BANGKOK: Residential property market growth this year has been cut to 3-5% from 5-7% following lowered GDP growth forecasts of 1.5-2.5% amid the spread of the recent coronavirus outbreak, says the Real Estate Information Center (REIC).
Vichai Viratkapan, REIC’s acting director-general, said the outbreak is a new threat that will have a strong impact on the global and domestic economies.
“Despite property incentives and lower interest rates, market sentiment will be unfavourable because of the impact of the outbreak on economic systems,” he said.
Last week, the National Economic and Social Development Council lowered its 2020 forecast of economic growth to 1.5-2.5% from the 2.7-3.7% forecast made in November.
Mr Vichai said a key factor for this revision is the forecast of weak residential transfers from Chinese buyers.
In a base case scenario, the number of units transferred nationwide will drop 4.5% to 356,661 units, down from an earlier forecast with a dip of 0.2%.
The worst case is a nosedive of 14% to 320,995 units and the best case is growth of 3.9% to 387,927 units.
The transfer value in the base case scenario is expected to drop 6.1% to B822 billion. The worst case is a decline of 15.5% to B740bn and the best case is a rise of 2.8% to B900bn.
In 2019, the number of residential units transferred nationwide rose 2.7% to 373,365 units, worth a combined B875bn, an increase of 4.3% from 2018.
The amount and value was higher than forecast at -8.4% and -8.2%, he said.
“Developers learned from the impact of the loan-to-value limits and unfavourable market sentiment in the second half last year,” said Mr Vichai. “This will help control excessive supply this year.”
Somprawin Manprasert, chief economist, head of research and executive vice-president at Bank of Ayudhya, said there were three factors hammering at economic growth. The biggest one was the coronavirus outbreak that will affect GDP by 0.4 percentage points through global tourism losses.
“The epidemic is a major concern because China’s economy is huge,” he said on Tuesday (Feb 25) at a property seminar.
China plays a large role in the world’s tourism market as it accounts for 20% of the sector, up from 3% in 2002.
The outbreak also affects the global supply chain because a lot of materials cannot be exported from China. This will also lead to unemployment, said Mr Somprawin.
“The virus impact will severely hit the Thai tourism sector in the first quarter before the sector gradually improves in the second quarter and bounces back on pent-up tourist arrivals from the third quarter,” he said.
Positive sentiment in the property market will return in the second half, said Mr Somprawin.
“The coronavirus outbreak is not terrifying because the mortality rate is very low at 2%,” he said. “The disease will peak in March-April with 20,000 infections per week. The number of cases will stabilise in May and become much lower after that.”
Drought will cut GDP growth by 0.3%, with an expected loss of B20bn for the agricultural sector if the water shortage lasts until May, which could reach B40bn by September, said Mr Somprawin.
The delay in government spending will hurt GDP growth by 0.1% as around B150bn from a total of B400bn for megaprojects will be postponed.
“The good news is interest rates are falling and the loan-to-value limits should be eased,” he said.
Thanavath Phonvichai, president of the University of the Thai Chamber of Commerce, said there are positive factors such as the decreasing rate of coronavirus infections and greater political stability after the dissolution of the Future Forward Party.
“The tourism industry will recover in September as the outbreak will end within June,” he said.
Mr Thanavath suggests potential homebuyers make a decision this year because they are likely to get a good price.
Courtesy: Published at The Phuket News on February 26, 2020 by Bangkok Post
In March of 2018, we detailed a Previous Notification under the Consumer Protection Act (1979) that went into effect on May 1, 2018 and which regulated residential structure leases, for example, leases of houses, apartments and condominium units. However, that notification raised significant questions regarding its applicability, as we also explained.
Then, on Oct 31, 2019, a New Notification of the Contract Committee Re: The Stipulation of Residential Property Leasing as a Contract-Controlled Business was issued.
The New Notification went into effect on Jan 30, 2020 and repealed the Previous Notification. And although the New Notification largely followed the provisions of the Previous Notification it significantly revised and reduced the rights and protections of the lessees (and, thereby, increased the rights and protections of the lessors) covered by the New Notification. Unfortunately, however, the New Notification did not resolve some of the most significant unanswered questions raised by the Previous Notification.
