Market View - Phuket Residential (Villa and Condominiums)
Market View - Phuket Residential (Villa and Condominiums)
Q4 2009 saw a continued recovery in the Phuket property market. Sales of resort property improved but were still at low levels and mainly concentrated in a limited number of projects.
The level of built but unsold inventory of completed condominium and villa units is low.
Prices for built property have remained relatively stable with few examples of forced sale situations.
Purchasers are cautious and are focusing on projects promoted by known developers where there has been visible construction progress. We believe that demand is recovering.
Selected Newly Completed Condominium Projects
Ocean Palms Phuket
Developed by West Haven Developments Co., Ltd., Ocean Palms is situated approximately 500 meters from Bang Tao Beach. The project has 66 units including studio, 1-bedroom, 2-bedroom, and penthouse units.
MandalaCondominium (Block C)
Developed by Baan Mandala Condominiums Co., Ltd, Mandala Condominium is located near Bang Tao Beach. The first block of 8 apartments was completed in Q4 2009. This block consists of 6 apartment and 2 penthouses. The whole project is a collection of 24 apartments with private pools.
Selected Newly Completed Villa Projects
Baan Thai Surin Hill
Developed by Surin Hill Development Company the villa development is located in Surin. It comprises 5 units and it was launched in 2005.
Baan Yamu Phase 3
Developed by Phuket Prime Property Co., Ltd. the villa development is located in Cape Yamu. It comprises 20 units and offers a freehold ownership title. The project was launched in 2008.
Overall Phuket has come through the combination of the global financial crisis and Thailand's political problems relatively unscathed. The opportunity and challenge is for developers to identify target markets and create properties that match those requirements. Potential buyers will be more cautious and will want to be confident about ability of developers to deliver product both in terms of their financial resources and development expertise.