Ten sales in 100 days for Phuket’s Mandala development

Phuket VillasMandala Villas and Condominiums – a collection of 24 apartments and 8 villas, all with private pools located in Phuket’s prestigious Laguna area – has sold ten units since its condominium launch in December 2009, highlighting how property developers have adapted in Thailand’s post-recession real estate market.

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

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