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Highly anticipated ‘Riviera Jomtien’ takes 50% sales in just 3 weeks
Developer Winston Gale stands next to a scale
model of the The Riviera Jomtien project.
News recently spread fast that The Riviera Group was
launching a 2nd Riviera project based upon the successful Wongamat concept,
but this time in Jomtien.
With the last 6 months seeing a slow-down in the property sector with a
predicted decline in new launches this 4th quarter, good news was welcomed
and came from The Riviera Group.
Developer Winston Gale stated, “The Riviera Jomtien has been in the planning
stage for nearly a year and naturally agents & investors became aware that
we may launch this high-season, but we were not quite fully prepared for the
response we received.” According to Winston, in the first 3 weeks of having
early presentation materials, a staggering 51% of the 3.8b THB project was
sold.
“Within days of quietly releasing the projects information to key agents and
investors, our car park (at The Riviera Wongamat showroom) was suddenly full
with buyers snapping up units on a daily basis. Our staff were literally
overwhelmed by the traffic we received. This continued on in this manner for
over 2 weeks and has only recently seen a natural slowdown in this kind of
pre-launch activity,” said Winston.
The official launch of the project will be undertaken via a large exhibition
in Central Festival, Pattaya on November 19–26 where The Riviera Group plan
to stage an 8-day extravaganza event providing daily entertainment,
celebrities and each buyer automatically entered into a lucky draw to win a
3.5m THB Mercedes SLK.
But perhaps the biggest event will be the opening of their on-site showroom
currently being built with an anticipated red-carpet opening night date
around mid December. Winston further remarked, “Yes, we are investing
heavily again on a showroom which looks to provide buyers with a similar
experience to what was achieved in Wongamat. This time we are trying our
best to improve on the experience, design and overall concept and so we hope
it will be received well again.”
The mega-scaled project has a total estimated value of 3.8 billion Thai baht
and consists of 1053 units within a 46-storey building combined with a
further 25 commercial units.
For further information call the Riviera Group, (Thor) on 087-499-6551 or
(Min) on 081-577-0645.
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Kingdom tops off Southpoint,
sets new horizons with The Bay
The Bay retail project will
offer a new beachfront shopping and entertainment option for Pattaya
tourists and residents.
The last year has brought many challenges for companies
doing business in Thailand and in Pattaya the real estate market is in the
potentially unenviable position of having a supply that outweighs demand.
This is perhaps why investors are treading more cautiously than ever before;
however, by exercising a little due diligence potential buyers can still see
the call signs of projects that are worth investing in. One company that is
certainly keeping to its schedule and sailing full steam ahead is Kingdom
Property with its flagship venture, Southpoint.
A topping-off ceremony took place at the Southpoint condominium on October
10 as construction work on the 30-storey Residence tower was completed and
celebrated with a ceremony under a scorching sun, while down below on the
15th floor mechanical & electrical work was continuing apace to keep the
project on track for completion in the summer of 2015.
Nigel Cornick, Chief Executive Officer of Kingdom Property, was present at
the topping off ceremony and was joined by key members of his staff and
representatives from Krung Thai Bank.
Mr. Cornick was asked about the challenges that have emerged in the last 12
months and the effect these have had on his company’s business outlook.
Nigel Cornick(2nd right), CEO
of Kingdom Property, poses for a photo with the Southpoint project team
during the topping-out ceremony for the 30-storey development on Oct.10.
“I believe things are a lot better than this time last
year when we were entering the phase of political uncertainly, so we have
come a long way since then and I think that given time, the government will
continue to push things forward,” said the Kingdom CEO. “It will be
interesting to see how things work out for the high season as far as tourism
is concerned; some are saying it will be Pattaya’s busiest high season yet,”
he added.
The market has taken a substantial shift in the last year, so too has the
demographic and Nigel also raised another important factor.
