Thailand’s high-end property developer Raimon Land has awarded the piling contract for its latest development 185 Rajadamri to Pylon Public Co., Ltd. The piling work commenced last Monday and will be completed in January 2011. Officially launched in September, the project has been attracting potential buyers among Thais and the expatriate community.
Thailand’s high-end property developer Raimon Land has awarded the piling contract for its latest development 185 Rajadamri to Pylon Public Co., Ltd. The piling work commenced last Monday and will be completed in January 2011.
Officially launched in September, the project has been attracting potential buyers among Thais and the expatriate community. To date, 30 per cent of all available units have been firmly booked, representing sales amounting to approximately THB 2.4 billion (US$80.15 million).
“The response from customers has been tremendous. An impressive number of potential homeowners and investors visit our showroom everyday, attracted by the prospect of owning the last remaining freehold property on Rajadamri Road,” said the company’s chief executive officer Hubert Viriot.
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Bangkok Property overview
Neither India nor South Africa issued any travel warning during the recent red shirt demonstrations. They obviously felt their citizens were responsible enough to determine whether they should travel to Thailand and knew how to safeguard their personal safety _ a refreshing approach compared to certain countries that effectively declared all of Thailand including places such as Phuket and Koh Samui off-limits to their citizens.
A new and better-calibrated approach to issuing travel warnings is especially timely, given the increasing frequency of civil disturbances around the world. For example, we have seen labour protests in Greece in May and the G20 riots in Toronto in June _ despite the violent nature of these protests, no blanket travel warning was implemented on either Greece or Canada.
Although the current outlook for Thailand property has taken a knock and the current political situation needs to be followed closely by potential Thailand property investors, the country’s property market should not be overlooked.
The completion of the Suvarnabhumi-Bangkok International Airport has spurred growth in commercial property markets in eastern Bangkok as well as in the beach resort of Pattaya. Thailand has become even more accessible by air with a wide range if International carriers using Bangkok as a hub. In recent years, there has also been a surge in budge carriers, offering very competitive prices to both local and international destinations.
Real estate developers in 2010 are more cautious and many have professionalized their operations
Thailand’s property market was able to rebound from past crises and there is every reason to believe it will be able to absorb the blow of recent political tensions. The taxation situation has actually improved the conditions for purchasing property in Thailand, and if property prices do dip slightly as a result of the current situation it may actually be a good time to buy as there is a very real possibility Thailand property will regain its golden outlook soon. As a result, the financial condition of most major housing developers in Thailand is much more robust than in the past. The development of the local bond markets and increasing domestic savings has the made the industry much less dependent on foreign funds, a significant difference from 1997.
The real demand for residential real estate stems from local residents and foreigners living or working in Thailand. The latter group will definitely be affected by the weak global economy but what about local Thai residents? The Thai domestic economy will also be adversely affected by the crisis, especially the export sector.