The New Notification provides the following:
• “Residential property leasing business” means a business that leases five or more property units to individual lessees for residential proposes. “Lessor” means anyone who leases property for residential purposes and receives a rental fee from the lessees in return. This remains unchanged from the Prior Notification.
• “Property” means a house, apartment, condominium or other residential property. However, dormitories, hostels and hotels that are regulated under separate statues are excluded. This too remained unchanged by the New Notification.
• A tenant or “lessee” can terminate the lease agreement by giving 30 days’ notice. However, unlike the Previous Notice, the New Notice requires that at least half of the lease term be expired before the lessee can exercise this right.
• With regard to termination by the landlord or “lessor”, the terms under which he can do so must be displayed in the lease agreement in a format that is clearly visible, such as typed in red or bold and black font, or font that italic and underlined. But the New Notification further provides and categorizes the landlord’s termination rights as follows:
• If the lessee breaches a provision in the lease contract the lessor can terminate the lease by serving a written notice to the lessee at least 30 days in advance;
• If the lessee’s action directly disturbs the peaceful living of other tenants, the lessor can terminate the lease by serving a written notice to the lessee at least seven days in advance; or
• If the lessee does not comply with the law relating to public order or good morals, the lessor can terminate the lease, effective immediately.
These new provisions make it much easier for a landlord to terminate the lease contract than under the Previous Notification, which required the lessor to provide the lessee with 30 days’ notice of any breach of the contract during which the lessee could cure the alleged breach.
The New Notification has also significantly revised, in a largely landlord-friendly manner, what a covered lease agreement is not allowed to include as follows:
Under the Previous Notification, the lease agreement could not exclude the lessor’s liability for breach of the agreement or tort against the lessee. However, now the lease agreement may exclude the lessor’s liability for any “non-material” breach of the agreement or any “justifiable” tort against the lessee.
The New Notification allows the lessor to require a total advance rental payment plus security deposit in an amount equivalent to three months of rent payment. This provides more security for the lessor than the Previous Notification’s one-month advance and one-month security deposit limitations.
Under the Previous Notification, the lessor could not confiscate the security deposit or advance rental payment. However, the New Notification allows the lessor to do so if the reason for doing so is due to the lessee’s fault.
The Previous Notification did not allow the lessor to enter the property without prior notice to the lessee. But the New Notification allows the lessor to do so to avoid harm to the lessor or others.
Under the Previous Notification if the lessee defaulted on the lease agreement, the lessor could not prevent the lessee from entering the property nor could the lessor enter the property and seize the assets of the lessee. Under the New Notification, however, the lessor can do so as long as the lessor first properly terminates the lease agreement.
However, although the New Notification provides that lease agreements “made under” the Previous Notification before this New Notification comes into force will be valid until their termination date, it still fails to clarify crucial questions as to its applicability.
For example, what does “made under” mean. As we explained there is a strong argument that the Previous Notification applied retroactively to lease agreements entered prior to the effective date of the Previous Notification. If that is the case, then all agreements made prior to the effective date of the New Notification were “made under” the Previous Notification. Consequently, are all relevant landlords, including those whose relevant lease agreements were entered into prior to the effective date of New Notification and who have been, for example, charging a premium for utility service, now obliged to stop charging their mark-up from that date forward?
Furthermore, it remains unclear how the New Notification applies to real estate projects, particularly condominiums, that have marketed long-term prepaid leaseholds to foreigners. Are they now required to return all pre-paid rent save for up to one to possibly three months in advance? And are such long-term prepaid lessees now allowed to also terminate their lease agreements for good cause per the New Notification?
In any event, the New Notification (like the Previous Notification) certainly appears to end the common long-term prepaid leases in developments that are marketed to foreigners in Thailand.
Undoubtedly the New Notification provides significant, and arguably fair, protections to residential lessees in Thailand. It also strikes more of a balance with regard to the rights of covered lessors than the Previous Notification. And, ultimately, the applicability of the New Notification to contracts entered before May 1, 2018 may not withstand judicial scrutiny, particularly a constitutional challenge.
