Leading listed Thailand property developer Sansiri will be extolling the virtues of the Kathu district of Phuket when it exhibits its dcondo Mine project in Singapore this weekend. Next month it will showcase the development in both Kuala Lumpur and Penang.
The developer sees the Kathu district in the south of the island as one of high potential for property buyers and investors.
In a statement, the developer said that with a luxury shopping zone underway, launching the dcondo Mine condominium project serves both international and local investors with a 7 percent per annum rental guarantee for one year.
According to Sansiri’s Foreigner Data Analysis for 2014, Singapore ranked as the second top foreign buyer of units – at 24 percent – with the investment pick being The Deck condominium located just over the mountain from Kathu in the popular beach city area of Patong.
Apichart Chutrakul, Chief Executive Officer and Co-founder of Sansiri, said: “Phuket is the renowned travel destination in Thailand with its gorgeous stretches of white sandy beaches. However, surveys and research show that Phuket tourism is no longer purely about the beach, and visitor profiles to the island demonstrate a shift in demand to shopping and entertainment attractions
“As a result of the economic stimulus and the enormous growth potential of this district, Sansiri is launching our latest dcondo Mine condo project overseas, after successfully launching The Deck in Patong last year.
“dcondo Mine comes with a 7 percent per annum rental guarantee for one year, and also a deferred payment plan for those wishing to leverage.”
The project is a few hundred meters from the planned Blu Pearl shopping destination, and is adjacent to a Duty Free Outlet that is currently under construction with completion scheduled for the end of 2015.
“We believe that this is an investment opportunity for Singaporean investors as a rental yield investment or as a holiday, own-stay residence, compounded with full facilities and great island access to key areas.
“Phuket is only a two-hour direct flight from Singapore and the new Phuket airport terminals are soon to be completed.”
“In addition to capital gains, rental prices are also steadily on the rise for developments in Phuket. This is an island with huge untapped potential for investment growth; its prices and infrastructure are yet to be on par with Bangkok, but the growth factors are developing, if not already present.
“As central island life on Phuket continues to attract short and long term residents both local and foreign, the upcoming retail and commercial development anchors will complement the property value uplift in the Kathu area.
“This domestic demand coupled with strong tourist traffic throughout the year is a true testament to the district’s transformation and unfolding future value.” added Apichart.
Future developments in Kathu
The success of the existing retail complexes, such as Central Festival and Jungceylon, have paved the way for a greater focus on “off beach” demand generators, with large retail operators such as The Mall Group setting its sights on this tourist hub.
An estimated THB20 billion investment on a 150-rai land plot is slated for the Blu Pearl Phuket, a large-scale retail, hotel and entertainment development by the Mall Group. Projected to operate in 2017, it will consist of a convention and exhibition centre with a resort hotel and a world-class theme park, with a total of 650,000 sqm of internal space.
The Singapore property exhibition for dcondo Mine in Kathu, Phuket, takes place on Saturday, April 25, and Sunday, April 26, at Carlton Hotel, Bras Basah Road.
Andrew Batt, International Group Editor of PropertyGuru Group, wrote this story. To contact him about this or other stories email andrew@propertyguru.com.sg
