive Officer of Savills Thailand, joint agents
for the project and a noted London property specialist locally said:
“Fitzroy Place is considered to be the most successful launch of London
residential property to the Thai market.”
Richard Shaw, Residential Director of Exemplar added: “We were impressed
with the questions and interest in London and the quality of Thai buyers.
Previously, we have focused our attention primarily in Hong Kong and
Singapore where people have been buying London property for decades.
However, this exhibition and trip have been eye-opening for us in terms of
the sophistication of Thai residential market and Thai buyers. We look
forward to forming a long and positive association with both the existing
buyers and the Thai property market,” he said.
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