“Getting buyers back is always difficult. I think that the buyers are there,
but so too is the stock so the incoming investment has been diluted across a
significant amount of real-estate in Pattaya and that’s something we have to
be conscious of. If you look at Bangkok, projects are selling out on launch
and there’s a fair number of Singaporeans, Hong Kong and Chinese buying into
those projects, but here is not quite the same. The worry for me is the
volume of buyers not being able to soak up the supply here in Pattaya, which
is why we try to do something a bit different and with a different
location.”
Mr. Cornick was delighted that the topping off ceremony at Southpoint was
able to be carried out ahead of schedule and said that this could go someway
to instilling confidence back into the minds of potential buyers.
“As you can see, we have Krung Thai Bank here today (our funders) which is
somewhat rare in Pattaya as most of the projects here are being built off
equity from buyers and private loans, so the bank finance, for me, is
something that buyers should be looking for, because if you don’t have the
facility to keep the construction going, then if it stops it isn’t
necessarily going to start again,” said the Kingdom chief who was also
questioned upon his thoughts about the prospects of the coming high tourist
season.
Southpoint is expected to be
completed by the summer of 2015.
“Our key market now is probably more Thai buyers as
opposed to foreign buyers because we will be finished by the middle of next
year, which means customers will be able to get their bank financing, and
for Thai’s they don’t necessarily have to put a lot of equity into it, and I
think for a weekend retreat, holidays and investment, our product is very
well located. But let’s see what happens with the Russian & Chinese markets
in the next six months,” replied Mr. Cornick.
Kingdom Property also used the topping off ceremony to announce that the
company is soon to commence work on a new beachfront retail project called
The Bay. The project is the first phase of a 23-rai hospitality and
residential site stretching from Pattaya Beach Road through to Second Road
with a total value projected at 5 billion baht.
Kingdom Property has been appointed to oversee the development of The Bay on
behalf of the owners, Beachfront Capital, with financing once again provided
by Krung Thai Bank, one of Thailand’s largest financial institutions.
Colliers Thailand has been engaged to handle leasing for the retail, food &
beverage outlets.
RDG, the same planning and design team responsible for Terminal 21 in
Bangkok will create The Bay and having this pedigree team onboard is
something that Mr. Cornick hopes will go some way to further improving the
face of Pattaya.
“It is very exciting to work with RDG, a pioneer in retail design in
Thailand,” said Nigel. “We’ve had significant experience developing property
on the Eastern Seaboard over the past decade with Northshore, Northpoint and
currently the Southpoint project and we are pleased to contribute to the
ongoing rejuvenation of the city.
“We believe in the long-term strength of Pattaya and its development as a
major tourist and family destination. The Bay will ideally suit these
conditions and will be outstanding as a premium dining and leisure
destination when it opens its doors to the public.”
The Bay, located adjacent to soi 5, will offer 6,800sqm of retail leasing
space over three stories along 100m of Beach Road frontage. Being set well
back from the main road, the project allows for an extensive ground floor
plaza area of 1,800sqm that integrates the retail space with its beachfront
location, providing an ideal venue for events, festivals and concerts. The
curved design of the main structure will also offer pure, uninterrupted
views of Pattaya bay for diners who will be able to choose from a range of
internationally recognised eateries and individual gourmet outlets in
alfresco or indoors environments. Completion of the project is expected to
be fourth quarter 2015 or early 2016.
So, as we approach the coming high season it seems business people across
the city are focusing on the uplift and trying to forget this year’s ‘No
Season’ scenario. For Kingdom Property however it’s more a case of business
as usual as the company remains on schedule with Southpoint and now, with
The Bay, has set its sights on new horizons in this dynamic and ever
changing city.
(By Paul Strachan/PM)
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Thailand plans one of
world’s tallest skyscrapers
An artist’s impression shows the 615m Super
Tower planned for central Bangkok.
Higher than a bird, almost as high as some planes. It’s Super Tower. And
it’s coming to Bangkok.
