Absolute Bangla Suites, located in the lively Patong area of the island, is a mixed-use resort featuring 54 suites, from studios to penthouses. The nearby Absolute Nakalay Beach Resort, just five minutes north of Patong, features 33 beachfront apartments with ocean views.

Absolute Bangla Suites

“We are delighted to add Jones Lang LaSalle to our growing network of international partner alliances. We are certain our clients will benefit greatly from an additional level of service and trust and we look forward to further collaborations on our many future mixed-use resort developments,” said Bryan Lunt, Chairman and CEO of Absolute World Group.

Jones Lang LaSalle will provide condo management services including juristic legalities and cost management and allocation while Absolute will continue resort management and operations for both properties.

“With the knowledge and expertise of Jones Lang LaSalle, our condominium owners at both developments will be ensured of professional management allowing both properties to operate effectively and efficiently, providing both strong returns and capital growth of their asset,” said Lunt.

SOURCE: Property-Report

The company finds that confidence has receded among buyers, causing them to be more cautious about buying resorts, condominiums or villas on the island. Some potential buyers have postponed their purchases while others have concentrated only on completed properties.

The more cautious approach has caused difficulties for projects of which construction has shown little progress. Different strategies have been implemented to attract potential buyers such as low booking fees and low property management costs.

However, he warned about potential danger involving property management as the lower costs may compromise the quality and standards of the maintenance and management of common areas and facilities.

The average monthly management costs for standard-sized resort and condominium units in Phuket range between 55 and 80 baht per square metre. For luxury villa resorts, the costs range from 30,000 to 80,000 baht per villa per month.

Mr Norville also added it was important for developers to assure buyers about their financial status and make sure that all sales and purchase agreements are drafted and presented clearly. Developers should also identify reliable management companies to run the properties after they are completed.

The Phuket holiday home market depends mainly on demand from international buyers, which has dropped since the global financial crisis escalated in late 2008. Sentiment started to revive in the last quarter of 2009 but buyers’ confidence declined again in light of the recent political unrest in Thailand.

The company expects the Phuket holiday home market to rebound in the next 12 months provided politics becomes stable. Until then, completed projects are well-positioned to attract buyers in the next high season.

The capital boasts about 81,000 units from more than 200 projects at all phases being offered on developers’ plans. About 58,000 units have been sold, leaving some 23,000 still available. However, because many of the projects are still unfinished, only one-third of the sold units have been transferred. The majority of Bangkok’s condominium projects are situated in about a dozen innermost districts, particularly in Phya Thai, Huai Khwang, Pathum Wan, Watthana, Phra Khanong and Klong Toei.

The province of Chon Buri comes in second in terms of number of condominium units. Pattaya and Jomtien are the two main beach locations. About 80 such projects totalling some 16,000 units planned. Half of the units have been sold, but only about 30 per cent of those sold have been transferred.

Nonthaburi, a suburban province northeast of Bangkok, is the only other market with more than 10,000 condominium units. The number could be as high as 19,000 if some decade-old projects and units are included. Otherwise, the aggregate number should be more like 15,000 units. Nonthaburi has the best potential for condominiums and other types of housing markets in the coming years, since at least a few mass-transit lines are slated to run through the province when completed. Over half of the units have been sold and most of the condominium units sold in Nonthaburi have actually been transferred to owners.

The southern province of Phuket has blueprints for about 5,000 condominium units. Although a lot of projects are advertised, each project is rather small and offers an average of only 60 units. Not quite 60 per cent of the units have been sold and less than one-quarter have been transferred to buyers, as most projects are not yet completed.

Bangkok’s southeastern suburb of Samut Prakan is a market with many low-cost condominiums, as the province is a factory hub that draws in many blue-collar workers. Samut Prakan has at least 3,000 condominium units in developers’ plans. Note also that many of the government-sponsored low-cost-housing Ua Athorn projects are situated in Samut Prakan, especially in the Bang Phli area.

The province of Prachuap Kiri Khan, a couple of hundred kilometres south of Bangkok, claims the famous seaside resort of Hua Hin. Being close to the royal summer retreat, most condominium projects are upscale. The total number of units on blueprints is somewhere near 2,500. Again, about half have been sold. Transfers have been made on more than one-third of those sold.

