Sixteen city-condominium projects in Victory

Offices, Sky Train boost the area’s appeal for homebuyers, investors

Sixteen city-condominium projects, valued at about Bt16 billion, are expected to be launched in the vicinity of the Victory Monument. Most of these projects have sold 30 per cent to 100 per cent within three to six months of opening for booking.

According to a survey conducted by The Nation, these projects are targeted toward the middle- to upperincome segment of the market with prices starting between Bt48,500 per square metre and Bt100,000 per square metre.

The main locations include Phahonyothin Road from Soi 2 till Soi 18, Phayathai Road, Sri Ayudhya Road, Ratchapralop Road and Petchaburi Road.

Resale prices for city condominiums in this area have risen between 10 per cent and 20 per cent this year compared to last year.

Harrison chief executive Alan Lin said that when developers raise prices 10 per cent to 15 per cent of new residential projects to adjust for higher raw- material costs, resale prices of existing residential units will also rise 10 per cent to 20 per cent, depending on the location.

City condominiums located close to the inner Central Business District, in areas such as the Victory Monument, will also witness a significant rise from an average of Bt60,000 per square metre to about Bt80,000 per square metre, Lin said.

According to research conducted by Harrison, a local property consultant, the demand for residential projects around the Victory Monument has risen because this area has many offices and is located close to the mass-transit system.

However, there is limited availability of land for residential projects for sale around the Victory Monument. This is because most land owners have used the land to develop serviced apartments.

The research said population in the Ratchathivi district stood at 97,416 while the residential register recorded 33,769 units, as of January.

Other locations close to the Ratchathivi district, such as the Phayathai district, the Pathumwan district, the Hua Kwan district and Dusit district recorded a population of 332,538 while the residential register showed 125,647 units.

After analysing these figures, Harrison believes that demand for new residential projects in this location will continue to grow, especially for residential units priced between Bt50,000 per square metre and Bt80,000 per square metre.

Last year, the number of completed condominiums in Bangkok stood at 126,071 units, a rise of 21 per cent from 2006’s figures. Of these, 17 per cent were located at Ratchadapisek while another 17 per cent were at Rama III Road. Another 15 per cent were located at Sukhumvit Road, between Soi 70 and Soi 107 and 14 per cent between Soi 1 and Soi 55. A further 9 per cent of the total condominiums were located inside the Central Business District in areas such as Silom, Sathorn, Wireless Road and Pleon Chit. The Thonburi district also had a figure of 9 per cent while Phahonyothin Road had 7 per cent of the total. Phayathai district had 4 per cent of the completed units and the rest of the 8 per cent were located in other areas on the list.

The research also shows that 67,036 city-condominium units are under construction.

It revealed that one- bedroom apartments with a utilisation space between 45 square metres and 55 square metres are the most popular type of city condominiums.

City Resort Development managing director Chaivai Poonlapmongkol said the company believes demand for residential projects in areas close to the Victory Monument and the Sky Train has seen strong growth following the rise in cost of living.

“Buying a property located close to the mass-transit system reduces the transportation costs for homebuyers. People buying properties with an investment focus can also expect good rental income because this location has a number of offices and schools,” he said.

Chaivai said investors can expect a return of 7 per cent to 10 per cent.

• 27 May 2008
• The Nation
• SOMLUCK SRIMALEE THE NATION

Vietnam - Foreigners allowed to buy apartments

HANOI: Vietnam has passed a law allowing certain categories of foreigners to buy apartments beginning in 2009, the first time the communist country has allowed non-citizens to own real estate.

The National Assembly approved the new law on Thursday, with 88% of deputies voting for it, the government said on its official website yesterday..

Foreigners eligible under the law can only buy apartments in developments approved for foreign residency, not houses or land. Ownership will be for a term of 50 years, by which time the foreign owners must sell or transfer the property.

Real estate developers said the law was likely to give a much needed boost to Vietnam’s property markets, which have softened recently after explosive growth in 2007.

‘‘It could have a 20 to 30% impact in terms of rising prices,’’ said William Badger, a manager at Leonidas Management, a subsidiary of the Hong Kongbased real estate company Tung Shing Group.