A Thai property developer has announced plans to build a skyscraper in the
capital that will be among the 10 tallest building in the world when it is
completed in 2019.
The 125-floor tower will rise 615 meters (2,018 feet) and include a luxury
hotel, offices and an observation deck with panoramic views of the Thai
capital, developer Grand Canal Land Public Company Ltd. (G Land) said in a
statement.
According to the Council on Tall Buildings and Urban Habitat, which
maintains a database of the tallest skyscrapers, the Bangkok “Super Tower”
will be the world’s ninth tallest if it is built on schedule. It would be
the second tallest if built today.
It will also dwarf the tallest building currently in Thailand, the Baiyok II
tower, which tops out at 328.4 metres on its 85th floor. The second-tallest
structure, to be completed in 2016, is Mahanakhon condominium at 314 metres.
The developer intends the tower as the center of a new 90,000sqm business,
shopping and residential district in Bangkok costing 100 billion baht
(US$3.1 billion).
The ambitious plans, which were announced last month, are a vote of
confidence in the Thai economy, which has lost much of its dynamism and
struggled to grow during several years of political strife.
“I am confident that the Thai economy is roaring ahead,” said Yotin
Boondicharern, chairman of G Land. “We have launched the Super Tower project
in response to the government policy to develop Thailand further and
establish the country as the economic leader in the region. The Super Tower
will be completed in 2019, boasting the huge potential to attract both
domestic and foreign investors. The project will be the pride of all Thais
since it will become not just an economic hub of the ASEAN Community but
also a definitely world-class attraction.”
The tallest building in the world is currently Dubai’s Burj Khalifa, which
has 163 floors and is 828 meters (2,717 feet) high.
(Associated Press)
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AERAS Condominium breaks ground
Sompop Wanitsaenee and Saksitti
Theerapornsathan, Directors of AERAS Jomtien Pattaya, together with Wirun
Wongpahisampot, honorary state attorney of the Office of the Attorney
General, Bangkok, and Pol. Maj. Gen. Ittipol Ittisanchai, superintendent of
Muang Nakorn Nayok station, pose for a photo following the ground-breaking
ceremony on Oct. 25.
Developers behind the AERAS Condominium invited monks to
pray for smooth construction as the Jomtien Beach project broke ground last
month.
The Oct. 25 merit-making ceremony saw Sompop Wanitsaenee and Saksitti
Theerapornsathan, managing directors of AERAS Condominium welcome Maj. Gen.
Itthiphol Ittisanchai, superintendent of Muang Nakorn Nayok Police Station,
and Wirun Wongpahisampot, honorary state attorney of the Office of the
Attorney General in Bangkok to the beachfront property to bless the laying
of the first foundation pile.
An artist’s impression shows
the completed AERAS Condominium overlooking Jomtien beach.
AERAS is slated to be built on three rai of land,
reaching 38 floors and 304 units. A second four-storey building will be
constructed adjacent to the tower between Jomtien sois 17 and 18.
Developer The Urban Property sees the condominium as a new seaside resort,
offering studio, one- and two-bedroom units measuring 26-182 sq. meters.
Construction is scheduled for completion in 30 months. Prices begin at 2.2
million baht.
For more information, see AerasCondo.com.
(By Urasin Khantaraphan/PM)
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Pattaya Property Show attracts buyers
The show was officially opened
by Deputy Mayor Ronakit Ekasingh.
Over 1,240 buyers and investors attended the 2nd Pattaya
Property Show held at the Dusit Thani Pattaya October 3-5.
Over 62 exhibitors took part, including leading local developers, realtors
and property media.
