TCC Land, the property arm of liquor tycoon Charoen Sirivadhana-bhakdi, is planning an aggressive investment programme over the next five to 10 years.
It will join with foreign partners to pour Bt10 billion a year into different types of property developments.
CEO Wallapa Traisorat - a daughter of Charoen - said that to become an integrated property firm, TCC Land would set up joint ventures with four strategic partners - from the US, the Netherlands and Singapore - to develop different types of properties from the Sirivadhanabhakdi family's land bank. The family's land bank has properties in many provinces.
The first new business will be called Premium Outlet. It will develop a retail and residential project on about 8 hectares of land on Kaset-Nawamin Road - part of an 80-hectare plot owned by the family. For this project, the company will form a joint venture with Premium Outlet of the US, which has branches in Japan and South Korea, as well as its home base. Contracts will be signed this year, Wallapa said.
The second deal involves a joint venture with a Dutch property firm to develop a 1,600-hectare land plot in Cha-am district of Phetchaburi province as a residential project. Original plans were to locate a Disney theme park on the property, but TCC Land has changed its plans. Another site has been found for the Disney park.
"We continue to keep contact with Disneyland, but we think the Cha-am location is not suitable for the theme-park concept, and as a result we'll change to another area for this project," Wallapa said.
The third joint venture will involve a Singaporean firm that is expert in the logistics business. It will develop a logistics system for the entire business interests of the Sirivadhanabhakdi family.
Currently, Thai Beverage and Berli Jucker both have their own logistics systems to deliver their products. However, the companies believe the group's land and transport resources are sufficient for the development of a single logistics network to serve demand throughout the Kingdom. As a result, TCC Land plans to expand its business interests to cover logistics systems, she said.
The fourth joint venture will involve another Singaporean firm that is expert in the business of industrial estates, and plans are afoot to develop family land in Rayong province as a new industrial estate.
Wallapa said under the company's strategy, TCC Land would own as much as half of each joint venture. It expects the new joint ventures to make combined investments totalling Bt10 billion a year until the business plans are complete. Half of this will come from TCC Land, she said.
"We entered the property business in 2001, and we believe we're now strong and confident enough to expand our business to become an integrated property developer. This will combine residential projects, office buildings, retail business, hotels and resorts, warehouses, logistics, convention centres, theme parks and industrial estates," she said.
As a matter of business policy, TCC Land has taken on new projects only after finding strategic partners with strong experience in project development.
Earlier, it joined Singaporean firm CapitaLand to establish TCC Capital Land, which has developed eight residential projects in Bangkok, both condominiums and detached housing, worth up to Bt20 billion. They are Athenee Residence, Villa Rachahru, Villa Sathorn, Villa Ratchadumri, North Park Place, The Empire Place, The Emporio Place and Royal Residence.
The Royal Residence won Thailand Best Interior Design and Thailand Best Property awards at the International Property Awards 2007, announced in London. Athenee Residence has also won four star awards from Thailand Best Development.
TCC Capital Land expects total revenue of Bt4 billion this year and Bt8 billion next year. It plans to launch four new residential projects next year worth as much as Bt8 billion.
TCC Land has also signed a contract with US-based Starwood to manage its 10 hotels in Thailand and China. Construction of three of them, located in China and on Koh Samui, is now complete, and they are ready to operate. The next three are under construction in Thailand, and construction will start on the final four between next year and 2010. Investment in the Bangkok, Koh Samui and China hotels amounts to Bt10 billion.
Meanwhile, the company is negotiating with the Treasury Department to renew its contract to manage the Queen Sirikit National Convention Centre.
"We believe that when we have good partners who have strong experience and are ready to help our business plans, then we'll achieve our goals. But we have to take time to find the best partners," Wallapa said.
At present, TCC Land manages property worth up to Bt100 billion throughout Thailand.
Source: The Nation - www.nationmultimedia.com
Sunday, September 30, 2007
Friday, September 28, 2007
Siamphan invests B2bn in Sukhumvit
The contractor Siamphan Enterprise Plc plans to invest two billion baht to acquire a non-performing asset on Sukhumvit Soi 6 to develop into serviced apartments next year, according to managing director Teerapon Wangmontri. The investment will include the acquisition and renovation of the project, which will comprise 250 rooms with a room rate of about 3,800 to 4,000 baht per night. Operations will start in 2010 by the Singapore-based serviced apartment management firm Fraser.
"We've grown up from the construction business, but margins have decreased since oil prices have risen. Property development has more potential and we have our eye on serviced apartments that we can sell to a property fund," he says.
The company started developing property in 1997 for a project on Sukhumvit 15. Later in 2000, it acquired a leasehold non-performing asset (NPA) from the Tisco Group in the Lang Suan area with an investment of about 1.5 billion baht.
This leasehold asset, formerly owned and partly developed by Golden Land Property Development Plc, was developed as Urbana Lang Suan with a total of 283 units. Of the total, 135 units have been sold.
Meanwhile, the remaining 128 units with a total area of 10,523 square metres were operated as a serviced apartment by Fraser, which generated 60-70 million baht per year to the company.
Currently, Urbana Lang Suan has an average occupancy rate of 85% and an average room rate of 3,400 to 3,500 baht a night, or 80,000 baht a month.
Mr Teerapon said the 128 units of Urbana Lang Suan were sold to Urbana Property Fund (Lease Hold), or URBNPF, for 720 million baht. The fund will be a closed-end fund with leasehold rights of 28 years as the property is leased from the Crown Property Bureau. It has to pay 900,000 baht a month in rent and the rate will increase by 10% every three years.
The company yesterday signed a contract to appoint Siam City Asset Management as a property fund manager and Sicco Securities as an underwriter for URBNPF.
The company's subsidiary, Urbana Estate Co, which has registered capital of 400 million baht, will hold less than 33% in URBNPF, he said.
The fund will have no more than 75 million shares priced at 10 baht a piece. Dividends will be paid every quarter, while the minimum guaranteed returns per year for the first three years will be 8%, 9% and 10%, respectively, with an occupancy rate of 85%.
