The 2011 Thanachart Bank Thailand Property Awards were held on December 6th at the Grand Hyatt Erawan Hotel in Bangkok. A highly anticipated event in the country’s business and social calendar, the Gala Dinner and Awards Ceremony was attended by more than 600 CEOs, managing directors, developers and other senior management figures from the national and regional property sector.
The Thanachart Bank Thailand Property Awards were first held in 2006. Now in their sixth year, the awards aim to promote, reward and showcase the best in Thailand’s real estate industry.
The awards assist in promoting the high level of quality on offer in Thailand’s real estate, construction, architectural and interior design sectors, as well as the professional services available. The professionally run awards system has put Thailand’s real estate on the world stage. Previous winners have used their awards in advertising campaigns and billboards around the country as a testament to their excellence.
The Gala Dinner attracts over 600 CEO’s, Managing Directors, Presidents and other senior management figures in the real estate and related industries every year. Thailand Deputy Prime Minister Dr. Trirong Suwankiri gave the keynote speech at the 2010 Thanachart Bank Thailand Property Awards, enlightening attendees on the government’s role in guiding the success of the country’s real estate market.
With 31 dedicated categories, the awards have become a benchmark for quality in the property industry and the evening’s winners included Thailand’s best condominiums, villas, commercial and housing developments, as well as awards for best architecture and interior design in the Kingdom’s residential, hotel and commercial sectors. “Over 1,300 nominations were received this year, and from those over 250 entries” said Terry Blackburn, CEO of Ensign Media, the organisers of the event.
Mandala Condominiums took home the prestigious Best Condo Development (Phuket) at The 2011 Thanachart Bank Thailand Property Awards, held December 6th at the Grand Hyatt Erawan Hotel in Bangkok.
Mandala Condominiums – a collection of 24 over-sized apartments, all with private pools and located in Phuket’s prestigious Laguna area, was recognized at a glittering gala ceremony attended by more than 600 CEOs, managing directors, developers and other senior management figures from the national and regional property sector.
The award is particularly significant to the project’s developer Staffan Nordstrand who started building Mandala Condominiums at the beginning of the world financial crisis in September 2008 without any pre-sale purchases or any guarantees when the economic climate would improve.
Mandala Condominiums triumphed through these hard times and sold 50% of their 24 total units. With this award they are now poised to further capitalize going into Thailand’s tourism season as one of the island’s only completed, new condominium developments.
“We are very proud of this award as it acknowledges Mandala’s ongoing commitment to high-quality standards,” says Nordstrand a Swedish national who has been operating a construction business in his homeland since 1974. “We’ve achieved this award by following very tight ISO international building standards to manage Mandala’s quality, timing and economy.”
Nordstrand pointed to these six key factors Mandala Condominium utilized to ensure a winning formula:
Winners of Thanachart Bank Thailand Property Awards 2011
Best Affordable Condo Development (Bangkok)
– Rhythm Ratchada
Best Residential Agent (Resort)
– CB Richard Ellis (Thailand) Co., Ltd.
Best Residential Agent (Bangkok)
-CB Richard Ellis (Thailand) Co., Ltd.
Best Commercial Agent
– CB Richard Ellis (Thailand) Co., Ltd.
Best Property Management Company
– Jones Lang LaSalle (Thailand) Ltd.
Best Property Consultancy
– CB Richard Ellis (Thailand) Co., Ltd.
Best Overseas Property Agent
– Savills (Thailand) Ltd
Best Agency Deal
– Colliers International Thailand
Best Property Website
www.cbre.co.th
Best Residential Architectural Design
– Habita Architects for Soneva Kiri by Six Senses Resorts and Spas
Best Commercial Architectural Design
– Palmer & Turner (Thailand) Ltd. for Sathorn Square
Best Landscape Architectural Design
– P LANDSCAPE for Phulay Bay A Ritz Carlton Reserve
Best Hotel Architectural Design
– Habita Architects for Soneva Kiri by Six Senses Resorts and Spas
Best Residential Interior Design
– Brennan Beer Gorman Architects, New York; Plan Architect Co., Ltd. Thailand for The Residences at The St. Regis Bangkok
Best Condo Development (Phuket)
– Mandala Condominiums
Best Condo Development (Eastern Seaboard)
– The Tropical Dream Condominium
Best Luxury Condo Development (Bangkok)
– The Residences at The St. Regis Bangkok
Best Villa Development (Phuket)
– Malaiwana
Best Villa Development (Eastern Seaboard)
– Soneva Kiri by Six Senses Resorts and Spas
Best Housing Development (Bangkok)
– Setthasiri Chaiyapruk-Chaengwattana
Best Residential Development (Samui)
– Code
Best Residential Development (Hua Hin)
– Baan Ing Phu
Best Residential Development (Chiang Mai)
– Residences at Four Seasons Resort Chiang Mai
Best Commercial Development Thailand
– Sathorn Square, Bangkok
Green Development Award
– Soneva Kiri by Six Senses Resorts and Spas
Best Shared Ownership Development
– Beach Republic The Residences
Real Estate Personality of the Year
– Khun Anupong Asavabhokhin, Chief Executive Officer, Asian Property Development PLC
Best Villa Development Thailand
– Soneva Kiri by Six Senses Resorts and Spas
Best Condo Development Thailand
– The Residences at The St. Regis Bangkok
Best Boutique Developer
– Kalara Developments
Best Developer
– Minor International PLC
Some observers are concerned that the global financial crisis may affect the Thai real estate market. Generally, a real estate bubble occurs when property prices rise quickly in a short period, primarily from speculation – resulting in a supply-and-demand imbalance. When property prices are rising faster than the cost of money and banks continue increasing loan-to-value ratios, funding becomes easier – propelling additional speculation.
Compared to 1997 Real estate companies are able to respond much more quickly to changes
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.
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.
Land Ownership: In general, non-Thai businesses and citizens are not permitted to own land in Thailand unless the land is on government-approved industrial estates. Under the 1999 amendment to the Land Code Act, foreigners who invest a minimum of 40 million Baht (approximately US$1.2 million) are permitted to buy up to 1,600 square meters of land for residential use with the permission of the Ministry of Interior. If the required land is not used as a residence within two years from the date of acquisition and registration, the Ministry has the power to dispose of the land.