The show was officially opened by Deputy Mayor Ronakit Ekasingh and
exhibitors included A+ Properties, Riviera, Del Mare, The Ville, Ramon Land,
Ocean Residential, Sands, Onyx, SC Asset, Rightmove Pattaya, Baan Talay,
Naphak Property Plus, The Surf, The 12 Real Estate, Beli Slon, AD
Properties, Global Insurance, Elegance, The Surf, Kingdom Property, Naturaza
Art, Mosiac, Siam Realty Group, Number 1 Tower, Global Top Group, Horizon,
Veranda Residence, Pattaya City, New Nordic, Siam Oriental and Norwegian.
Charlie Warner, CEO at Exact Trading, organizers of the show said, “Real
estate industry sales has, as we know, been slow over the past six months,
so we organized this exhibition to promote and stimulate sales in the
region. This was in fact the largest real estate expo ever held outside
Bangkok, and although the attendance was slightly lower than last January’s
event, several exhibitors have already reported stand sales at the Dusit and
more sales are anticipated in the next few weeks.”
Gery Kis, CEO at Onyx said, “We were very pleased with the show and have
several clients due to book, including one investor who is going ahead with
an entire floor at our Marriott Executive Apartments in South Pattaya.”
Sirinapa Potising, Head of Sales at Dusit Groups commented, “We sold a
property at our ‘Baan Dusit Pattaya Hill’ for THB7.7 million within 30
minutes of the opening of the show. On the second day we sold another unit
at the same project for THB 4.5 million and completed on a THB1.2 million
condominium sale at Dusit Grand Park.”
Over 62 exhibitors took part,
including leading local developers, realtors and property media.
Exact Trading are now planning to organize the Thai
Property Expo at the Conrad Bangkok November 7-9, which will bring
developments from all over Thailand to attract Bangkok based Thai and expat
investors and buyers. Real estate already confirmed covers Pattaya, Bang
Saray, Rayong, Chang Mai, Khao Yai, Koh Chang and Hua Hin.
For more information, go to website: www.thaipropertyexpo.com.
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OZO Hotels opens in Pattaya
General Manager Niwatcharee Wungsoontorn
welcomes guests to the eight-storey hotel.
Already established in Koh Samui, OZO Hotel has come to
Pattaya with a 164-room inn on Soi 15 near The Avenue galleria.
General Manager Niwatcharee Wungsoontorn hosted the eight-storey hotel’s
opening Oct. 7 showing off OZO Pattaya’s style and amenities.
Located between Second Road and Soi Buakaow, the hotel has easy access to
all the city’s entertainment zones with the beach just a short ride or walk
away. High-quality beds and room-darkening drapes will make sure those
enjoying the nightlife aren’t awakened by the early morning sun.
OZO executives said the hotel was designed under the concept “perfect
relaxation” with the newest utilities, providing convenience for all
customers. All in-room furniture is high quality and perfectly installed,
especially the beds. High-speed Wi-Fi is available throughout the hotel.
The hotel offers three room types: “Sleep” and “Dream” - both the same size
with the difference being the view - and two suites. Other facilities
include a swimming pool on the eighth floor with a restaurant and a fitness
center.
Emphasizing its convenience theme, OZO has an Internet-access area in the
lobby along with a quick Eat2Go counter for food on the run.
The Pattaya property follows on the back of the opening of the OZO Chaweng
Samui hotel on the island of Koh Samui in March of this year. Other resorts
under the brand include OZO Wesley in Hong Kong and OZO Colombo in Sri
Lanka. For more information, see OzoHotels.com
(By Urasin Khantaraphan/PM)
OZO Hotel has come to Pattaya
with a 164-room inn on Soi 15 near The Avenue galleria.
Facilities include a swimming pool on the eighth
floor, checking-in at ‘Spot’ and ‘Connect’ yourself to the world.
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Flower Park Villa 2 opens for buyers
Achim von Geiso poses with friends in front of
the two show homes.
Flower Park Development Co. Ltd., owned by the Thai-German Geiso family,
recently launched its latest project, Flower Park Villa 2, in Nongplalai.