The company is also in talks with Siam City Asset Management to sell its Fraser Suite Sathorn with 170 units to a property fund. It invested 2.4 billion baht to develop the project, which has started operations in the past three months.
By the end of the year, the company expects to have a total of 520 million baht in revenue. About 400 million baht will be from the construction business and 120 million baht from recurring income and sales of some units at the Sathorn project.
Currently, Siamphan Enterprise has a construction job worth 600 million baht from the Bangkok Metropolitan Authority to build a Chao Phraya River dam. Revenue will be booked in 2008.
According to CB Richard Ellis, two property funds were listed on the Stock Exchange of Thailand in the first half of 2007, bringing the total to 14 with a market capitalisation of about 46.4 billion baht.
The JC Property Fund (JCP) was listed in January. Its 620-million-baht portfolio consists of space in the JC Kevin Office Tower A building and a car park, both held under a 30-year lease with an option to extend for five years.
Gold Property Fund (GOLDPF) was listed in May. It has invested in the 30-year land and building leasehold Mayfair Marriott Executive Apartment serviced apartment complex, and has an option to renew for another 30 years. The 26-storey building is owned by a subsidiary of Golden Land.
Source: BangkokPost.com
"We've grown up from the construction business, but margins have decreased since oil prices have risen. Property development has more potential and we have our eye on serviced apartments that we can sell to a property fund," he says.
The company started developing property in 1997 for a project on Sukhumvit 15. Later in 2000, it acquired a leasehold non-performing asset (NPA) from the Tisco Group in the Lang Suan area with an investment of about 1.5 billion baht.
This leasehold asset, formerly owned and partly developed by Golden Land Property Development Plc, was developed as Urbana Lang Suan with a total of 283 units. Of the total, 135 units have been sold.
Meanwhile, the remaining 128 units with a total area of 10,523 square metres were operated as a serviced apartment by Fraser, which generated 60-70 million baht per year to the company.
Currently, Urbana Lang Suan has an average occupancy rate of 85% and an average room rate of 3,400 to 3,500 baht a night, or 80,000 baht a month.
Mr Teerapon said the 128 units of Urbana Lang Suan were sold to Urbana Property Fund (Lease Hold), or URBNPF, for 720 million baht. The fund will be a closed-end fund with leasehold rights of 28 years as the property is leased from the Crown Property Bureau. It has to pay 900,000 baht a month in rent and the rate will increase by 10% every three years.
The company yesterday signed a contract to appoint Siam City Asset Management as a property fund manager and Sicco Securities as an underwriter for URBNPF.
The company's subsidiary, Urbana Estate Co, which has registered capital of 400 million baht, will hold less than 33% in URBNPF, he said.
The fund will have no more than 75 million shares priced at 10 baht a piece. Dividends will be paid every quarter, while the minimum guaranteed returns per year for the first three years will be 8%, 9% and 10%, respectively, with an occupancy rate of 85%.
The company is also in talks with Siam City Asset Management to sell its Fraser Suite Sathorn with 170 units to a property fund. It invested 2.4 billion baht to develop the project, which has started operations in the past three months.
By the end of the year, the company expects to have a total of 520 million baht in revenue. About 400 million baht will be from the construction business and 120 million baht from recurring income and sales of some units at the Sathorn project.
Currently, Siamphan Enterprise has a construction job worth 600 million baht from the Bangkok Metropolitan Authority to build a Chao Phraya River dam. Revenue will be booked in 2008.
According to CB Richard Ellis, two property funds were listed on the Stock Exchange of Thailand in the first half of 2007, bringing the total to 14 with a market capitalisation of about 46.4 billion baht.
The JC Property Fund (JCP) was listed in January. Its 620-million-baht portfolio consists of space in the JC Kevin Office Tower A building and a car park, both held under a 30-year lease with an option to extend for five years.
Gold Property Fund (GOLDPF) was listed in May. It has invested in the 30-year land and building leasehold Mayfair Marriott Executive Apartment serviced apartment complex, and has an option to renew for another 30 years. The 26-storey building is owned by a subsidiary of Golden Land.
Source: BangkokPost.com
Wednesday, September 26, 2007
Beachfront Property Targeted
Charn Issara Development Plc anticipates strong growth in the Cha-am and Hua Hin property markets due to higher demand from both Thai and foreign buyers, says managing director Songkran Issara.
Despite the market slowdown in recent months due to the low tourism season, Mr Songkran was confident that the property market would grow into next year as land plots available for future development are limited.
Consequently, beachfront land prices have risen continuously to about 120,000 baht per square wah, double the price a few years ago in same location of about 40,000 to 50,000 baht per square wah.
Phanom Kanjanathiemthao, managing director of Knight Frank Chartered, said the property market, especially resort condominiums, had expanded with the growth in tourism. Average room rates at four- to five-star hotels have jumped to about 4,000 baht per night, compared to 2,300 baht in 2001. More condominiums have been developed in Hua Hin and Cha-am and selling prices have risen significantly since this destination is popular among Bangkok residents. The expansion of Phetkasem Road and Hua Hin hospital to 1,000 beds has encouraged growth.
Charn Issara also tapped this market with the development of its 1.4-billion-baht Baan Chaan Talay on a 14-rai beachfront plot in Cha-am. The project would house 175 units at prices starting from 3.2 million baht.
It has signed a contract with Wisavapat Co to build the project, which is scheduled to be completed in early 2009. About 40% of the project has been sold, and the company expects 60% to be sold within this year.
CI shares closed yesterday on the Stock Exchange of Thailand at 4.04 baht, up four satang, in trade worth 126,000 baht.
Source: BangkokPost.com
Despite the market slowdown in recent months due to the low tourism season, Mr Songkran was confident that the property market would grow into next year as land plots available for future development are limited.
Consequently, beachfront land prices have risen continuously to about 120,000 baht per square wah, double the price a few years ago in same location of about 40,000 to 50,000 baht per square wah.
Phanom Kanjanathiemthao, managing director of Knight Frank Chartered, said the property market, especially resort condominiums, had expanded with the growth in tourism. Average room rates at four- to five-star hotels have jumped to about 4,000 baht per night, compared to 2,300 baht in 2001. More condominiums have been developed in Hua Hin and Cha-am and selling prices have risen significantly since this destination is popular among Bangkok residents. The expansion of Phetkasem Road and Hua Hin hospital to 1,000 beds has encouraged growth.