‘‘Similar laws have been passed in China, Thailand and Malaysia,’’ said Misha Chellam, assistant to the chairman of Hanoi-based developer Vietnam Land. ‘‘Each time in those countries when a law like this was passed, it significantly boosted demand.’’

Those eligible to buy apartments include foreign firms purchasing housing for staff, and four categories of individuals. These include foreigners working at Vietnamese firms, foreigners married to Vietnamese, foreigners with special skills needed by Vietnam’s economy, and foreigners who have been awarded medals or other honours by the government.

It was not immediately clear how much the new law would differ from current law allowing foreigners to obtain 50-year leases on property in Vietnam. Normally in Vietnam, new laws are followed by decrees and circulars clarifying how the law will be implemented, and developers expect that the move from lease to ownership will grant foreigners additional security.

Japan invest Bt7.6 billion in Thailand.

SIAM ZOKAI GETS AGGRESSIVE ON EXPANSION PLAN

Thailand continues to be a key market as the firm designs an overseas foray

Siam Zokai, the property arm of Saha Group, has set aside an investment budget of about Bt5 billion for the development of property projects worth Bt7.6 billion in Bangkok, Phuket and Chiang Mai till 2010, the company’s Japanese president Yasuo Miyazaki said.

Siam Zokai is a joint venture between Saha Group which holds a 51- per- cent stake while Yasuo Miyazaki and his wife own the other 49 per cent. The company has a registered capital of Bt100 million.

The company is developing two property projects worth about Bt3.4 billion. Peaks Town, the first project in Chiang Mai, is worth nearly Bt1 billion. It will have six buildings including Twin Peaks, Peaks Garden, Peaks Changklan, Peaks Avenue, Peaks Mall and Peaks Market. This project is being developed under the community- living concept which integrates residential units and a shopping plaza in the same location.

Construction at Twin Peaks is complete and the building is sold out. The company expects to transfer the units to its customer this year.

The other buildings have also been sold up to 70 per cent and the rest is expected to be lapped up by customers within the year.

Grand Peaks, the company’s second project is worth Bt2.4 billion and is located in the Sriracha district, Chonburi. It is a luxury-condominium project with a 31- storey building and 570 units. Prices start at Bt65,000 per square metre – an increase from last year’s price of Bt60,000 per square metre consequent to construction costs rising. About 200 units have been sold. The project is under construction and is expected to be completed by the middle of next year.

Miyazaki said the company plans to develop three more projects with a cumulative value of Bt4.6 billion in 2010, after the existing projects are completed and sold off.

These three projects include; Peaks Andaman in Phuket worth Bt1.4 billion; North Park Office, an office building worth Bt1.2 billion located at North Park on Vibhawadee Rangsit Road; and Sathupadit Peaks Tower, another luxury-condominium project with a 31- storey building worth Bt2 billion.

The company is studying the market with a view to develop an integrated complex with luxury condominiums, a shopping centre and an office building in the same area with a combined utilisation space of up to 100,000 square metres. The project is likely to be in Bangkok’s Central Business District.

“We cannot give more information about the location of the new project but it will be developed on land already owned by Saha Group. This project may have another Japanese partner. This part is under negotiation,” he said.

The company will also start expansion in the overseas market in the next two to three years with a special focus on Malaysia and Vietnam. Malaysia is helped by a flexible law onforeign investments in the property business.

“Malaysia holds higher for us over Vietnam, where competition and land prices have surged,” he said.

Thailand remains the main market for Siam Zokai’s expansion plans. This is because it believes that demand for residential projects in the country remains strong.

Luxury condo purchases driving market forward

Luxury condo purchases driving market forward

Thailand’s property market remains extremely buoyant despite a number of challenges it faced last year, while continuing to hold enormous potential for accelerated growth.

The resilience is encouraging with takeup rates and numbers of completed developments rising and the price per square metre (psm) of condominiums climbing, enabling investors to achieve healthy returns.

The segment that is really driving the market forward is condominiums, especially in the luxury bracket, evidence that there is high demand for quality product among both overseas and local investors.

Resort destinations have also performed well, despite quota and leasehold restrictions that have put the brakes on the high interest shown among the international investment community.