Achim von Geiso, an “old hand” in the real estate business in Pattaya for 30
years, invited many of his friends to attend the sales opening of this new
property on October 19, using the event to also belatedly celebrate his 70th
birthday.
Visitors had the chance to have an exclusive look at two already finished
model homes. The townhouses are not yet completed but will soon be shown to
interested buyers as well.
One of the show houses is built in bungalow style with a large living room,
kitchen and dining room, three bedrooms and two bathrooms. There is also
space for two cars. The second house has one storey, with the same number of
rooms, but only one first floor balcony. Both houses are well built with
large windows and well thought out - very much in the German style.
The project will feature a mix of bungalows,
2-storey houses and townhouses.
Prices for the houses are very moderate: the bungalow costs 3.6 million, the
two-storey house is estimated at 3.3 million and a town house would cost 2.2
million.
With a down payment of 50,000 baht the houses can be reserved and after
seven days 250,000 to 380,000 baht has to be paid on the contract. For
another 9 months there will be a monthly payment of 20,000 to 30,000 baht
and upon completion the remainder must be paid up.
A total of 48 houses are planned on the property, which will include a
communal saltwater swimming pool.
Interested parties can get more information from Achim, Tel 081-862-7057 or
Aroon, Tel 084-696-2962 or email: Info@flowerpark villa2.com. You can also
check the website at www.flowerparkvilla2.com.
(By Elfi Seitz)
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Sansiri banks on foreign investors
Srettha Thavisin, President of Sansiri PCL.
Property developer Sansiri PCL says its continued focus
on expanding its foreign customer base is paying healthy dividends, with
total sales of over 8,500 million baht (US$266 million) having been
generated to date from this segment alone, 585 million baht of that figure
coming in the first eight months of this year, which represents a 460%
increase from 2013.
The company says the top foreign buyers of its real estate projects are from
Hong Kong, Singapore and Russia. One and two bedrooms are found to be the
most popular unit types for the buyers of condominium properties in Bangkok
while demand in other provinces, particularly in key resort areas, extends
to all unit sizes due to various preferences. A range of stimulating
marketing activities and offers are set to be launched in Q4 this year as
Sansiri strives to expand its foreign customer base even further.
Srettha Thavisin, President of Sansiri, disclosed: “Although Thailand has
experienced economic uncertainty as a result of political unrest starting
from the end of last year to the middle of this year, foreign investors
still show strong confidence in property investment in the Kingdom. These
investors are accustomed to our political situations and are well aware that
such negative economic factors were only temporary. Overseas buyers have
selected Thailand as their property investment destination because of the
high rates of return on investment and the highly competitive prices of
properties in comparison to Singapore and Hong Kong, among other places.
Other factors are attractive characteristics known to foreigners of Thailand
along with the fact that the property value here goes up every year.”
The president noted that the purchasing purposes of foreign buyers vary
according to their chosen locations. The developments located in Bangkok and
surrounding provinces were generally purchased for investment while those
upcountry serve as a second home and a residence for a long-term stay,
either as a workplace or a post-retirement retreat.
In terms of unit types, fully-furnished one and two bedrooms with close
proximity to the Skytrain are the most desirable types in Bangkok. In resort
cities, however, all room types, ranging from studios to penthouses, have
received an upbeat response due to various customer demands, which differ
both in location, budget and investment purposes.
Sansiri says that one of its main attractions to foreign investors is that
it is a fully-integrated property developer that offers a comprehensive
range of professional services, including buying, re-selling, renting, as
well as managing quality residential developments. Buyers can therefore be
more confident that their property investment will increase in value and
gain an impressive ROI continuously in the long term, the company states.
“During the off-season, we organised roadshows to promote our developments
abroad, such as in Hong Kong, Singapore and Malaysia, and other markets,”
added Mr. Thavisin. “Also, since last year, we have shifted our focus to
capture new markets, such as mainland China and Russia, where strong
purchasing power coupled with high, incoming tourist traffic is prevalent.