Charn Issara also tapped this market with the development of its 1.4-billion-baht Baan Chaan Talay on a 14-rai beachfront plot in Cha-am. The project would house 175 units at prices starting from 3.2 million baht.
It has signed a contract with Wisavapat Co to build the project, which is scheduled to be completed in early 2009. About 40% of the project has been sold, and the company expects 60% to be sold within this year.
CI shares closed yesterday on the Stock Exchange of Thailand at 4.04 baht, up four satang, in trade worth 126,000 baht.
Source: BangkokPost.com
Monday, September 24, 2007
Budget-condo leader bucks conventional wisdom
When the field gets crowded, the brave move on to play in virgin territory, which could apply to L.P.N. Development Plc. The company that pioneered the budget condominium trend and has come to dominate the segment appears to be breaking one of the cardinal rules of the game.
The conventional wisdom has been that the people who buy budget condos do so because, well, they have tight budgets. Many are young working people, and given the choice between a first home and a car, some have chosen the former. Even if they have their own wheels, driving to and from work is inconvenient and expensive, so they want to be near a skytrain or subway station.
There's only one problem with this assumption, says L.P.N. managing director Opas Sripayak. Heavy demand for locations near mass transit has pushed up land prices. That poses a big cost challenge for developers who want to provide quality products for thousands of people with budgets of two million baht or less. For this reason L.P.N. has been moving a bit farther afield.
''These locations are close to the stations but not next to them, but because we have invested in shuttle buses to transport residents to the stations, our clients will have the same convenience as those living close to them, but it is much cheaper,'' he said.
''Being a bit further away from the station means there is less commotion and this is better than having it on one's doorstep with the whole area being so busy.''
Buyer response seems to vindicate Mr Opas's decision. Interest has been high in the company's new development in the Rarm Intra-Laksi area, and while sales of another condo in the Pracha Chuen area have not started officially, the model units are ready and the sales office is open.
''We launched a project in Rarm Intra-Lak Si and it has been quite successful,'' he said. ''The total number of visitors to the site hasn't dropped. Each week around 200 to 300 people come to the project, some weeks the total is even 400 especially during the launch.''
This strategy is also working because it matches Bangkok's demographic profile. Mr Opas explained that the lifestyle of the new generation means families are smaller with children moving out when they complete their education and get a job. But should they opt for a townhouse or a single house it often means moving much farther away from the parental home, while a condo in the neighbourhood would keep them close. Of course, the price is another lure with suburban condos being cheaper than townhouses or single houses.
In selecting locations, L.P.N. takes several issues into consideration. Chief among these is the total number of apartments because this means the area is well populated. Its marketing depends heavily on persuading people that they can own an L.P.N. condo for about the same money they're now paying to rent an apartment.
''Another thing we look at is whether it is an old residential neighbourhood,'' he said.
Mr Opas acknowledges that consumers are more thrifty these days _ witness slowing auto sales and the never-ending campaigns by department stores to draw shoppers. But he says L.P.N.'s business has not been affected. After all, he points out, people's incomes haven't dropped, only their confidence.
However, some buyers have had difficulty obtaining mortgages. Mr Opas and his developer colleagues have complained that banks have been rejected as many as 40% of their buyers.
''I think that is the meanest they can get,'' he said. ''I don't think the sub-prime crisis will make the banks tougher. As I see it, the financial crisis Thailand passed through in 1997 taught everyone a lesson, especially the financial institutions, and these institutions have been very, very tough in giving loans to both buyers and developers of late. If developers' sales don't reach a certain point they don't get a loan, and if banks are uncertain about a buyer, they won't give him a loan.''
He expects banks to continue being tough, with interest rate directions also affecting the rejection rate. Whether buyers who fail to get a mortgage get their downpayments back depends on the company, but L.P.N. does take this into consideration.
In some cases banks reject a mortgage application because the client has been blacklisted by the Credit Bureau without being aware that it has happened. ''Property buyers should check their credit ratings,'' is Mr Opas's advice.
Many others have been rejected because they have not been able to adequately demonstrate a steady income. Sometimes this is because their employers do not provide pay slips, or they are freelance workers.
''There is an automatic system in place to score loan applications, and to pass you need certain papers and when these aren't available they can't do anything, so it is not approved.''
As a result, Mr Opas advises buyers to get a mortgage pre-approved before they even book a unit.
While getting a mortgage is important, there are those who buy condos in cash. L.P.N. has noticed that up to 90% of the buyers of its lower-end projects need bank financing but when it comes to units costing 1-2 million baht a unit, up to 30% buy in cash. People from the provinces are notable in this regard.
Buyers are also cautioned not to expect the value of their units to double in 10 years, unless they're in a prime area.
Rather than hoping for capital appreciation, Mr Opas says buyers should look to obtain decent rental returns. ''For example, if you have one million baht today and you put it in a fixed bank deposit this you will get a little over 2%. But if you buy a condo in a good location where there is high rental demand, the monthly rent could be a lot more, it could return 5-6%, which is better.''
Source: BangkokPost.com
The conventional wisdom has been that the people who buy budget condos do so because, well, they have tight budgets. Many are young working people, and given the choice between a first home and a car, some have chosen the former. Even if they have their own wheels, driving to and from work is inconvenient and expensive, so they want to be near a skytrain or subway station.
There's only one problem with this assumption, says L.P.N. managing director Opas Sripayak. Heavy demand for locations near mass transit has pushed up land prices. That poses a big cost challenge for developers who want to provide quality products for thousands of people with budgets of two million baht or less. For this reason L.P.N. has been moving a bit farther afield.
''These locations are close to the stations but not next to them, but because we have invested in shuttle buses to transport residents to the stations, our clients will have the same convenience as those living close to them, but it is much cheaper,'' he said.
''Being a bit further away from the station means there is less commotion and this is better than having it on one's doorstep with the whole area being so busy.''