In recent research conducted by Raimon Land that covered Bangkok and key resort destinations, we can see that despite a tough political climate last year, the inner-city Bangkok condominium segment inched ahead 3% to reach 43.7 billion baht in sales.

Condominiums have clearly become the fastest growing segment in the residential market, with luxury developments emerging as an alternative for many local investors.

A second-half surge in Bangkok condominium demand in 2007 brought the year-end sales tally to 6,214 new units. Achieved prices and sales performances in high-end developments were particularly strong, with investors prepared to pay an additional 50% or more on top of the median price to secure the finest inner-city properties.

Completions of new condominiums have picked up, with 5,100 units added in 2007 compared to the 6,940 units launched. The supply/demand balance remains healthy with about 92% of the units in newly completed developments being sold. Performance in projects that have already started construction on the main structure and those that are still in earlier construction stages is similarly impressive.

Developers in Thailand’s resort areas remained hesitant in 2007 due to uncertainties in new amendments to the Foreign Business Act. However, strong absorption from foreigners, who rushed to buy condominiums with available foreign ownership titles, pushed the total market value for resort condominiums to 17 billion baht, up 12% from 2006.

Locations close to Bangkok, where there is balanced Thai-foreign demand, were the most active. Pattaya led with 6.6 billion baht sold in 2007 followed by Hua Hin with 6.3 billion.

Koh Samui and Phuket, which depend on international investors for around 90% of the demand, were greatly affected by the regulation limiting foreign allocated units to 49% of the total inventory. Although the cap is not new, there was also the fear last year that it would be further strengthened.

This prompted the postponement of new launches, especially among small under-capitalised developers who depend on early bookings. This precipitated a healthy 61% takeup rate in 2007, with buyers snapping up 96% of the units in new developments.

Resort areas are benefiting from very low availability of completed supply, driving up prices in both resale and offplan developments.

In 2007, close to a quarter of the units sold in resort areas were priced above 100,000 baht per square metre, and the number of seaview/beachfront units available for less than 100,000 baht psm is falling rapidly.

In the first quarter of 2008, the industry confirmed the recovery sparked in the last quarter of 2007 and as it approaches the middle of the year, it is demonstrating a vibrancy and dynamism that will continue to drive it forward.

This is good news for both overseas and local investors, as superb opportunities exist in the market for buyers to achieve healthy capital gains and solid rental returns.

The research that we have completed provides detailed evidence of these trends and highlights a property market that not only has a strong competitive advantage over its regional competitors but one that is maturing fast.

Our analysis draws on a wide range of factors to present a balanced, realistic survey of current market conditions. It examines new project launches in the context of annual and cumulative unit sales, price per square metre, location, takeup rates at projects under construction and completed transfers. It also employs economic indicators to provide a more precise outlook for 2008.

While providing insight for investors and buyers, what it most clearly demonstrates is that Thailand remains a growing market with huge scope for further growth. (This is the second in a series of four articles that draws on research by Raimon Land contained in ‘Condominium Focus Thailand: Update of Inner-city Bangkok and Key Resort Areas’. To reserve a copy, e-mail: research@raimonland.com or download at www.raimonland.com)

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Real Estate scores over Bank deposits

Developer’s research indicates higher returns even after factoring in inflation

At a time when fixed deposits earn interest at only 2.5 per cent, property companies and agencies suggest buying residential property located close to the masstransit system – an investment that can generate a return of 7 per cent to 100 per cent.

The returns will depend on the term of the investment.

According to research by CB Richard Ellis Thailand, resale prices for residential projects located close to the mass-transit system and the Central Business District from the Asoke intersection to Soi Thong Lor range between Bt110,000 to Bt130,000 per square metre. This shows an increase of between 37.5 per cent and 62.5 per cent from Bt80,000 to Bt90,000 per square metre last year.

The rental price for serviced apartments in Silom and Sathorn has shown a strong rise from Bt289.5 per square metre in 2004 to Bt399 per square metre this year, a jump of 33.7 per cent. The Sukhumvit area is a close second with rents rising from Bt280.5 per square metre in 2004 to Bt365 per square metre, a rise of 30.1 per cent. Central Lumpini now commands rents of Bt360.5 per square metre, a rise of 18.6 per cent from Bt304 per square metre in 2004.