But, for now and in any event, the potential for disruption in Thailand’s real estate sector due to the New Notification appears to remain just as significant as under the Previous Notification.
Courtesy: Published at The Phuket News on February 9, 2020 by Duensing Kippen
Of course any property investment carries some level of risk, and it is important understand the potential downside to an off-plan purchase.
Planned But Not Completed
The obvious risk that any investor faces during the “pre-construction phase” is that the development you are buying into is never be completed. This is not unique to projects in Phuket; it can and does occur elsewhere in the world.
If the off-plan sales are a critical part of the developer’s financing, but for whatever reason sales do not meet expectations, a project may never see the light of day.
In this case, investors who may have only paid deposits may still see some funds returned to them.
It is also possible that a developer’s struggles go deeper than their inability to sell out a particular development.
The problem may not be a weak real estate market, but rather a case of the developer overextending themselves. If they are juggling too many projects simultaneously it could put undue strain on their finances.
Investors need to be aware of this possibility and strive to ensure that the developer they are using is not overexposed. A good lawyer can really earn their fees by weeding out any potentially risky developers.
The Environmental Impact Assessment
Unforeseen obstacles may also arise with the plot of land designated for development. Changes in legislation/regulations have seen projects delayed or abandoned when the original planning is no longer approved.
For example, the Environmental Impact Assessment (EIA) may not yet have been conducted when off-plan sales begin, and negative one could cause problems for developers and investors alike.
A Disappointing Final Product
When buying off-plan, it is also possible that the final product differs significantly from the brochures and marketing materials which persuaded you to buy in the first place.
The Condominium Act was amended in 2008 to address this issue. Any marketing material you receive from a developer is now part and parcel of the sales and purchase agreement.
While delivering any major deviation from the marketing material technically violates the contract between the developer and you, most flaws are unfortunately not obvious until after construction.
Certain quality issues may be major or minor, and even if the developer is legally in the wrong – sometimes obviously so – you may still struggle to collect compensation. For this reason it pays to use a developer who is known for the quality of their finished product.
The Reservation Deposit
Reservations Deposits are common, but to ensure that yours is protected you need to make sure you have the right lawyer.
Even the best lawyer may not be able to begin due diligence until after the deposit is paid, but a good lawyer will ensure that any deposit is fully refundable should they find something amiss with the developer or the development.
Buying a condo off-plan comes with certain advantages, but it also carries a modicum of risk.
But carefully choosing the developer and engaging a qualified lawyer to guide you through the process will help to ensure that these risks are greatly mitigated.
Courtesy: Published at The Phuket News on January 26, 2020 by Thai Residential
PHUKET: More than 100 people turned out for the inaugural Phuket Real Estate Networking Event held at Kata Rocks last Thursday (Jan 16).
The launch event for the monthly series was hosted by Infinite Luxury and featured guest speaker Jeremy Khan from the Phuket Property Network.
“The purpose of the event is to provide a regular monthly networking evening at Kata Rocks where Phuket real estate agents and developers can promote their projects and get the latest information on everything related to their industry on the island,” explained a release issued yesterday (Jan 20).
Infinite Luxury CEO Richard Pope said the networking event will have two different guest speakers every month, covering various industry related topics.
He invited all property developers, real estate agents, and industry experts to join Phuket Real Estate Networking events in the months to come. The next edition of the networking event is planned for Feb 20.
“I’m proud to launch this event and bring together like minded real estate professionals in Phuket,” Mr Pope said.
“Kata Rocks is a by-product of a Phuket networking event I attended 12 years ago and shows the time is right to organise this on a monthly basis.” he added.
The launch comes as the Phuket real estate market has experienced steady growth over the past decade, with international tourism helping fuel interest on Thailand’s premier resort destination, noted the release.
“With over 800 real estate agents on the island, this event is bound to grow as it connects agents and developers and aims to streamline real estate efforts in Phuket,” it added.
Selling property can be a headache, especially when you sell in an unfamiliar market like Thailand. However, it doesn’t have to be like that. There are several fool-proof ways we have gathered from experienced agents at Fazwaz Property Group in Thailand to help you increase your viewings and sell your property faster.