Buyer response seems to vindicate Mr Opas's decision. Interest has been high in the company's new development in the Rarm Intra-Laksi area, and while sales of another condo in the Pracha Chuen area have not started officially, the model units are ready and the sales office is open.
''We launched a project in Rarm Intra-Lak Si and it has been quite successful,'' he said. ''The total number of visitors to the site hasn't dropped. Each week around 200 to 300 people come to the project, some weeks the total is even 400 especially during the launch.''
This strategy is also working because it matches Bangkok's demographic profile. Mr Opas explained that the lifestyle of the new generation means families are smaller with children moving out when they complete their education and get a job. But should they opt for a townhouse or a single house it often means moving much farther away from the parental home, while a condo in the neighbourhood would keep them close. Of course, the price is another lure with suburban condos being cheaper than townhouses or single houses.
In selecting locations, L.P.N. takes several issues into consideration. Chief among these is the total number of apartments because this means the area is well populated. Its marketing depends heavily on persuading people that they can own an L.P.N. condo for about the same money they're now paying to rent an apartment.
''Another thing we look at is whether it is an old residential neighbourhood,'' he said.
Mr Opas acknowledges that consumers are more thrifty these days _ witness slowing auto sales and the never-ending campaigns by department stores to draw shoppers. But he says L.P.N.'s business has not been affected. After all, he points out, people's incomes haven't dropped, only their confidence.
However, some buyers have had difficulty obtaining mortgages. Mr Opas and his developer colleagues have complained that banks have been rejected as many as 40% of their buyers.
''I think that is the meanest they can get,'' he said. ''I don't think the sub-prime crisis will make the banks tougher. As I see it, the financial crisis Thailand passed through in 1997 taught everyone a lesson, especially the financial institutions, and these institutions have been very, very tough in giving loans to both buyers and developers of late. If developers' sales don't reach a certain point they don't get a loan, and if banks are uncertain about a buyer, they won't give him a loan.''
He expects banks to continue being tough, with interest rate directions also affecting the rejection rate. Whether buyers who fail to get a mortgage get their downpayments back depends on the company, but L.P.N. does take this into consideration.
In some cases banks reject a mortgage application because the client has been blacklisted by the Credit Bureau without being aware that it has happened. ''Property buyers should check their credit ratings,'' is Mr Opas's advice.
Many others have been rejected because they have not been able to adequately demonstrate a steady income. Sometimes this is because their employers do not provide pay slips, or they are freelance workers.
''There is an automatic system in place to score loan applications, and to pass you need certain papers and when these aren't available they can't do anything, so it is not approved.''
As a result, Mr Opas advises buyers to get a mortgage pre-approved before they even book a unit.
While getting a mortgage is important, there are those who buy condos in cash. L.P.N. has noticed that up to 90% of the buyers of its lower-end projects need bank financing but when it comes to units costing 1-2 million baht a unit, up to 30% buy in cash. People from the provinces are notable in this regard.
Buyers are also cautioned not to expect the value of their units to double in 10 years, unless they're in a prime area.
Rather than hoping for capital appreciation, Mr Opas says buyers should look to obtain decent rental returns. ''For example, if you have one million baht today and you put it in a fixed bank deposit this you will get a little over 2%. But if you buy a condo in a good location where there is high rental demand, the monthly rent could be a lot more, it could return 5-6%, which is better.''
Source: BangkokPost.com
Friday, September 21, 2007
Bangkok Property Market Begins to Slow
The Bangkok property market has slowed down over the year following last September's coup as economic factors continue to be unfavourable due to persistently sluggish consumption and investment, according to the Thailand office of the international consultancy Jones Lang LaSalle.
Most property segments continued to expand over the past 12 months, with rentals and capital values rising further in some segments but at a relatively slower pace, said Dan Tantisunthorn, head of research for JLL in Thailand.
He said the endorsement of the new constitution, which set the stage for a general election on Dec 23, had lifted sentiment in general to a certain degree.
"However, we believe the property market will not see any significant activity before general elections are held and a new government is formed in 2008," he added.
JLL viewed that the property market was hit by a number of surprises over the first few months after the coup. These include the Bank of Thailand's reserve requirement on short-term capital inflows in an effort to curb the strengthening baht, the New Year's Eve bombings and proposed amendments to the Foreign Business Act (FBA).
All of these dampened the market outlook for 2007.
It said the proposed amendments to the FBA had had the strongest impact on the property market and continued to dim the outlook.
Demand in the office and retail sectors has been most affected by the proposed amendments. Existing international companies and retailers appear reluctant to expand their businesses, opting to wait and see how the new act will affect foreign business operations in Thailand. The establishment of new multinational companies has been scarce.
On the property investment front, the proposed amendments have highlighted impediments foreign institutions face to real estate investment in Thailand, JLL said.
The law is very specific in that, with few exceptions, foreign entities are prohibited from owning land in Thailand.
However, these proposed legislative amendments have yet to be pass and many hope they will remain that way and should be reviewed by a newly elected government, JLL said.
Source: Bangkokpost.com
Most property segments continued to expand over the past 12 months, with rentals and capital values rising further in some segments but at a relatively slower pace, said Dan Tantisunthorn, head of research for JLL in Thailand.
He said the endorsement of the new constitution, which set the stage for a general election on Dec 23, had lifted sentiment in general to a certain degree.
"However, we believe the property market will not see any significant activity before general elections are held and a new government is formed in 2008," he added.
JLL viewed that the property market was hit by a number of surprises over the first few months after the coup. These include the Bank of Thailand's reserve requirement on short-term capital inflows in an effort to curb the strengthening baht, the New Year's Eve bombings and proposed amendments to the Foreign Business Act (FBA).
All of these dampened the market outlook for 2007.
It said the proposed amendments to the FBA had had the strongest impact on the property market and continued to dim the outlook.
Demand in the office and retail sectors has been most affected by the proposed amendments. Existing international companies and retailers appear reluctant to expand their businesses, opting to wait and see how the new act will affect foreign business operations in Thailand. The establishment of new multinational companies has been scarce.
On the property investment front, the proposed amendments have highlighted impediments foreign institutions face to real estate investment in Thailand, JLL said.
The law is very specific in that, with few exceptions, foreign entities are prohibited from owning land in Thailand.
