|
Bangkok Bank and TAG Group
Thailand announce new collaboration
Construction of the first three
condominium buildings
at The Park in Jomtien is already well underway.
Tanapat Narintharangkoon, Relationship Manager and Pravit
Pukasem, Vice President & Manager of Bangkok Bank Plc. and Gordon Gillen,
Managing Director of TAG Group Thailand, the Jomtien based property development
group, have jointly announced an agreement between their companies for Bangkok
Bank Plc. to participate in the financing of TAG’s current and future projects.
The first TAG project to receive Bangkok Bank’s finance is The Park, in Jomtien,
just opposite the company’s first project, Jomtien Park Villas.
Construction of three condominium buildings at The Park is already in progress
and a fourth building will be launched in the next few months, “but now our main
priority is the completion of Building A, which is almost sold out, before we
start marketing the new building” said Gillen.
Tanapat praised the business model of TAG Group Thailand saying, “They have
differentiated projects, an excellent marketing program and a very solid company
structure. That is what we look for in any new companies our bank agrees to
finance.”
He added, “Bangkok Bank is very strict in our criteria when we decide to finance
a property developer in the current market. In this case, we are very happy to
get this project under our belt. We are currently studying getting into other
buildings at The Park and also looking into the company’s new projects.”
Asked about the possibility of Bangkok Bank offering finance to potential buyers
at TAG’s projects, Pravit replied that any demands would be studied on a
case-by-case base. “However,” he added, “It is not what we are looking for. We
are happy to enter into dealings with developers like TAG that are in a solid
expanding process and have passed our experts’ criteria. Hopefully in the near
future we will be able to also deal with the needs of individual foreign buyers.
It is an area that could be improved and our bank has always been leading the
options available.”
When questioned about the fourth building at The Park, Mr. Gillen could only
give vague details adding, “We are really just on the drawing stage for the
building; I can’t give you any more information than that right now.”
He advanced however that more news would be coming soon. “We are going to
announce soon a new project that TAG has just secured. You will be the first to
know. It will be quite special and very near The Park.”
The Pattaya Mail will be pleased to be the first to bring to you the
information on that new project as and when it is released.
Introducing Park Lane
Jomtien Resort in Pattaya
According to the developer, the concept and planning that
went into Park Lane Jomtien Resort was the result of extensive market research
within Pattaya and Jomtien areas. The intention of the research was to find out
what people really needed and wanted when looking for an apartment in Thailand.
Park Lane Jomtien Resort is the result of the vision and dream requirements of
the buyer rather than the developer and includes all of the prerequisite needs
and wants of the customer. (Possibly the first time this has been accomplished
here in Thailand.)
Prime location
in Jomtien
The apartment buildings occupy a strategic position with walking
distance to Jomtien Beach, only 600 meters to Sukhumvit Road and within 5
minutes you can reach some of the regions finest restaurants, shopping centers
and the best entertainment available.
A number of world-class golf courses on the Eastern Seaboard are also within a
30-minute drive.
Increasing value
Backed by a thriving economy and a populace brimming with retirees,
tourists, expatriates and prosperous businessmen, Pattaya is fast turning the
heads of savvy investors looking for handsome returns in a beach destination.
Pattaya continues to attract astute property investors, who believe today’s
market conditions offer the opportunity to lock into excellent future returns,
either from rental income or through capital growth.
Condominiums are popular among international investors as they are more
affordable and the only type of property in Thailand that a foreigner can own
100% freehold. Security and maintenance issues are handled by common area
management, adding to the confidence in a holiday home investment.
Most foreign property buyers are British, American, Australian and Swedish, a
line up that has not changed in recent years and remains a strong base for alien
ownership.
Russia recently entered the top five buying nations to demonstrate the emergence
of Eastern European investors. Increased interest from China and South Korea is
due to the easing of restrictions on fund transfers. The Germans, French and
Scandinavians are also important buyers, and reflect the increasing trend for
Europeans to purchase second homes outside traditional European resort
destinations. Many have either relocated to Pattaya, spend the European winter
here or live in regional business centers such as Singapore, Hong Kong and
Shanghai.
Contact Iguana Co., Ltd. for further information of Park Lane Jomtien Resort at
089 831 2238, 089 939 7501 or e-mail: [email protected].