1. Have the right attitude
Thailand is a buyer’s market, not a seller’s market. There’s more supply than demand and buyers have plenty of choices when it comes to buying property. Consequently, properties that are overpriced are very hard to sell, said Bangkok-based property consultant Praveen PalSingh.
2. Be a detective and offer the right price
This is the most important point. Search around the property and see what prices per square meter other villas or condos in the building, or in that area, are selling for, said Bangkok property consultant, Anjana Arora.
You can look at online listings or use tools like interactive maps featured at Fazwaz.com to find the average price per sq m in your building or in your area.
“Make a property comparison on Fazwaz by circling other properties in the area to see what they are priced for and if your property is priced according to the market and location,” added Hua Hin sales director Stephen Van der Merwe. For example, this is an interactive map showing condominiums in Asoke area, Bangkok where Fazwaz’s head office is located.
3. List your property online
Sakunee Meethong from Hua Hin said it is a good idea to list your property on online property websites. These websites have a wider reach and provide more exposure than hanging a ‘For Sale’ sign in front of your house.
4. Use high-quality photos
Attractive photos attract clients. Ask yourself if you have updated and high-quality photos for your property, said Hua Hin sales director Stephen Van der Merwe. “If the property looks good online, it will attract more attention.”
5. Make your offer stand out
The best way to sell a property fast is to set the price below the market price or “make the unit stand out from other similar units for sale,” said Praveen PalSingh. This includes nicer views and better furniture and appliances, he said.
6. Highlight location
Don’t forget to highlight the location and nearby amenities, advised Chayanin Chumphukham, who specializes in the Chiang Mai market. Nearby schools, universities, parks, restaurants, hospitals, shopping malls, 7-elevens, highways, as well as famous attractions are something you should add to the description.
7. Be flexible with viewing hours
Chayanin recommends sellers to offer flexible viewing hours, which can increase viewings and the chance of selling your property. It’s a good idea to say yes to every showing request.
8. Work with experienced agents
You can sell your house faster if you work with more experienced agents. Luke Murray, a property consultant, encourages sellers to work with a real estate agent or company that knows how to market and target the right buyers. “Advice for homeowners would be to find an active agent that you trust and can work closely with. Choosing agents that work with larger companies often gives the unit more exposure,” he added.
“Speak to your Fazwaz agent about exclusive listings – we offer excellent exposure to all of our exclusive listings. This strategy has proven to be effective at increasing viewings,” added Hua Hin sales director Stephen Van der Merwe.
9. Reduce the price
Ultimately, the key factor to selling fast is the price. In markets that are very price sensitive, only projects that are popular and are in good locations still hold their prices. The rest needs to be competitively priced, said Pattaya Sales Director John Lees-Whitehead.
“We recommend that the owner reduces the asking price, this will automatically rank higher on our website and all of our marketing channels.”
10. Be patient and honest
The Thai property market can be different from the market in your country and there is no magic trick, said Bangkok-based consultant Maxime Lienard. It is not unusual for property in Thailand to remain unsold for a year, depending on the market conditions. We don’t have any control over the market, but you can control your property; he recommended sellers to be honest with their information, post flattering photos, fix any issues before potential clients point them out, and make the property ready to buy as soon as possible.
These are 10 tips real estate experts around Thailand want to tell you, so you can attract more potential buyers and sell your property in a short space of time when you list your property for sale.
Two new condo developments are going ahead in the Layan Beach area of Phuket’s up-market west-coast beach strip. And there’s another one underway next to the Dream Beach Club at the northern end of the Layan beach strip. All in all, another 1,200+ keys added to the available rooms along the Bang Tao/Layan Beach area.
On the northern side of Bangtao Beach, next to Maan Tawan and nearby Banyan Tree Phuket is the upcoming Sunshine Beach development. With a plan for 771 hotel and residences units on 12.6 rai, the high-density project is targeting Mainland Chinese buyers with pricing points reportedly starting from 4 million baht. Construction is expected to start in June of this year and complete in 2022.