These roadshows successfully reached targets both in terms of sales figures
and the number of participants. Each roadshow event accommodated around 80 –
100 participants and generated approximately 100 – 200 million baht in sales
per event. We are confident that a sales target of 1,100 million baht from
the foreign buyer market this year will definitely be achieved,” he
concluded.
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Hilton Nay Pyi Taw opens as first of six planned
properties in Myanmar
The lobby area of Hilton Nay Pyi Taw.
Hilton Worldwide recently made its debut in Myanmar with
the opening of Hilton Nay Pyi Taw, in the country’s capital city. Set amid
lush tropical landscaped gardens, the 202-key Hilton Nay Pyi Taw spans more
than 100 acres of land and is situated within the developing Dekhina Thiri
Township.
Owned by Eden Group Company Limited and managed by Hilton Worldwide, Hilton
Nay Pyi Taw is in a prime location within easy reach of the main government
administrative offices and is 24 kilometers (a 30-minute drive) from the Nay
Pyi Taw International Airport.
“The opening of Hilton Nay Pyi Taw is a very significant milestone for
Hilton Worldwide; it marks the entry of the company into the dynamic and
emerging market of Myanmar,” said Martin Rinck, president, Asia Pacific,
Hilton Worldwide. “Being one of the first international hospitality
companies to enter many different countries in Asia Pacific – including
Japan 51 years ago, China 26 years ago and Myanmar today – we continue to
explore new frontiers, being where the world’s business and leisure
travellers want to be.”
To cater to Meetings, Incentives, Conferences and Events (MICE), Hilton Nay
Pyi Taw offers five function spaces including a standing reception area that
can accommodate up to 410 people in the 458 square-meter ballroom. A
business center is also available for guests to stay connected and
productive throughout their stay.
“As we expand our footprint in this wonderful country, we are exceptionally
thrilled to contribute towards Myanmar’s growing travel and tourism sector,
as well as its social and economic progress,” added Rinck.
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Construction starts on The Cloud
From left-right: Sakda
Pukerdpim, Assistant Director, Samiporn Kamkaew, Assistant Construction
Director, Wipa Borvornratanagosol, Director of Troung Co., Ltd., Shlomo
Netter, Construction Director, Nimit Borvornratanagosol, Director of Troung
Co., Ltd., and Dusadeeporn Mudhasakul, Project Coordinator, gather for a
group photo to celebrate the commencement of construction of The Cloud
condominium.
The Global Top Group recently commenced construction on
its latest project, “The Cloud” condominium.
In attendance at a ceremony to mark the occasion were Wipa
Borvornratanagosol, Director of Troung Co., Ltd., part of the Global Top
Group, and Shlomo Netter, Construction Director, as well as the management
team. “The Cloud” is the fifth condominium project under the group.
Located in the Cosy Beach area of Pratumnak Hill, “The Cloud” will be a
20-storey high rise building offering 161 luxury condominium units with
commanding views of Jomtien and Pattaya Beach. Unit configurations will
include studios plus 1 and 2 bedroom layouts with prices starting at 1.45M
baht. Construction of the development, valued at over 450 million baht, is
expected to be completed by 2017.
The developer says the project has already received positive feedback from
customers with 90% bookings since the official launch and they expect the
remaining units to be sold out by the end of this year. For more
information, visit
www.thecloudpattaya.com.
An artist’s rendering shows
the completed 20-storey development.
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Developer starts work on Natureza phase 2
Somchao Tanthatherdthum (2nd
left), Managing Director of NC Housing Co., Ltd., stands with fellow company
directors and project managers during the ground-breaking ceremony for phase
2 of the Natureza Condominium.
NC Housing Co., Ltd., led by Managing Director Somchao
Tanthatherdthum, recently held a ground breaking-ceremony for the company’s
Natureza Art Condo project 2 after successfully selling out all the units in
project 1.
