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Luxury view good on Phuket and Samui

November 26, 2010

The Phuket and Koh Samui high-end property markets will enjoy continuous foreign investment in the coming years, says Warnes Associates Co, a local structural engineering design consultancy.

Vanich Nopnirapath, the company’s director and a partner, said that even though the residential supply on both holiday islands was now abundant, foreign demand would continue to push forward expansion of property developments, particularly in the luxury segment.

“During this time of global economic instability, investment will continue to flow into emerging markets such as Thailand,” he said. Foreign investors looking for long-term investment tend to put their money into property, helping to reduce risks from fluctuating currency exchange rates.

“The good thing about the crisis is it has made people stop and consider what the most worthwhile investment would be,” said Mr Vanich. As well, the high-end market and long-term investors such as hotel owners are feeling less of a pinch from domestic political instability.

Mr Vanich said the overall Koh Samui, Phuket and Bangkok property markets have already reached maturity, with only slight growth projected over the next five years. However, the company will maintain its focus on all three markets, particularly Koh Samui and Phuket, where competition is light and prospects for high-end developments remain bright.

“There are hardly any plain locations left for project developments on Phuket and Koh Samui. The remaining sites are becoming more and more difficult such as on sloping land or up on cliffs,” he said.  Mr Vanich said structural designs that are not up to standards can lead to a financial loss of up to 7-8% of a project’s value.

Absolute World Group’s developments include Absolute Bangla Suites (opened October 2009) and Absolute Nakalay Beach Resort (opened January 2010), yooPhuket (launched in 2009) and are soon to be adding to their collection of designer boutique resorts with the launch of The Beach Samui by YOO, and their independent Absolute Developments project, Absolute Twin Sands Spa & Resort, which is expected to be completed in 2012.

The Absolute World Group – Asia’s leading lifestyle property developer, resorts and hotels operator, fractional ownership and vacation club pioneers – have collected their latest prestigious award “Best Boutique Developer” over strong competition from around the country. A prestigious acknowledgement of achievement, the annual awards have become the “one to win” and are highly respected for their independence and difficulty to win. The 5th Thailand Property Awards 2010 gala dinner and the 29 awards presentation of Thailand Real Estate industry was held at Grand Hyatt Erawan Bangkok with 500 industry professionals in attendance.

Bryan Lunt, Chairman of the Absolute World Group of Companies said, “We are delighted to receive this award. It is for everyone at Absolute World Group. Together we have created and sold two unique boutique condominium developments on Phuket which are now operating as resorts. We are currently working on two new luxury designer condominium developments, yooPhuket and The Beach Samui by Yoo, both which will further raise the design-standard of boutique developments in Thailand.”

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