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Follow on Google News |  Build it and they will come – Phuket propertyThe face of the property market in Phuket has changed over the last year, with more and more buyers making the decision to purchase property which is already completed or at least well on the road to completion
Proactive developers are recognising this new trend and are building out their projects before putting them on the market - one such developer is Mandala Condominiums in Bang Tao. Mandala Condominiums is the second development from the well respected Swedish developers, Bjorn Moller and Staffan Nordstrand. The first project, Baan Mandala, a collection of residential villas, was fully completed and sold out several years ago. The new development consists of twenty four condominiums, all with private pools, and is located in a residential area 500m from Bang Tao beach within a short drive of supermarkets and golf. The first block of six apartments and two penthouses is now completed and the standards are higher than those of similar properties in the same price range. High quality materials have been used throughout, the design is open plan and sizes range from 276m2 to 546m2 for the penthouse units. All have private pools, high ceilings and spacious outdoor terraces. Prices start from 17,600,0 00 Baht which is around 64,000 Baht per m2 – much lower than many ‘off-plan’ The development is fully funded and final completion will be towards the end of June 2010, buyers of the eight completed units can expect to move in by February 2010. All apartments will be built irrespective of sales, meaning new owners will not have to put up with construction noise for years to come. Other developers such as Baan Yamu on the East coast have recently re-launched their development following its completion and the announcement of new management by the Twin Palms Hotel. Baan Yamu has been constructed over the last few years and the whole estate has now been completed. Featuring a range of villas, apartments and penthouses, the style is contemporary and the architect ha s used plenty of local, natural materials such as sandstones and Thai hardwoods. The Baan Yamu residences are complimented by a range of communal facilities including a club house, restaurant, an Olympic-size swimming pool and a new Twin Palms Hotel will be built at the site over the next few years which will add spa facilities and new restaurants. Prices range from 12,800,000 Baht to over 75,000,000 Baht for a custom designed villa. A 6.5% rental guarantee is being offered for five years. Purchasers also have the option to finance 50% of their purchase. So what is the future for ‘off-plan’ Developers may argue that by investing in a completed property buyers will not benefit from price increases as the project is completed. However, buyers need to balance the security of their investment against possible future gains. We are still happy to advise our clients that buying ‘off-plan’ The message to property developers in Phuket and perhaps even on a global scale is now – Build it and they will come. Please contact us at info@phuketoceanvillas.com or visit our website http://www.phuketoceanvillas.com for more details. (c) Copyright Phuket Ocean Villas Co. Ltd 2009 Author: Rebecca Smith, Sales Director, Phuket Ocean Villas Co. Ltd http://www.phuketoceanvillas.com email: info@phuketoceanvillas.com Tel 0066 (0)76527565 # # # Phuket Ocean Villas specialise in luxury property in Phuket, Thailand. We have a superb and extensive portfolio of luxury property in Phuket, available in breathtaking locations throughout the island, including new property, resale property and land. End
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