The phase 2 development on Chaiyapornwitti Road in north Pattaya calls for
two more low-rise 8-storey buildings with 406 units in total ranging in size
from 28.6sqm 1-bedroom configurations up to 68.3sqm for the 2-bedroom
designs. The residential buildings are set on a 22-rai green area that will
incorporate sculptured features that aim to make you feel like you are in a
modern art park.
N.C. Group has developed five other projects in the Pattaya area, including
the Ban Suan Lolna single-family house development, Ban Suan Lolna
Condominium, Ban Fah Rim Haad Jomtien, Greenpar Jomtien, and Ban Fah
Greenery on Chaiyapornwitti Road.
For more information, visit website:
www.naturezacondo.com.
Natureza Art Condominium in
north Pattaya.
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Starwood Hotels continues
expansion in Thailand
Stephen Ho, President of
Starwood Hotels & Resorts Asia Pacific (front left), and Sawit Ketroj,
Managing Director of Phuket Advance Development Ltd (front right) pose with
Starwood senior regional management during the contract signing ceremony for
the development of the Sheraton Phuket Kalim Beach Resort. Lothar Pehl,
Starwood Senior Vice President of Operations and Global Initiatives and
Regional Vice President, Hotels & Resorts, Thailand, Cambodia and Vietnam,
stands 3rd from left.
Starwood Hotels & Resorts Worldwide recently announced
that its global powerhouse Sheraton brand will re-enter Phuket with the
signing of Sheraton Phuket Kalim Beach Resort. Scheduled to open in early
2018, the agreement with Phuket Advance Development Ltd. follows closely
behind the recent announcement of the debut of the W Hotels brand in Phang
Nga Bay, representing Starwood Hotels’ growing presence in the region.
“We are committed to growing Starwood’s brands in Thailand and, as one of
the kingdom’s most popular resort destinations, we are excited to
reintroduce the Sheraton brand in Phuket,” said Lothar Pehl, the company’s
Senior Vice President, Operations and Global Initiatives and Regional Vice
President, Thailand, Cambodia and Vietnam. “From digital connectivity to
personalized service delivery, Sheraton Phuket Kalim Beach Resort is set to
become the epitome of the contemporary Sheraton brand.”
The 230-room new build Sheraton Phuket Kalim Beach Resort will feature a mix
of private villas and guests rooms and sit on a gentle hill, offering
elevated stunning views of the Andaman Sea. Upon completion, the hotel will
boast 3,444 square feet of meeting and function space suitable for intimate
weddings and conferences. Recreation facilities will include two salt water
swimming pools and a well-equipped gym.
“We are thrilled to bring the Sheraton brand to the beautiful island of
Phuket, and believe this underscores a key milestone for the brand in the
region,” said Rajit Sukumaran, Vice President of Acquisitions & Development,
Asia Pacific. “The signing of Sheraton Phuket Kalim Beach Resort strengthens
Starwood’s current and growing footprint in the country where we already
have 22 properties across eight of our nine brand flags.”
Sheraton Phuket Kalim Beach Resort is the newest addition to Starwood’s
portfolio of properties in Thailand under eight of its brands: St. Regis,
The Luxury Collection, W Hotels, Sheraton, Westin, Le Méridien, Aloft and
Four Points by Sheraton. Sheraton currently operates five hotels in the
kingdom, including Royal Orchid Sheraton Hotel & Towers, Sheraton Hua Hin
Resort & Spa, Sheraton Hua Hin Pranburi Villas, Sheraton Krabi Beach Resort,
and Sheraton Pattaya Resort.
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Proposed law change could have
negative impact on condo management
Suphin Mechuchep, Managing
Director JLL Thailand.