The demand for residential properties in the Central Business District is coming from foreigners who work in Bangkok. The two-bedroom type unit, with covered area falling between 90 and 130 square metres, has seen the strongest demand.

Residential projects at resort destinations such as Phuket, Koh Samui and Hua Hin have also seen strong demand. Investors buying property at these locations can expect a return on investment at an average of 7 per cent a year. If they sell the property within one or two years, they can expect a significant return on investments, CB Richard Ellis Thailand managing director Aliwassa Pathnadabutr said.

Kasikornbank’s first senior vice president Chatchai Payuhanaveechai said if one has the money to buy a property at a good location close to the mass-transit system, one can expect returns of 7 per cent to 8 per cent a year. This is much better than making a long-term deposit in the bank, which earns only 2.5 per cent. When adjusted with inflation – presently at 6.2 per cent – the return is negligible.

Chatchai said if there is no ready cash to buy a property, investors can apply for a mortgage loan. This will generate higher returns if the investor selects the best location.

For example, if an investor buys a property at a price of Bt100,000 per square metre, the monthly payment on a mortgage loan comes to Bt56,000 a month. Investors can earn Bt50,000 a month by renting out the property. That will help generate money for the monthly instalment.

Chatchai said the property should be located close to the mass-transit routes or a main road which will allow for an easy commute. Such properties are easier to sell and rent out.

Harrison executive vice president Kitisak Jampathippong said residential properties on Sukhumvit Road now sell for Bt100,000 per square metre, signifying a rise of between 30 per cent and 60 per cent from last year. The frequency of resale of residential properties on Sukhumvit Road averages at two or three times a year. Resale prices are expected to rise between 10 per cent and 20 per cent each time, he said.

At a time of high inflation and low interest rates, Kitisak said buying residential properties is a good investment choice. However, investors must study the value of the property.

“An investor has to select the project that has lots of facilities and offers an easy commute. That does not mean the project has to be located close to the mass-transit system alone. If the project is located close to a main road or expressway, it is still a good location, especially if the project offers good facilities and a good environment for buyers,” Kitisak said.

SOMLUCK SRIMALEE THE NATION

LUMPHINI PARK IN BANGKOK
Bangkok

Koolpuntville eyes bangkok condo market

LUXURY HOUSING

Chiang Mai property developer Koolpuntville Group this year plans to launch its second new residential project in Bangkok, worth up to Bt1 billion. The developer has already completed its first residential project, Belgravia Residences, worth Bt1.7 billion and has made sales amounting to 60 per cent of the project value.

Koolpuntville Group president Sompak Trakarnkoolpunt said the new residential project would be a luxury condominium located on Rama III Road. The building will rise to either 18 or 19 floors and prices will range from Bt85,000 to Bt90,000 per square metre.

"We have continued to expand our investment in Bangkok because we see strong demand for residential projects, especially luxury condominiums. Now we are considering whether to invest ourselves or with a partner. That will be finalised in the second half of this year," Sampak said.

Earlier, the developer set up a joint-venture firm, Pakporn, with UK-based First Oriental Investment, a subsidiary of Libra Holding, with a registered capital of Bt200 million to develop Belgravia Residences.

The luxury Belgravia Residences on Sukhumvit Soi 30/1 offers 48 luxury-condominium units starting at Bt38 million each.

"Demand for luxury residences at Sukhumvit Soi 30/1 has shown strong growth and we have adjusted the selling price from Bt127,000 to Bt135,000 per square metre. That drives our project value from Bt1.7 billion to Bt2 billion," Sompak said.

He added that the company believed that the rest of the total project value would be recovered in the second half of the year.

The Koolpuntville Group was established by Pramarn Chansue in 1987. It is now the largest property developer in Chiang Mai, with 12 residential projects worth up to Bt20 billion. It also has a land bank of 2,000 rai in Chiang Mai, Chiang Rai and Lampang. The group announced sales of Bt1.3 billion last year and expects Bt1.2 billion this year.

At present, the company has two property projects in Chiang Mai and plans to launch three new residential projects worth Bt1.1 billion in Chiang Mai, Chiang Rai and Lampang next year.