From our discussion with sales staff the developer has claimed they have reached an agreement with the government for beach fronting facilities in the National Park strip in front of the project.
While in Layan next to Lotus Gardens is the upcoming 400 unit Layan Green Park. Pricing points run from 2.5 million baht. Unit configurations will range from studio, to one, two and three bedrooms. Guaranteed returns of 10% for a period of 10 years are being promoted.
Phuket’s Layan area is seeing a surge in new real estate led projects and rising land values. At the same time as these two projects are underway, next to the Dream Beach is an oceanfront luxury project promoting sales of Grand Beach Villa and Ocean View Suites tagged as ‘N5’. The developer of the project is VIP Thailand who have another project in Rawai.
Based on our research the primary source market tragets of these three projects are mainland Chinese and Russian buyers. Local concerns in the Cherngtalay area over mounting traffic, water shortages and strain on municipal infrastructure are becoming issues.
Traffic in and around the central Cherngtalay shopping district is becoming increasingly clogged with little hope for respite other than improved traffic management.
Bill Barnett from c9Hotelworks, crunches the numbers and reports on some challenges for Thailand’s largest island and most popular tourist destination, outside of Bangkok.
Robust passenger arrivals in the second half of 2019 highlighted by growth in Indian tourists helped rebalance the island’s tourism sector, according to the C9 Hotelworks newly released Phuket Hotel Market Update (link below). The addition of direct flights out of Mumbai, Dehli and Bengaluru propelled numbers by 298% versus the same period the year before.
In 2019, year-on-year passenger arrivals declined in Q1 (-4%) and Q2 (-7%) due to international economic volatility, China-US trade tensions, and a strong Thai baht. Long-haul travellers from Australia and European countries (led by Scandinavia, Germany, and Italy) shrank. Moreover, Chinese arrivals moved into troubled territory with a negative year-on-year growth rate of -9%.
However, passenger arrivals notably regained momentum in Q3 (3%) and Q4 (8%). The demand came from regional Asian feeders (led by India, Malaysia, and Singapore). Overall for the year passenger arrivals in 2019 are forecasted to be similar to 2018, but punctuated by a second-half rising trend. In 2019, the total number of passenger arrivals at the Phuket International Airport is forecast to be 9,109,487 when finally tabulated, with the December year-on-year monthly 2019 figure forecasted to be up by 8%.
Citing recent media reports about Phuket’s hotels being “half empty”, C9’s Managing Director Bill Barnett stated “current 2019 data that reflects over 9 million passenger arrivals at Phuket International Airport, and hotel occupancy levels for the year in the low 70’s is contrary to the media claims which are unsupported by a lack of metrics or attribution.”
“While 2019 saw a slight drop in occupancy, and marked reduction in average rates and RevPAR*, these are mainly attributed to an appreciating Thai baht and reaction to increased competition in leisure destinations. The latter part of 2019 trending showed higher demand which is encouraging but seasonable challenges remain a key challenge.”
*Revenue per available room (RevPAR) is a performance metric used in the hotel industry. It is calculated by multiplying a hotel’s average daily room rate (ADR) by its occupancy rate. It may also be calculated by dividing a hotel’s total room revenue by the total number of available rooms in the period being measured.
Looking at key hotel performance trends, the second half growth spurt in demand drove full-year market-wide occupancy to 72% according to data from STR, which is 3% lower versus the 2018 numbers. Room rate pressure remains intense and a challenge to RevPAR; with Thai currency appreciation set to continue in 2020. Two key metrics that were impacted was a drop in island average rates by 6%, and the knock on impact to RevPAR that also stepped back by 10%, largely driven by lower room rates.
Tourism receipts in Phuket for the period January to November 2019 tallied 416 billion baht.
A key airlift factor is direct flights and diverse destinations. Comparing Mainland China with 21 destinations from 22 airlines and Russia with 34 destinations from 8 airlines, the number of Indian arrivals from 3 cities and 2 airlines is anticipated to see continued market penetration and upside in 2020 and beyond.
Phuket’s developing surge has continued with 57 properties under development in the pipeline representing 15,277 new room keys. Over 50% of the incoming supply are hotel managed residences or real estate-led projects.
