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.

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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

According to Tom Travers, Managing Partner at Indigo Real Estate and agents for the development, the core fundamentals of building a successful development in Thailand are unchanged but today’s foreign buyers have become far more demanding since the September 2008 world financial crisis.

He said: “Today’s buyers are definitely more careful about purchasing in a new a development. The old days where a development could sell a major part of its inventory off-plan before building are unfortunately over. Buyers are now demanding developers with a track record and financial liquidity that offer quality, finished product with value pricing.”

He added that Mandala is a prime example of how property developers need to adapt to attract foreign buyers in Phuket’s changing market place.

SOURCE: Property-REport

Few spaces in the economy have been spared from the frigid effect of the withdrawal of confidence by investors and consumers, which has created a domino effect globally. Real estate continues to go through an incredible metamorphosis.

One trend though, although was gaining in popularity prior to the downslide, was using partnerships in the acquisition of buying second homes. This is widely known as Fractional Ownership, and is becoming more popular than ever as now second home buyers are now being give the option of a much lower entry fee to command a destination property for a month of holidays per year.

According to the author of the Power of Property Partnerships, Michael J. Tolan, new opportunities for developers and consumers will emerge during 2010.

“We forecast growth in Fractional Ownership now that the bottom of the market has been identified in areas such as Dubai, Thailand, and Egypt in the coming 12 months.” said Tolan.

“We have decided to create this educational guide for potential consumers and will release it as a free download for 30 days from February 15th, 2010. The thinking behind is to provide a greater awareness for potential consumers, and thus pollinate the growth of this niche market.” he added.

Tolan is also CEO of World Class Group, a PR and Communications company based in the Middle East and Malta for the past 15 years.

World Class Group will be conducting Edu-Tainment seminars in Dubai, Bangkok, Munich, Cairo in Q2 of 2010 to raise awareness and attract new distribution partners to their worldwide network for Fractional Ownership.

The highlights of the first part of Q1 are two very significant forums on Fractional Ownership, one in February by Fractional Life in the UK, and the other the ACCOP for the Asia Pacific Rim, organized by Bryan Lunt’s Absolute Resorts.

The growing activity of interest, coupled with the focus that more investors are placing on value is only highlighting the potential growth of an already exciting industry. Fractional Ownership also just received a boost from the 350 offices of Fine and Country who announced a dedicated division to promote and sell quality fractional products.

SOURCE: Property-Report.com

According to Bill Barnett Managing Director of C9 “this year has seen the absence of new high end product which has propelled the secondary segment, while off plan product remains sluggish.”

Adding further that “the failure to launch new projects is a key constraining factor limiting volume in the marketplace. Despite demonstrated sales of a number of ‘super’ high end villas from THB 165 – 330 million, developers remain on the sideline more out of negative risk concern then fundamentals.”

Market data pinpoints that a growing number of early purchasers in developments are now cashing out at substantial profit levels thus pushing up pricing points for existing product. Geographically Kamala’s Millionaires Mile has experienced the highest level of activity.

Without significant new product entering the supply steam, the second half of 2009 has seen a growing number of premium ocean view lots transacted with buyers set to develop their own luxury residences.

Bill Barnett commented “traditionally the period of December to April remains peak sales season, and feedback in the past few weeks has seen sales traction. Ultimately the market desperately requires new launches to stimulate broader interest if there is to be a return to stabilized trading.”

SOURCE: Property Report

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

Impiana Private Villas

While Phuket´s mainstay accommodation is in the hotel and resort segment, there is clear growth in the condominium and villa rental sector which appears likely to continue.

The latest luxury villa resort to enter the market is Impiana Private Villas Kata Noi. 11 luxury villas located on 3 rai on the southern headland of Kata Noi Beach in the South West of Phuket, 50 metres above sea level, Impiana Private Villas is the first foray by Impiana into the boutique villa resort segment.

The Malaysian hotel and resorts group operate the long-established Impiana Phuket Cabana Resort & Spa in Patong and are well experienced in Phuket´s tourism market.

Impiana Private Villas @ Kata Noi offers a variety of villas (Deluxe, Grand, Garden, Impiana and Family) as well as one Honeymoon Villa and one Presidential two-suite villa. Expected to open in February 2010, opening rates range from 20,000THB to 38,000THB per night.

Private Infinity Swimming Pool, Wine Cellar, Cigar Bar and personal butler throughout your stay position Impiana Private Villas @ Kata Noi at the upper-end targetting high-spending tourists.

SOURCE: Property-Report