By Property Reporters
The Nation
Published on May 12, 2008

Cash-rich buyers keep luxury real estate market healthy

Cash-rich buyers keep luxury real estate market healthy

The luxury property market is still strong due to healthy demand and high purchasing power, reflected in the fact that fewer than 20% of purchasers seek loans, according to Chatchai Payuhanaveechai, a senior vice-president at Kasikornbank.

Most buyers of luxury units pay cash as they are seeking better returns than from bank deposits in the face of inflation that is hovering around 6%, he said.

Yields on bonds and debentures are also seen as unattractive and stocks are too volatile, while prime real estate can bring rental returns of 5-8% per year.

‘‘You need to know the real estate market and each asset’s liquidity. Choosing a good location is the key,’’ Mr Chatchai said.

Developers of luxury units are offering more than 7,000 units at 24 projects in an exhibition taking place until May 18 at Siam Paragon, while three property brokerage firms are looking for combined sales of 2.75 billion baht.

Aliwassa Pathnadabutr, managing director of the property consultancy CB Richard Ellis (Thailand), said demand in the segment remained healthy.

Unit prices have been increasing at between 7% and 15% a year depending on the project and location, while units at the very top end of the market can fetch nearly 300,000 baht per square metre, she said.

Sixty percent of luxury property buyers are Thais and 40% are foreigners, up from 15-20% in the past, according to CBRE.

‘‘Confidence is a major factor affecting decision-making and demand in this segment,’’ Ms Aliwassa said.

CBRE is selling six projects worth a combined 15 billion baht and hopes the exhibition would generate sales of two billion baht. At a similar event last year, the company generated 800 million baht from five projects.

Harrison, another participating real estate brokerage, expects sales of 600 million baht from eight projects where it has four billion baht worth of units on offer.

Phanom Kanjanathiemthao, managing director of the property agency Knight Frank Chartered (Thailand), said his company was selling three projects worth 10 billion baht and expected to sell 40 to 50 units worth 150 million baht, up from 50 million baht from a single project in the 2007 showcase.

One of the three projects is the 400-unit My Resort condominium worth two billion baht at the Phetchaburi-Asok Junction, being developed by Everland. After a month of pre-sales, 20 units worth 100 million baht have been sold.

‘‘Demand in the high-end segment is strong but prices are up 20-30% due to higher costs of construction and land. Developers needed to increase their marketing budget as sales slowed down last year,’’ Mr Phanom said.

According to the company’s research, average prices of Bangkok condominiums have risen from 65,000 baht per sq m to 82,000 baht in the past year. New condominiums in Hua Hin are fetching 120,000 baht per sq m, up from 85,000 baht, as construction costs are 10-15% higher and land prices in the resort town have risen 20-30%.

Somchao Tantaterdtham, president of the Thai Real Estate Association, said transfers of residential units during the first two months of 2008 increased from the same period last year due to higher confidence among consumers.

Significantly, transactions were up even though new tax incentives approved by the government did not take effect until late March.

Transfers of single houses and townhouses totalled 1,200 units in January and 1,167 in February, up from 903 and 1,150 units respectively in the same two months last year.

Condominium unit transfers totalled 973 units in January and 888 in February, up from 616 and 759 respectively in January and February 2007.

‘‘Risks remain. Higher oil prices affected overall construction costs while steel prices never go down. Under such circumstances, the government should support building the investment atmosphere,’’ Mr Somchao said.

KANANA KATHARANGSIPORN

Raimon Land views about market

RAIMON RAISING BT1.3 BN TO COMPLETE PROJECTS

Obtaining loans for property projects has been near impossible since the US sub-prime meltdown shook up global banking recently, but Thailand is one of the very few exceptions, Raimon Land CEO Nigel Cornick said yesterday.

“For many foreign buyers, Thai properties are still regarded as highly undervalued,” he said.

“As banks everywhere are taking a cautious stance with the US fallout, Raimon Land has decided to raise fresh funds from the stock market,” said Cornick.

The company will hold a rights issue of two old shares for one new one to raise Bt1.3 billion to complete half a dozen projects.

The firm goes ex-rights (XR) next Tuesday, but Cornick said the stock is now trading at a discount because of poor sentiment for the real-estate sector.