Further south of Hua Hin, Pran Buri is another well-known seaside district of Prachuap Kiri Khan. The 400-plus condominium units in Pran Buri are mostly suitable for retirees or those seeking a truly quiet atmosphere, for public facilities are not as abundant as those found in Hua Hin.

Just north of Hua Hin, Cha-am is a district in a different province – Phetchaburi. Roughly 400 of the 700 condominium units on plans in that area have been purchased.

Samui island has close to 500 upscale condominium units on plans, but sales has been extremely slow in the past two years. The transfer rate is dismal, too.

The only province in northern Thailand with a meaningful condominium market is Chiang Mai, with blueprints for only about 2,000 units. Units have been selling pretty well and the transfer rate has been quite impressive due to the fact that the average price per square metre is only about Bt40,000. The price range is much lower than many other significant condominium markets in the country.

Granville: In the clink.

The British chief executive officer of a Phuket-based property developer is facing fraud charges after being accused of operating an elaborate scam involving more than 200 million baht.

Crime Suppression Division police yesterday arrested Steven James Granville, 43, the CEO of Puravarna Resorts Co, and charged him with fraud. He was the subject of an arrest warrant issued by the Criminal Court.

The company runs a property development business in tambon Rawai in Phuket’s Muang district.

The arrest came after Anand Kumar Sen, managing director of Tycoon Group Co, filed a complaint with the CSD last May accusing Mr Granville of deceiving people into paying for residential units which have not been built.

Mr Anand, a Singapore national, represents 19 customers of various nationalities who are the damaged parties. He said the total damage amounted to more than 217 million baht.

Mr Anand said the people he represented had signed agreements to buy suites priced between 6 million and 15 million baht at the company’s luxury resort project.

The company had advertised the project in the media and organised events in countries such as Singapore, Hong Kong, Britain and Australia to attract customers to buy the units.

The company said the project was releasing more than 70 residential units as part of its second phase.

The company had promised the project, which began in 2005, would be completed on schedule in 2008, Mr Anand said.

He said the buyers had paid installments equal to more than 80 per cent of the price before learning construction had not started on the project.

The company cited flooding, financial difficulties and political problems as the causes of the delay, Mr Anand said.

He said the customers had found the residential project was not permitted by Phuket authorities.

The buyers believe they have been duped by the company and authorised him to file the lawsuit against the company, Mr Anand said.

The victims of the alleged scam include people of different nationalities and executives of Tiger Beer in Singapore, Mr Anand said.

Mr Granville has denied the allegations.

Police said they were gathering evidence to take action against other suspects involved in the alleged scam.

The Criminal Court yesterday set bail of 10 million baht which Mr Granville refused to pay.

SOURCE: Bangkok Post

Supalai Park

The 15-storey condominium will be built on 4 rai land plot near Seng-Ho Book Store facing main road. Unit spaces vary from 29.5 – 66 sqm.

Downtown Phuket

Open for reservation 2 days only at the sale office on Saturday 19th – Sunday 20th December, 2009. Price starting at a bit above 1 million baht or 3x,xxx baht for each sqm. Free wall type air conditioner, kitchen built-in furniture, water heater, safety glass shower screen. Choose for complete furniture packages* + special discount or double discount as much as 150,000-350,000 baht.

SOURCE: Phuket Index

The two remaining units of The Heights, the company’s luxury condominium in Phuket, will be offered at 2.7 million baht for a share of a 220-square-metre unit, and 4.7 million baht for a share of a larger unit of 410 sq m.

Each unit is divided into 13 saleable fractions. Each fraction allows its owner to spend 21 days per year and to also have access to more than 160 properties under the IFA Collection and the Registry Collection property networks worldwide.

The Heights is among three projects under Private Residence Clubs that Raimon Land plans to sell on fractional ownership basis. The company expects to sell at least five units of its Northpoint condo in Pattaya and at least 40 units of The River in Bangkok in the near future.

The Heights Phuket

It hopes to close sales of the first two units within six months.