CB Richard Ellis Thailand looks ahead to third decade of Thai operations
CB Richard Ellis, Thailand’s leading international property
consultant company, marked its 20th anniversary earlier this month and Managing
Director Aliwassa Pathnadabutr attributes the company’s success and longevity to
its executives, many who have been with the organization for more than 15 years.
 CB
Richard Ellis Thailand Managing Director, Aliwassa Pathnadabutr (left) and
Executive Director, James Pitchon (right) attend a press conference to mark the
company’s 20th anniversary in Bangkok, June 9, 2008.
CB Richard Ellis Thailand was the first international property consultant to
operate in Thailand, opening in 1988 and it has since grown to four offices -
Bangkok, Phuket, Koh Samui, and Pattaya - with a total of over 700 employees.
The company specializes in advising on projects including high-end residential,
office, retail, industrial, investment and resort properties, and then
positioning and successfully taking them to market.
Despite global concerns about the international property market, CB Richard
Ellis Thailand has sold over 300 residential units with a total value of over
THB 6 billion in the first five months of this year, almost twice the sales
value at this point last year. Ms. Aliwassa believes that this velocity of sales
indicates the resilience of the Thai property market, especially the high-end
sector, and the benefit of the Thai Government’s stimulus package of low
transfer costs and reduced property taxes on transactions of completed units.
The company is optimistic as it enters its third decade of operations, having
witnessed first-hand the growth of the Thai real estate sector, starting with
the first wave of condominium development in the late 80s, through the Asian
Financial Crisis, and into a more mature, sophisticated development cycle
beginning in early 2000. Today developments are of much higher quality and
better-planned, and buyers have become more discerning as Thai attitudes towards
city-living have shifted, especially with the advent of the BTS skytrain and the
MRT in Bangkok.
Chairman David Simister points to the continued development of Phuket as an
example of the potential of Thailand’s resort markets.
“When we first marketed Laguna Phuket in 1990, the west coastal road was
incomplete. Amanpuri was the only luxury resort. Today, demand is no longer
regional but international. Phuket now boasts eight golf courses, two major
shopping malls, three marinas (with a fourth under construction), and numerous
luxury hotels and ocean-front real estate that increases in value year on year.
To market effectively, CB Richard Ellis is developing its worldwide network, and
we believe our global reach will become more and more significant,” he said
CB Richard Ellis dominates the Bangkok office sector, and over the past three
years has leased out over 100,000 square metres of office premises per year,
which is approximately 70% of the net take-up and includes most grade A office
developments in Bangkok.
Major investment property transactions in which CB Richard Ellis has been
involved over the past two decades include the recent sale of the British
Embassy land, the sales of The River site to Raimon Land, the Exchange Tower,
The Hong Kong Shanghai Bank Building and the Tropicana Hotel in Phuket.
Valuation, consulting and research clients have included major investment banks,
property developers, international hotel operators and many others.
Aliwassa believes the residential sector will continue to be a driving force
behind the Thai property market for the remainder of 2008. Currently, CB Richard
Ellis represents over 20 luxury residential developments located in Bangkok and
major resort destinations, including the recently launched The Marrakesh Hua Hin
Residences, Royce Private Residences (Bangkok), White Sand Beach (Pattaya), and
The W Koh Samui Retreat & Residences.
“We expect the Thai property market to enter a period of growth this year, with
expansion in the property investment market on both an individual and
institutional level. Thai property remains very competitively priced, especially
on a regional basis,” she said. “Good land plots for development are scarce in
all sectors, particularly in the CBD and resort islands. Projects with a
combination of good location, unique selling points and market-focused design
will continue to outperform the market,” Aliwassa noted.
“The government could provide additional stimulus by reviewing rules and
regulations concerning the property sector, as many are outdated and could be
improved to match changing global trends, in issues including foreign ownership,
taxation, foreign exchange, immigration, consumer protection and building code.
“The present day Thai property sector is not based on speculation; debt levels
have been well managed in almost all projects, and demand is consistent and
real. We see the property sector being one of the key drivers of Thailand’s
economy going forward, but investor confidence will play a major role in the
final outcome,” she concluded.
|