“We will use the cash to complete key sites such as the 11- rai River project on the Chao Phya River, overlooking the Shangri- La and Oriental hotels,” he said.

Its other prestigious site includes 185 Rajdamri, a 6- rai estate where the Cambodian embassy was formerly located, and Northpoint, a twin-tower project in North Pattaya.

Much of the capital raised in the current exercise will actually come from existing shareholders, Cornick noted, as Kuwait’s IFA Hotels and Dubai’s Istithmar Group each hold about 25 per cent of the firm

“Only about 20 per cent of the shares are freely floated,” he said.

Cornick expects the new rights to be fully subscribed, as the two Gulf state companies and major shareholders are ready to inject cash into what is widely regarded as Thailand’s premium property developer.

He expects the new shares to be a t t r a c t i v e , based on the results of two separate surveys the company recently c o n d u c t e d through independent agencies to establish its share value.

“ The estimates range from Bt1.70 to Bt1.90, which is higher than the current market price of about Bt0.90,” he said.

On a recent visit to Singapore, Cornick said a group there with US$300 million ( Bt9.5 billion) to invest had indicated to Raimon Land that it was keen to form ventures to develop projects in Thailand.

Echoing this sentiment is Ananda Development’s CEO Chanond Ruengkritya, who said its European partner Primeamerica and other funds all indicated they were keen to invest in Thailand as it could provide solid returns with minimal risk.

“ The general view of the global financial sector is that Thailand remains one of the few markets capable of delivering a decent return,” said Cornick. “ This is different from the grimmer picture in many Asian markets that have been reeling from a post-bubble implosion.”

Observers note that Thailand is in a very special position because, as a net food exporter, it is gaining from the run in commodity prices. This gives it a solid buffer at a time when Asian food importers are facing a crisis. Its economy is therefore seen as being able to weather the financial storm much better than those of pure service economies such as Hong Kong and Singapore.

Sheltering Raimon Land’s projects is its strict adherence to build only in the city centre and other prime locations.

Raimon Land marketing chief Henri Young said: “ The River continues to book Bt150 million worth of sales a week. More than half the project, estimated to be worth Bt12 billion, has been sold.”

Real estate is not the flavour for banks these days, said Cornick. But there is also the belief lightning does not strike the same place twice.

The 1997- 1998 stock and property crash was Thailand’s worst. Property only started to recover about six years ago. It is therefore not likely to see a repeat of the kind of housing crash that is now ripping through the US and other markets where property bubbles formed over the past few years.

Crystal Design Centre

KE LAND MAKES A BIG MOVE INTO RETAIL BUSINESS

Crystal Design Centre will highlight furniture and home decorative items

KE Land Group yesterday signed a Bt1-billion contract for construction company EMC to build the Crystal Design Centre as part of the real-estate developer’s expansion into the retail business.

Managing director Kaveepan Eiamsakulrat said the project would be the first one-stop service design centre in the country for brand-name furniture and home decorations.

Strategically located between Lat Phrao and Kaset- NavamIndra roads, the project covers 70 rai of land stretching 370 meters along PraditManutham Road (Ekamai-Ram-Indra expressway) with a total showroom area of 100,000 square metres and parking for 1,500 vehicles.

The centre’s first of two phases will accommodate more than 150 outlets showcasing top quality furniture and decorative items from both international and local suppliers. The accessories will range from lamps and chandeliers, tapestries and tiles to sanitary ware.

The property will also serve as a complete business and resource centre for home decorative design, with a comprehensive library, meeting rooms and a large exhibition hall fully equipped with state-of-the-art facilities.

Its main targets include all premium market groups, focusing on general purpose users, such as residences, office buildings, businesses, retail shops, department stores, hotels, architects, landscape architects, interior designers, electrical and system engineers, contractors, developers, importers, exporters, expatriates and students. The centre has already secured prestigious tenants such as Siam Cement Group – with the SCG Life Style Centre costing more than Bt400 million – and SB Furniture, with its Bt300 million, 10,000-squaremetre SB Design Square offering a complete line of furniture.

When the centre opens next March, it is expected to receive a warm welcome as well as much interest from its target groups, since all products and services are already well-known and popular in the market. The centre will help add to the flavour by giving its offerings “the final touch of perfection”, Kaveepan added.