Patrick Hanes, Raimon Land’s consultant for Private Residence Clubs, said the new product would help add diversity and speedy sales.

Unit prices sold under fractional ownership are higher than the equivalent price for full ownership. For example, the three-bedroom unit of the Heights is normally priced at 41 million baht, but the unit could earn up to 61 million baht when divided into fractions.

“The fractional ownership concept has been popular in the United States in the last 10 years and makes US$2 billion each year,” he said.

Raimon Land recorded a loss of 54.56 million baht in the first nine months of this year compared with net profit of 60.5 million a year earlier. Revenue totalled 2.59 billion baht, up 27% from 2.041 billion in the same period last year. Net profit in the third quarter rose by 143% to 171 million baht on revenue of 1.06 billion, up 22% year-on-year.

RAIMON shares closed yesterday on the SET at 31 satang, down one satang, in trade worth 6 million baht.

SOURCE: Bangkok Post

Kata Rocks

Rob will be working closely with the Kata Rocks architect and audio visual technicians to design the lighting both in the individual Sky Villas and in all the communal areas so that it enhances all the best features of Kata Rocks after dark. The lighting system will be fully controlled with the latest technology to allow for certain pre selected settings and moods. With the touch of a switch all the lights can dim and adjust to a pre-programmed setting for dining or watching the home theatre and more. Rob also puts a great effort into designing the lighting using a variety of different lights so that it is both subtle and warm but also highlights the best features of a property.

Kata Rocks aim to ensure that the Kata Rocks resort will look equally stunning when the sun goes down.

SOURCE: Property-Report

How times have changed from Gordon Gekko’s capitalistic “lunch is for wimps” rant in the 1987 movie “Wall Street” to the luxury guilt emerging today. However, many still subscribe to Gekko’s immortal line, “Greed is good,” and continue to seek new and larger deals with an insatiable hunger.

How they feed this hunger often leads them to one or another of Phuket’s deal-making destinations. As so many of these high-net-worth individuals are transient in Phuket, their search for fresh ink on a contract or a firm handshake often lands them at dinner or drinks with potential partners or adversaries.

One of the hot locations is The Supper Club, where owner Shaun Power dons his Clark Kent glasses and entertains, jests and engages his clients. According to many in the development community, the dining lounge and popular nightspot has seen more deal making then Soi Bangla at closing time. If you want to catch a glimpse of a multi-millionaire, a Hollywood star or some of the more influential local businessmen, then more often then not you can find them cosied up to the bar or in one of the many corners of the restaurant.

Next up is Baan Rim Pa, which has been a Phuket must-dine outlet for more years than I can remember. With stunning sunset views over Patong Bay, it is the spot where famed personality Tom McNamara once held court (Tom passed away last year), and it remains on the A list of places to entertain. Despite signs of ageing, the charm and simple luxury of the place have managed to stay intact.

In the midst of the tourist area is the 9th Floor, one of the busiest high-end eateries in Phuket. Attracting a strong local following and a regular tourist clientele, a spectacular revamp a few years ago has helped the venue to move up to an entirely new echelon. It’s not uncommon to see groups of businesspeople behind some very high-end bottles of wine in this hotbed of casual elegance.

There remain a host of other notable places, including Ka Jok See in Phuket city, which attracts celebrities from the famed Amanpuri and the Trisara to come and let their hair down and after dinner clear out the tables and salsa into the night. Of course Mom Tri’s Boathouse in Kata continues to maintain a loyal customer base with its great beachfront location.

Newcomer Acqua in Kalim is fast establishing itself, as is Baba in Sri Panwa, which is becoming a household name in Bangkok’s hi-so circles. And how could we forget the fabulous Royale Namtok Kathu, where a three-hour multi-course meal is the norm rather than an exception.

For those seeking to be neither seen nor heard, the boutique wine experience of Steven Roberto’s Envision in Surin is often the choice. But for those longing to be noticed, the Twin Palms Catch Beach Club remains the envy of every upscale hotelier and restaurateur.

Good food and drinks seem to be a catalyst for brokering deals in Phuket, and whether you are looking for privacy or for show, there is something on the menu for every budding Gordon Gekko.

SOURCE: The Nation