In 2020, 5,009 newsroom keys from 21 properties will enter the island hotel supply, a 6% increase. The majority of future pipeline developments are in upscale and midscale tiers.
We previously wrote in this column on how a limited Thai company can be used legitimately to buy property in Thailand. This is obviously not an issue for condominiums or certain resort-managed properties – which can be owned freehold – but a Thai entity is required to purchase landed property.
Here we discuss the most popular types of landed property, and the relative attractions of each. The categories are our own, and serve to distinguish one type of house from another, even if they can all be generically called “villas”. Please allow us to reiterate that any foreigner whose Thai company is purchasing property must do things correctly, which is covered in detail in our Phuket Property Guide.
Bungalows and Bungalow Estates
The world “bungalow” originally referred to Bengali-style houses, which were typically one-storey homes with a veranda. It is a style of house which today is popular throughout the world.
Bungalows are very popular in Phuket, and the last 30 years have seen large numbers of these constructed. These are mostly found in and around Phuket Town, or in the more rural areas of the island.
There are also “bungalow estate” developments, including higher-end compounds in popular tourists areas, often with modern design concepts and sea views. Some developments are even structured to allow the bungalows to be sold to foreigners.
Bungalows today come in all shapes and sizes, and the prices can range from B3 million to B7mn, if not more.
While foreigners are allowed outright ownership of “bricks and mortar” – the physical buildings – only in very unique circumstances are they afforded the right to own land. This naturally prevents full freehold ownership of villas, bungalows, or any landed property by foreigners.
Any foreigner without a legitimate Thai company is advised to consider a long-term lease if they want a house a villa. But if you are looking for a villa, the options are also varied.
Villa Estates are usually quite good value for the money.
Often found inland from the beach, these tend to be gated communities (or at least walled-in), back from the major roads, and do not offer much in the way of views. These villas usually have quite stylish layouts, with a patio area and private pool.
If you want a warm weather home, these can be an affordable and convenient option, especially if you find one near to shops, restaurants, or the beach. You can get one these homes for as little as B7mn, and because villas generally rent quite well in Phuket, these can also be excellent investment properties. Sometimes developers will even offer investors an attractive rental program.
High-end villas are usually larger, both the house and the plot of land. They also tend to be in tourist areas or close to the beach. The quality of construction, including fittings and fixtures is generally higher, with a greater focus on architectural detail.
This class of villa can range in price from B15-50mn, and for that there is a noticeable difference in space and comfort. These villas rent extremely well, especially in the high season, making them attractive investment properties.
You will typically find “Luxury Villas” and “Super Luxury Villas” resting on verdant hillsides, with amazing views of the Andaman Sea, complete with spectacular sunsets.
Usually found in the most sought-after areas of the island, they also feature impressive designs with high ceilings, western appliances, and bedrooms with en-suite bathrooms. Spacious gardens, infinity pools, sundecks, and outdoor dining salas are common features, ensuring that comfort and quality are not sacrificed.
Prices start at B50mn, but you can also find these properties selling for as much as US$10-20mn (B300-600mn).
PHUKET: Kata Group, the long-established Thai local hotel operator that began with the opening of its first hotel on Phuket’s southwest coast 40 years ago, has launched its eighth resort, Pamookkoo Resort, representing an investment of B1.75 billion.
The new hotel is lead by Pariyawit “Benz” Achariyachai, son and heir to Kata Group founder and President Pramookpisitt Achariyachai, who will promote the project as a new leisure destination, focusing on fun-and-sun loving family groups, said a release announcing the new resort.
At an investment of over B1.75bn, not including the cost of land, Pamookkoo Resort is a theme hotel, designed as an adventure land into the past, with a Mesopotamian concept and a décor of golden earth tones, the release noted.
The four-star resort, covering an area of over 16 rai in Kata, is set around a large pool with a four-storey water slider.
The resort also features an outside playground for children and boasts the biggest “Kid’s World” in Phuket, at an area of 135 square metres and two storeys in height, equipped with ball pools, colouring stations and a nap area.
