Jones Lang LaSalle has been appointed as sole leasing agent for three residential projects in Thailand. These include Nchantra in Phuket, Sirisa Residence in Pattaya and Sarasini Residence in Bangkok.
Suphin Mechuchep, Managing Director of Jones Lang LaSalle Thailand, said, “In mid-2011, we made a major move to expand into the residential project sales business by building our Residential Sales teams in Bangkok, Pattaya and Phuket. Our investment has become fruitful as reflected by the sole agency appointments that we have won in the three cities.”
Nchantra is a beach-front residential development located in the east coast of Phuket offering 42 pool villas and penthouses for sale on a freehold basis with prices starting from THB 14 million. Sirisa Residence in Pattaya features 440 condominiums with a total project value of THB 1.1 billion. Sarasini Residence in Bangkok is a boutique low-rise condominium development located on Sarasini Road offering 54 units with an average price of THB 120,000 per sqm.
“The luxury residential markets in Thailand’s major cities like Bangkok, Pattaya and Phuket have faced a number of challenges over the past years, including a fast growth of new supply and lower demand from overseas buyers following the global financial crisis and in the most recent case, the ongoing debt crisis in the Eurozone,” said Mrs. Suphin.
“However, fundamentals in these markets remain strong. While supply growth has slowed in response to slower demand of buyers from Americas and Europe, Thai buyers have remained active. In addition, there remains continued interest from Asian buyers. All these have helped sustain growth of these residential markets,” she added.
“Nonetheless, as the market environment has become more sophisticated, with both local and foreign buyers becoming more cautious when making a buy decision, developers need to work harder to ensure buyers’ confidence. And this is where our strong global brand and professional Residential Sales teams on the ground come to play,” Suphin concluded.