However, these proposed legislative amendments have yet to be pass and many hope they will remain that way and should be reviewed by a newly elected government, JLL said.
Source: Bangkokpost.com
Thursday, September 20, 2007
Second Marriott Executive Apartments in Bangkok in 2008
Marriott International will open its second Marriott Executive Apartments facility for extended stay travellers in Bangkok in early 2008 under a management agreement reached with Metrostar Property Public Company, Ltd., a listed company on the stock exchange of Thailand.
The 184-unit Sathorn Vista, Bangkok -- Marriott Executive Apartments will be housed in a stand-alone, 31-storey tower on Soi Suanplu, off South Sathorn Road in the heart of Bangkok's central business district. Nearby are the offices of various banks and the embassies of Singapore, Australia, France, Germany, Austria and Denmark. The Suan Lum Night Bazaar and the Lumpini subway station as well as the Saladaeng BTS station are all located in close proximity to the site. Bangkok’s new international airport is a 40-minute drive away.
''We are excited by the continued expansion of our lodging portfolio in Thailand,'' said Ed Fuller, president and managing director of international lodging for Marriott International. ''When opened next year, this will be the fifth Marriott International property in Bangkok. All are extremely successful and we are confident that this sensational new serviced apartment facility will be very popular with long-term visitors to Bangkok.''
Metrostar Property mainly focuses on residential developments in prime locations in Bangkok. The agreement with Marriott is part of the company’s strategy to introduce quality projects to the market. Metrostar has indicated that is confident that this project, situated on a much sought-after land parcel in the centre of the financial district of Bangkok, will be a very successful addition to the serviced-apartment market in the city.
Marriott Executive Apartments offer residential-style living combined with the indulgences of deluxe hotel services. Apartments range in configurations from studios to three-bedroom serviced apartments. All Marriott Executive Apartments provide pre-arrival consultation, welcome amenities such as property orientation and city tour, round-the-clock staffing, thrice-weekly housekeeping service, grocery delivery and laundry service.
Each unit contains a fully-equipped kitchen, washer/dryer, security safe and storage; high-quality and comfortable furnishings that create a warm environment; dedicated work area and desk; and double phone and fax lines with voice mail and private line.
For dining, the Sathorn Vista, Bangkok--Marriott Executive Apartments will have a casual restaurant serving three meals daily. Recreational amenities will include a swimming pool, spa and fitness centre. The property will also offer a resident-service desk, a resident lounge, a multi-purpose game room, a sundry shop, a business centre, room service, and an on-site resident storage room.
For small meetings and social events, the property will have an 80-square metre meeting room.
All Marriott Executive Apartments also participate in Marriott’s highly-acclaimed, 26 million-member strong Marriott Rewards frequent guest loyalty program.
Other Marriott Executive Apartments can be found in Hong Kong, Mumbai, Prague, Budapest, Brussels, Dubai, Tokyo, Shanghai, London, Sao Paulo, Beijing, and Jakarta. Future openings include Doha and Manama.
Source = Marriott International
The 184-unit Sathorn Vista, Bangkok -- Marriott Executive Apartments will be housed in a stand-alone, 31-storey tower on Soi Suanplu, off South Sathorn Road in the heart of Bangkok's central business district. Nearby are the offices of various banks and the embassies of Singapore, Australia, France, Germany, Austria and Denmark. The Suan Lum Night Bazaar and the Lumpini subway station as well as the Saladaeng BTS station are all located in close proximity to the site. Bangkok’s new international airport is a 40-minute drive away.
''We are excited by the continued expansion of our lodging portfolio in Thailand,'' said Ed Fuller, president and managing director of international lodging for Marriott International. ''When opened next year, this will be the fifth Marriott International property in Bangkok. All are extremely successful and we are confident that this sensational new serviced apartment facility will be very popular with long-term visitors to Bangkok.''
Metrostar Property mainly focuses on residential developments in prime locations in Bangkok. The agreement with Marriott is part of the company’s strategy to introduce quality projects to the market. Metrostar has indicated that is confident that this project, situated on a much sought-after land parcel in the centre of the financial district of Bangkok, will be a very successful addition to the serviced-apartment market in the city.
Marriott Executive Apartments offer residential-style living combined with the indulgences of deluxe hotel services. Apartments range in configurations from studios to three-bedroom serviced apartments. All Marriott Executive Apartments provide pre-arrival consultation, welcome amenities such as property orientation and city tour, round-the-clock staffing, thrice-weekly housekeeping service, grocery delivery and laundry service.
Each unit contains a fully-equipped kitchen, washer/dryer, security safe and storage; high-quality and comfortable furnishings that create a warm environment; dedicated work area and desk; and double phone and fax lines with voice mail and private line.
For dining, the Sathorn Vista, Bangkok--Marriott Executive Apartments will have a casual restaurant serving three meals daily. Recreational amenities will include a swimming pool, spa and fitness centre. The property will also offer a resident-service desk, a resident lounge, a multi-purpose game room, a sundry shop, a business centre, room service, and an on-site resident storage room.
For small meetings and social events, the property will have an 80-square metre meeting room.
All Marriott Executive Apartments also participate in Marriott’s highly-acclaimed, 26 million-member strong Marriott Rewards frequent guest loyalty program.
Other Marriott Executive Apartments can be found in Hong Kong, Mumbai, Prague, Budapest, Brussels, Dubai, Tokyo, Shanghai, London, Sao Paulo, Beijing, and Jakarta. Future openings include Doha and Manama.
Source = Marriott International
Sunday, September 16, 2007
Property Hot Spots Attract Airline
Bangkok Airways are soon to announce their winter schedule and four new routes starting toward the end of October. As well as further expanding it's regional service, Bangkok Airways are targeting the Andaman Region with new Bangkok-Krabi and Samui-Krabi services.
Samui is Bangkok Airways' stronghold, due in large part to their exclusive access to the island's airport which they privately own. As a result, Samui's growth has been largely attributed to Bangkok Airways and their strong support and promotion of the destination over the years.
Operating Singapore-Samui and Hong Kong-Samui routes has contributed to the growth of the Samui property market through providing easier and quicker access for regional buyers and investors.