The Law Execution Department has proposed an amendment to
the Condominium Act suggesting that the legal requirement of outstanding
common area management (CAM) fee be settled with the condominium juristic
person prior to a used condominium unit being transferred to a new buyer
should not be applied to forced condominium sales by the authority. The
department also suggests that it should be the condominium juristic person’s
responsibility to chase outstanding CAM fee from the previous owners.
The Law Execution Department’s objective is to unlock forced sales of
condominiums that it auctions off, since many prospective buyers decline to
acquire a condominium unit for which they will have to pay for outstanding
CAM fees and subsequent surcharge for late payment on behalf of the previous
owners.
“The amendment to the law should help facilitate the forced sales of condos
auctioned off by the Law Execution Department. However, it could become a
threat to the condominium juristic person’s financial status as it will be
more unlikely that the payment of the outstanding CAM fee could be recovered
after the condo unit is transferred to a new owner,” said Suphin Mechuchep,
Managing Director of property services company JLL Thailand.
Generally, when an owner fails to meet CAM fee payment deadlines, the
condominium juristic person could impose different measures from issuing a
warning and legal notice to restricting services to the owner and not
issuing a debt free certificate required for ownership transfer.
“Most of these measures may mean nothing to the owner once the ownership is
transferred to a new owner. The juristic person committee could file a
lawsuit but this is the least preferred option as it is generally a costly
and time-consuming process. At the end of the day, the nonpayment will
virtually become a bad debt and consequently a financial burden to the
juristic person. This could put the condominium at risk in the longer term
if bad debts grow,” said Mrs. Suphin.
JLL expects the proposed legal change to have limited impact on condominium
buildings it manages. The firm predominantly manages condominiums in the
high end segment of the market where nonpayment of CAM fees is not as much
of an issue as other sectors.
“It is more likely to be a threat to the mid-to-low priced condominium
segments where there are more owners abandoning their condos and not paying
CAM fee,” said the JLL chief.
Suphin said she also expects that condominium juristic persons will put a
greater emphasis on the efficiency of the property management teams if the
proposed legislation change is passed.
“The property management team must work diligently on invoicing and
collection while enforcing penalty measures on nonpayment. Regular monthly
collections could help minimise big debts that could become unaffordable to
some co-owners in a later phase,” she explained.
“After all, any legislation change must be fair to all parties involved. In
addition, as some clauses within the Condominium Act remain open to
interpretation, it may be a good idea to ask the actual property managers or
condominium juristic person managers which items should be clarified or
changed as they deal in this area and ultimately could be a good source of
feedback for legislators,” Mrs. Suphin concluded.
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Cartoon Network water-park
opens to the public
Cartoon Network Amazone
water-park in Bang Saray is the newest tourist attraction to open on the
Eastern Seabaord.
The world’s first Cartoon Network Amazone water-park
finally opened its doors to the general public last month on October 3.
This one of a kind and first in the world waterpark features 30
breath-taking state of the art water rides and slides, live Cartoon Network
entertainment shows, mascot meet and greets, thrills attractions and
interactive water play fun for the entire family.
“What sets Cartoon Network Amazone apart from any water-park in the world is
that this is the new home away from home of Cartoon Network’s beloved heroes
such as Powerpuff Girls, Ben 10, Adventure Time and the only place where our
fans can do meet and greets with their favorite characters every day while
they enjoy our live shows. We made a decision from day one that this park
would be a “daycation” destination – an attraction like no other in Thailand
or in Asia, said Liakat Dhanji, Chairman of Amazon Falls Co. Ltd., the owner
and developer of the park.
Located less than 20 minutes from Pattaya, near Bang Saray, the water-park
initially admitted only 1,000 visitors per day in October as staff continued
to fine-tune operations. The park admittance capacity will gradually be
raised in November to meet with anticipated high season demands from
tourists and local Thai visitors. The park has a maximum capacity of 10,000
visitors a day and will open daily from 10 a.m. – 6 p.m. all year round.
For more information, visit www.CartoonNetwork Amazone.com.
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