(From left) Tosaporn Namthep (Owner of the Domodus Condo
Project in Pattaya), Kritwit Supachatkraisorn, Jatupornpit Wisuwan (CEO of the
Diamond Suites Resort Condominium), Suwanna Supachatkraisorn (CEO of the Diamond
Group and project owner of the Diamond Suites Resort Condominium), and Mongkol
Thamkittikhun (Banglamung District Chief) joined the fireworks for the opening
of the project.
Tanachot Unawarn
Waterfalls and a 360-degree view are among the top selling
points for developers of the planned Diamond Suites Resort Condominium project,
which launched its first phase on May 29.
(Hi-So) Tanet Supornsahasrangsi (Executive at the Ravindra
Beach Resort & Spa) congratulates Suwanna Supachatkraisorn (the CEO of Diamond
Group) with a flower bouquet at the opening of the Diamond Suites Resort
Condominium project.
Diamond Group CEO Suwanna Supachatkraisorn said the first two
buildings to go up on Soi 15 and Thappraya Road on Pratamnak Hill will be seven
stories tall and offer fewer than 500 rooms each. Swimming pools with waterfalls
and a full view of the Pattaya area are the high points of the project. Condos
are priced between 1.6 million and 6 million baht.
Suwanna noted that the Diamond Group has been operating
hotels, entertainment and real estate projects in Pattaya for three decades. The
new project, she said, is already generating a lot of interest and the first two
buildings will be open this year. More facilities are planned to open in 2011.
For more information please contact the Diamond Suites Resort Condominium at
038-050-122 or online at Diamond SuitesPattaya.com.
The luxury Diamond Suites Resort Condominium
with a 360 degree panoramic view
of Pattaya.
Patima Jeerapaet, managing director of property consultant
Colliers International Thailand, has said that although property activities may
drop in the second quarter, traditionally a quiet period, it is likely that
local demand will pick up in the third, but that “foreign demand remains
unpredictable”.
A report in the Bangkok Post recently quoted Patima as
saying: “If everything is calm soon, it will pick up in June as local demand
remains strong. But we cannot depend on foreign demand, as the negative factors
are not only the political turbulence but also the currency.
“We cannot say when foreign demand will pick up. There are
other factors like the world economy and natural disasters around the world,”
said Patima, also chairman of the Joint Foreign Chambers of Commerce in
Thailand’s property committee.
As the financial crisis reaches another phase, there is the
issue of the repayment of unprecedented stimulus packages put in place by
countries such as Britain, and the new government has embarked on a strategy to
make adjustments to both its fiscal and monetary policies to repay its colossal
debt.
Sterling’s current rate against the baht is not just a
crucial factor of the financial crisis and the protests in Bangkok, as the
exchange rate has fallen from a high of Bt73/ฃ back in the heady days of five
years ago to Bt48/ฃ today, and this has made property investment in this country
a lot more expensive.
During the crash, when nations teetered on the brink,
governments were the solution to the economic crisis, now they are the problem,
and the trend is for local property investors to step in: for people who live in
Thailand and are quietly confident that a peaceful resolution to Thailand’s
political crisis is in range, they will start to buy condos again.
Aliwassa Pathnadabutr, managing director of international
consulting firm CB Richard Ellis (Thailand) said that the price of condos in
Thailand will remain stable. A report in the Bangkok Post quoted her as
saying: “Buyers will continue to have the upper hand in residential markets.
Although developers may not lower prices, they are likely to have strong
promotional campaigns to stimulate sales.”
In her view, the revival of Thailand’s tourism sector is
needed first in order to boost the residential market. “It will take up to two
years before foreigners invest again.”
As another analyst put it, relating to the crisis in Greece:
“We are watching a fight between the ideas of two long-dead economists — the
Austrian Schumpeter vs the Englishman Keynes. To put it very simply, Schumpeter
advocated letting the incompetents, imbeciles, profligates and the unlucky
self-destruct. Out of this destruction, something new and healthier will be
born, eventually...”
Maybe, but the future economic outlook, with Greek contagion
bringing down larger economies and, as a spin-off, its tourists, coupled with
the civil unrest in Thailand, is tentative. It would help if oft-fractious Thai
politicians become far more mutually accommodating to ease economic pressures
and its effect on employment.
The Bangkok Post recently noted that: “The second
quarter will represent an aberration while the first quarter can be viewed as
the real indicator for longer term property market trends. And this is the best
way to proceed at this juncture.”
However, as a by-product of this sentiment, the Cabinet
recently approved the one-month extension of the property tax incentives to the
end of June: transfer fees and mortgage registration fees will remain 0.01 per
cent of property value, from normal rate of two and one per cent, respectively,
although DBS Vickers Securities (Thailand) noted that though the extension is
positive to the property sector, the impact will be quite limited.
The Board of Investment (BoI) is also in the process of
coming up with new measures to promote investment after Thailand’s medium and
long-term investment potential was affected by the recent political riots.
Added to this, government agencies are launching remedial
measures to help those affected by the riots, especially in the tourism and
retail sectors and Japanese investors are still interested in pouring investment
into Thailand, having proposed 99 projects with a combined value of Bt25.6
billion.
For condo development in Bangkok, new supply of around 6,940
units hit the market in the first quarter and developers have been focusing on
smaller one-bedroom units, targeting local first-time buyers who are looking for
affordable products. Even though there are scant indications that the demand for
condos in the 1.5 million baht range is yet replete, it is predicted that the
future for this sector remains somewhat bright.
While first-quarter reports assess the overall state of the
real estate market, they still lack defining statements on what market sentiment
is today after the troubles, both global and domestic. It seems it will need the
skies to clear over Europe and Thailand before predictions on the condo market
become truly visible again for some while to come. PRLog (Press Release Soho
Properties)
If you’re property wise, you’ll be looking to make more “profit”
when you buy a home than when you sell it in future. And, says Berry Everitt,
CEO of the Chas Everitt International property group, the way to do this is
develop an eye for homes in good areas that may not look so great at the time of
purchase but have good profit potential - in other words, homes that have the
“right” things wrong with them.
Writing in the Property Signposts newsletter, he says
these items include the following:
• A bad paint job. You should actually consider it a plus if
you find a good property that really needs painting. You can discount your offer
to compensate for the painting expense and inconvenience, and, immediately the
paint is dry, look forward to an increase in home value equal to three to five
times the cost of the paint.
• Old or uninspiring light fixtures. Among the least
expensive and most profitable home improvements are new light fixtures - and
skylights to open up dark hallways, bathrooms or kitchens.
• Ratty old carpets (provided the flooring beneath is sound).
Another extremely profitable home improvement you can make is to install fresh
new floor coverings. Sanding and varnishing existing wooden floors is also a
good option, especially if they are in keeping with the age and character of the
home.
• A neglected garden. Spending even a few hundred rand on
plants, lawn, and a garden clean-up often adds two to three times that expense
to the market value of the home.
• One bathroom. Buying a one-bathroom home can be very
profitable if a second bathroom can be added within the existing floorspace. A
second bathroom usually adds at least twice its cost to the home’s value - and
it makes the home more marketable.
“On the other hand, though, you should absolutely avoid
buying a home that needs a new roof, a foundation repair, a major electrical or
plumbing upgrade, or repairs to water or termite damage. And, unless you are
planning to live in the home for a long time, avoid buying one that will require
additions such as a family room or another bedroom to make right for you. Such
upgrades rarely add as much market value as they cost, and you are better off
buying.
PRLog (Press Release)