Now linking Krabi with flights direct from Samui and Bangkok, the trickle down effect is expected to be seen in Krabi. Not only is Krabi hoping to see increased tourism numbers through more flights to the province and more convenient access, but Krabi´s burgeoning property market is expecting to see gains too.
In property circles, Krabi has often referred to as part of Great Phuket, which includes Phuket, Phang Nga and Krabi provinces. And now with improved air access from key destinations within Thailand, the expansion and development of Greater Phuket, and Krabi in particular, is expected to gain momentum.
Copyright © 2007 Thailand Real Estate and Property Guide and Thailand Real Estate Magazine
Samui is Bangkok Airways' stronghold, due in large part to their exclusive access to the island's airport which they privately own. As a result, Samui's growth has been largely attributed to Bangkok Airways and their strong support and promotion of the destination over the years.
Operating Singapore-Samui and Hong Kong-Samui routes has contributed to the growth of the Samui property market through providing easier and quicker access for regional buyers and investors.
Now linking Krabi with flights direct from Samui and Bangkok, the trickle down effect is expected to be seen in Krabi. Not only is Krabi hoping to see increased tourism numbers through more flights to the province and more convenient access, but Krabi´s burgeoning property market is expecting to see gains too.
In property circles, Krabi has often referred to as part of Great Phuket, which includes Phuket, Phang Nga and Krabi provinces. And now with improved air access from key destinations within Thailand, the expansion and development of Greater Phuket, and Krabi in particular, is expected to gain momentum.
Copyright © 2007 Thailand Real Estate and Property Guide and Thailand Real Estate Magazine
Friday, September 14, 2007
Pacific Star launches Sathorn project
Real Estate investment firm Pacific Star International (Thailand) has launched the opening of sales for Sathorn Gardens Condominium, located on Sathorn Road, Bangkok.
"We are very proud to officially announce the opening of sales of Sathorn Gardens for all prospective clients, having freed the project from all obligations accrued under the previous developer. In paying for a premium lifestyle, anything less than perfection should not be tolerated. We have therefore applied our extensive international experience to fully enhance our first project here in Thailand", said Mr. Gill, Country Head of Pacific Star International (Thailand). "The construction completion of the 350 units and comprehensive renovations and refurbishments include upgrading all common areas throughout the project and facilities management. This will secure the long term investment value of all the condominiums and will put Sathorn Gardens on a par with other premium 5 star residences in Bangkok."
Sathorn Gardens Condominium is set on five rai, just off South Sathorn Road with two 41-story residential towers. The project offers a mix of spacious residential units including: studio units (39-43 square metres), one-bedroom units (63-86 square metres), two-bedroom units (78-94 square metres), three-bedroom units offering 200 square metres of space, and duplex penthouse units covering 462 square metres each. Prices start from 87,000 baht per square metre with the smallest 39 square-metre unit selling for about 3.4 million baht.
"Buyers can benefit as the building is already finished, and units will be ready to move in by January 2008. All units are fitted out with custom-designed kitchens, imported German kitchen appliances, timber floors, air-conditioning and fully-finished bathrooms. It is a wonderful new choice for Bangkokians and it is our intention to bring the best of all aspects to the project. We aim to provide a higher standard of living and a better quality of life to all our valued customers – a principal to which we at Pacific Star always hold firm." Gill said.
Source: http://www.property-report.com/aprarchives.php?id=739&date=120907
"We are very proud to officially announce the opening of sales of Sathorn Gardens for all prospective clients, having freed the project from all obligations accrued under the previous developer. In paying for a premium lifestyle, anything less than perfection should not be tolerated. We have therefore applied our extensive international experience to fully enhance our first project here in Thailand", said Mr. Gill, Country Head of Pacific Star International (Thailand). "The construction completion of the 350 units and comprehensive renovations and refurbishments include upgrading all common areas throughout the project and facilities management. This will secure the long term investment value of all the condominiums and will put Sathorn Gardens on a par with other premium 5 star residences in Bangkok."
Sathorn Gardens Condominium is set on five rai, just off South Sathorn Road with two 41-story residential towers. The project offers a mix of spacious residential units including: studio units (39-43 square metres), one-bedroom units (63-86 square metres), two-bedroom units (78-94 square metres), three-bedroom units offering 200 square metres of space, and duplex penthouse units covering 462 square metres each. Prices start from 87,000 baht per square metre with the smallest 39 square-metre unit selling for about 3.4 million baht.
"Buyers can benefit as the building is already finished, and units will be ready to move in by January 2008. All units are fitted out with custom-designed kitchens, imported German kitchen appliances, timber floors, air-conditioning and fully-finished bathrooms. It is a wonderful new choice for Bangkokians and it is our intention to bring the best of all aspects to the project. We aim to provide a higher standard of living and a better quality of life to all our valued customers – a principal to which we at Pacific Star always hold firm." Gill said.
Source: http://www.property-report.com/aprarchives.php?id=739&date=120907
Thursday, September 13, 2007
Frasers opens third Bangkok Property
International serviced apartment developer Frasers is set to open its third Bangkok property, Fraser Suites Sukhumvit.
The 118 unit development, on Sukhumvit Soi 11, will open its doors to guests in October. Jacqui Cuthbertson, general manager of the development, says Fraser Suites Sukhumvit will provide both corporate and leisure guests with a high quality beautifully designed living space, suitable for both long and short-term stays.
"I think what's important about this property is the design aspect of it and the facilities that we offer. We understand as Frasers that living in a foreign country is not just about the apartment that you’re living in. It’s also about the home environment, so the facilities that we’re offering always add value to the guest's life when they’re in a foreign country."
Rates start at Bt4,500 a night, and Frasers is offering discounted rates for long term guests. Facilities include a gym, swimming pool, sauna, restaurant, room service, meeting rooms which seat up to 20 people and a business centre. Apartments range in size and include 52sqm studios, 72sqm one-bedroom suites and 160sqm three bedroom penthouses. All units feature fully-fitted kitchens, washer/dryer and a full size fridge/freezer.