For corporate guests and events, the hotel offers several options of meeting rooms and facilities, with four function rooms of different sizes, the largest of which can host over 1,000 people, making it one of the biggest event spaces in Kata.
The resort’s Pamookkoo Pamookkaa room can accommodate up to 1,100 delegates, the Geology room can host 230 delegates, and the Zoology room 200 delegates. For smaller scale meetings, the Forest room offers a space for 30 persons.
With 512 units, the room options include Deluxe, Deluxe Premium, Family, and Suite with the sizes ranging from 32.8 square metres to as large as 77sqm, all of which are well equipped with modern amenities and large private balcony for every room.
The highlight of the resort is the Pamookkoo Adventure Pool, a large turquoise pool situated at the centre of the resort, with the four-storey slider in the shape of a fortress.
For small children, two more swimming pools are provided in the kid’s zone, together with mini slider and a “water house”.
The resort offers three restaurants, while its “Fit Room” provides features a wide variety of modern fitness equipment.
The opening promotion rates offer room prices from B2,000 to B4,000 per night, with the resort targeting both Thai and international visitors from countries such as Scandinavia, Russia, China, and India, explained the release.
The occupancy level during the opening phase is expected to reach 90-95%, which is commensurate with this Phuket’s tourism high season, said the release.
“Marketing will be focused on direct booking via the hotel’s official website, with special promotions for Thai residents,” it added.
“Today, we are pleased to welcome visitors to Pamookkoo Resort, the latest hotel by Kata Group. With over 40 years of experience, we have long been providing our guests with excellence in service, and we have always prided ourselves on meeting the changing demands of tourists,” said Mr Pariyawit, Product Development Director of Kata Group Resorts.
“Today’s guests are seeking fulfilling experiences, more than just accommodation, and this is an opportunity for our brand to grow in the market,” he added.
“Also, we are truly confident that Phuket tourism will continue to significantly grow, with a consistent 70-90% occupancy rate for our properties throughout the year. There are several more golden sites on the island that promise high potential, there are other up-and-coming world-class destinations, and the improvements in infrastructure including the expansion of Phuket International Airport all make Phuket one of the greatest of international destinations,” Mr Pariyawit explained.
Kata Group now has a total of eight hotels and resorts in operation. Beyond Resort Karon in Phuket and Beyond Resort Khao Lak in Phang Nga are both luxury resorts open to visitors of over 18 years of age.
Beyond Resort Krabi and Beyond Resort Kata, Phuket, target family vacations. Beyond Patong in Phuket is a landmark in the island’s popular beach resort of Patong, with its Underwater World theme, while Phuket Orchid Resort & Spa at Karon Beach is a family destination.
Novotel Samui Resort Chaweng Beach Kandaburi, on Samui, is the only property not directly operated by Kata Group. Pamookkoo Resort, at Kata, Phuket, is the newest of the Kata Group properties.
Kata Group plans to further expand their business along the Andaman coast, adding one or two units within the next three to five years bringing the total accommodation to around 2,000 rooms, the release explained.
Regarding high competition in the hotel business in Phuket, Mr Pariyawit expressed his confidence in Kata Group’s hotels, saying they are able to answer to tourists in every segment. All of the hotels by Kata Group have their own distinctions, and are trusted by existing and new customers, he said.
BANGKOK: Transfer and mortgage fees for residential properties under B3 million each have been drastically cut for two months as part of stimulus measures for the property sector.
Effective from Saturday to Dec 24 next year, both the transfer registration and mortgage registration fees were cut to 0.01% of property prices from 2% and 1%, respectively, according to an Interior Ministry announcement published in the Royal Gazette on Saturday (Nov 2).
The new rates apply only to land and residential buildings, as well as condominium units, priced under B3mn each and for same transactions.
Charnkrij Dejvitak, a vice minister to the Prime Minister’s Office, said a buyer applying for a B3mn loan at the Bank for Agriculture and Agricultural Cooperatives will now pay the fees totalling B600 from B90,000 earlier.
“We hope pent-up demand will begin to ease now. A meeting will also be held on Wednesday with the three property associations to conclude details on joint promotional campaigns with government agencies to tap year-end demand,” he said.