Cuthbertson says they expect the property to do well, as the very nature of the Sukhumvit area is that it attracts both types of travellers – corporate and leisure.
"We understand that serviced apartments are becoming the first choice for so many types of travelers so that it’s really sometimes the first option rather than a hotel for tourism and corporate travelers." she said. "Because we’re targeting both markets we can be quite flexible and adapt our services to suit both types. There’s more space."
Fraser Suites Sukhumvit is the Singapore firm's third Bangkok property, joining Fraser Place in Langsuan and Fraser Suites in Sathorn.
"Frasers is always looking for new opportunities, especially where the market is strong." said Cuthbertson. "In the first two developments we are achieving very high occupancy rates, which are proving to be sustainable all year round. Now Frasers has three very good locations throughout the city. It's a great portfolio to offer all our guests."
As for the current state of the serviced apartment market in Bangkok, Cuthbertson says Frasers is in a good position to continue to prosper, despite the high number of firms that enter the market every year. In fact, they even welcome the competition.
"It keeps us on our toes and raises the standard of quality, so that can only be a good thing for our guests."
Source: http://www.property-report.com/aprarchives.php?id=728&date=070907
The 118 unit development, on Sukhumvit Soi 11, will open its doors to guests in October. Jacqui Cuthbertson, general manager of the development, says Fraser Suites Sukhumvit will provide both corporate and leisure guests with a high quality beautifully designed living space, suitable for both long and short-term stays.
"I think what's important about this property is the design aspect of it and the facilities that we offer. We understand as Frasers that living in a foreign country is not just about the apartment that you’re living in. It’s also about the home environment, so the facilities that we’re offering always add value to the guest's life when they’re in a foreign country."
Rates start at Bt4,500 a night, and Frasers is offering discounted rates for long term guests. Facilities include a gym, swimming pool, sauna, restaurant, room service, meeting rooms which seat up to 20 people and a business centre. Apartments range in size and include 52sqm studios, 72sqm one-bedroom suites and 160sqm three bedroom penthouses. All units feature fully-fitted kitchens, washer/dryer and a full size fridge/freezer.
Cuthbertson says they expect the property to do well, as the very nature of the Sukhumvit area is that it attracts both types of travellers – corporate and leisure.
"We understand that serviced apartments are becoming the first choice for so many types of travelers so that it’s really sometimes the first option rather than a hotel for tourism and corporate travelers." she said. "Because we’re targeting both markets we can be quite flexible and adapt our services to suit both types. There’s more space."
Fraser Suites Sukhumvit is the Singapore firm's third Bangkok property, joining Fraser Place in Langsuan and Fraser Suites in Sathorn.
"Frasers is always looking for new opportunities, especially where the market is strong." said Cuthbertson. "In the first two developments we are achieving very high occupancy rates, which are proving to be sustainable all year round. Now Frasers has three very good locations throughout the city. It's a great portfolio to offer all our guests."
As for the current state of the serviced apartment market in Bangkok, Cuthbertson says Frasers is in a good position to continue to prosper, despite the high number of firms that enter the market every year. In fact, they even welcome the competition.
"It keeps us on our toes and raises the standard of quality, so that can only be a good thing for our guests."
Source: http://www.property-report.com/aprarchives.php?id=728&date=070907
Tuesday, September 11, 2007
Investing in Bangkok Condos
There is no doubt that real estate has the potential to provide you with a very large profit, as long as you know what it is that you are doing. With so many different types of real estate investments for you to make, choosing one may be difficult. Since so many people find Thailand to be a wonderful place to invest in because the cost of real estate is so affordable, this is something that you may want to take into consideration. Here, we will take a closer look at Bangkok condos, which are one type of real estate investment that you may want to consider making. Bangkok condos are something which has grown to be increasingly popular among people who are foreign to the country of Thailand.
One of the main things that you may be wondering, since there are so many different legal issues regarding people who are foreign to Thailand buying real estate, is whether or not it is legal for you as a foreigner to buy Bangkok condos.
Fortunately, it is legal for you to buy Bangkok condos, even as a foreigner. What this means is that if you are looking for some type of real estate investment in Thailand, Bangkok condos may be a great choice for you.
One of the main things that you may be wondering, since there are so many different legal issues regarding people who are foreign to Thailand buying real estate, is whether or not it is legal for you as a foreigner to buy Bangkok condos.
Fortunately, it is legal for you to buy Bangkok condos, even as a foreigner. What this means is that if you are looking for some type of real estate investment in Thailand, Bangkok condos may be a great choice for you.
If this is something that you are thinking about, one of the main things that you may be wondering is what the benefits of purchasing Bangkok condos as a real estate investment are. Well, one of the main benefits is the fact that you will be able to continuously bring in a monthly paycheck. This is one of the main reasons that many people enjoy investing in condominiums or apartments, so you will probably find investing in Bangkok condos to be very advantageous for your wallet. Aside from the fact that investing in Bangkok condos is legal for foreigners, this is one of the main benefits that this type of real estate investment has to offer you.
If you are planning on purchasing Bangkok condos as an investment, or even one for yourself to live in, it is important to make sure that you do an adequate amount of research. You will probably want to visit a lawyer in regards to the Bangkok condos which you are interested in. This will help ensure that you are following all of the legality issues which are related to you buying Bangkok condos as a foreigner. If you are planning on building your own condominium complex in Bangkok, you can trust that your lawyer may be able to provide you with the name of a good developer, as well as information about them. This will ensure that you will be the most satisfied, and also have the largest potential profit, with your Bangkok condos.
As you can see, there is much to take into consideration when it comes to investing in Bangkok condos. However, it is safe to say that this type of real estate investment is a wonderful choice to make, which is why you may want to consider investing in Bangkok condos yourself.
Article Source: http://www.articlesbase.com/real-estate-articles/investing-in-bangkok-condos-208171.html
If you are planning on purchasing Bangkok condos as an investment, or even one for yourself to live in, it is important to make sure that you do an adequate amount of research. You will probably want to visit a lawyer in regards to the Bangkok condos which you are interested in. This will help ensure that you are following all of the legality issues which are related to you buying Bangkok condos as a foreigner. If you are planning on building your own condominium complex in Bangkok, you can trust that your lawyer may be able to provide you with the name of a good developer, as well as information about them. This will ensure that you will be the most satisfied, and also have the largest potential profit, with your Bangkok condos.
As you can see, there is much to take into consideration when it comes to investing in Bangkok condos. However, it is safe to say that this type of real estate investment is a wonderful choice to make, which is why you may want to consider investing in Bangkok condos yourself.
Article Source: http://www.articlesbase.com/real-estate-articles/investing-in-bangkok-condos-208171.html
Flipping a House for a Real Estate Profit
House Flipping is the term used by investors who purchase a home for the sole purpose of quickly relisting the house for a profit. In many hot markets, a house can appreciate in as little as a few days! In these markets, it doesn’t take long to realize a profit. However, this is the exception rather than the rule.
More commonly, an investor purchases a home in a hot market, performs some general repairs, fixes obvious problems, paints, and replaces flooring. This means that the investor must hold onto the property for a few weeks to a few months. In this case, you must be able to afford to pay the mortgage for a few months.
When searching for an investment that you want to flip, you must find the right property. Not all homes are good candidates for flipping. Certainly, buying a home in a depressed area would not be a wise decision. You should look for an ugly home in a nice neighborhood.
Many potential investors ask whether they need to be a handyman or contractor to successfully flip a house. Not at all! You can be the “general contractor” and manage the house repair while you get it ready to resell. Of course, much of your profits will go to the people doing the work on your home, but you don’t have to give up your “day job” to get the work done.
When budgeting for your flip, a good idea is to get estimates from several contractors. Ask them to quote the price for the fix-ups, and more importantly, the amount of time it will take to complete the job. Remember that the longer the project takes, the more you’ll be paying on your mortgage.
Once you have several firm quotes, double the amount of the quote as a closer estimate to what you’ll actually spend. Unknown problems will be uncovered during the remodel and you’ll need to have some extra capital and have extra time available to complete the job.
Once you complete the project, get the house back on the market! And sell for a profit. Many people are successfully flipping houses as you read this. And many are making huge profits. But the first step is to start! So go buy a property and get it fixed up. Good luck!
Source: www.artickefinder.com
More Property Info ar http://www.easypropertybangkok.com
More Bangkok Property at http://www.bangkokhomequality.com
More commonly, an investor purchases a home in a hot market, performs some general repairs, fixes obvious problems, paints, and replaces flooring. This means that the investor must hold onto the property for a few weeks to a few months. In this case, you must be able to afford to pay the mortgage for a few months.
When searching for an investment that you want to flip, you must find the right property. Not all homes are good candidates for flipping. Certainly, buying a home in a depressed area would not be a wise decision. You should look for an ugly home in a nice neighborhood.
Many potential investors ask whether they need to be a handyman or contractor to successfully flip a house. Not at all! You can be the “general contractor” and manage the house repair while you get it ready to resell. Of course, much of your profits will go to the people doing the work on your home, but you don’t have to give up your “day job” to get the work done.
When budgeting for your flip, a good idea is to get estimates from several contractors. Ask them to quote the price for the fix-ups, and more importantly, the amount of time it will take to complete the job. Remember that the longer the project takes, the more you’ll be paying on your mortgage.
Once you have several firm quotes, double the amount of the quote as a closer estimate to what you’ll actually spend. Unknown problems will be uncovered during the remodel and you’ll need to have some extra capital and have extra time available to complete the job.
Once you complete the project, get the house back on the market! And sell for a profit. Many people are successfully flipping houses as you read this. And many are making huge profits. But the first step is to start! So go buy a property and get it fixed up. Good luck!
Source: www.artickefinder.com
More Property Info ar http://www.easypropertybangkok.com
More Bangkok Property at http://www.bangkokhomequality.com
Sunday, September 9, 2007
All Bangkok Property
Bangkok Property, House, Condo, Apartment and Tounhouse for Rent and Sale
If you are looking for Bangkok Property, House, Condo, Apartment and Townhouse to rent or sell, here is a place to find all Bangkok properties. We specialised in Bangkok property rental and sale service in easy and convenient way for you. We have a wide range of Bangkok Property database incorporating hundreds of individual property owner that want to sell or rent single house, condo, apartment and townhouse. For more information, do not hesitate to contact info@EasyBangkokProperty.com.
Also see all Bangkok Property, Home Quality in http://www.bangkokhomequality.com/ for more information.
Also see all Bangkok Property in www.EasyPropertyBangkok.com/list.php for more information.
If you are looking for Bangkok Property, House, Condo, Apartment and Townhouse to rent or sell, here is a place to find all Bangkok properties. We specialised in Bangkok property rental and sale service in easy and convenient way for you. We have a wide range of Bangkok Property database incorporating hundreds of individual property owner that want to sell or rent single house, condo, apartment and townhouse. For more information, do not hesitate to contact info@EasyBangkokProperty.com.
Also see all Bangkok Property, Home Quality in http://www.bangkokhomequality.com/ for more information.
Also see all Bangkok Property in www.EasyPropertyBangkok.com/list.php for more information.
Saturday, September 8, 2007
Bangkok Condos
The condos in Bangkok are convenient for those who are working in central Bangkok. Condo near sky train or subway are the most convenient places so that you can go to work easily. Finding Bangkok's condo are not easy as you guess, but the agent can find for you, tell them your requirement and they whill show you the condo list that you can select for renting or buying. The recently included Serviced Apartment or condo, showcasing a selection of exclusive residential units with services and facilities that are tailored to meet your individual needs, whether on business travel, holiday, project assignment or relocation, all with easy access to trains, expressways, shopping, dining and entertainment. The recommented condo list to see are as follow.
1. http://www.easypropertybangkok.com
2. http://www.BangkokHomeQuality.com
Good luck for finding Bangkok condos. If you still need any assistant finding bangkok condo, please contact me at swe@anet.net.th for more information and recommendation.
1. http://www.easypropertybangkok.com
2. http://www.BangkokHomeQuality.com
Good luck for finding Bangkok condos. If you still need any assistant finding bangkok condo, please contact me at swe@anet.net.th for more information and recommendation.
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