Hua Hin Today
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Volume 8 issue 11 September 2011
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Volume 8 Issue 11 September 2011
Slow stock markets help fuel Asian real estate boom
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hile stock markets the world over continue their bearish ways, real estate is becoming an increasingly attractive form of investment. In Asia, the market has seen major growth recently, and industry experts anticipate the expansion to continue into the future, according to Property Wire. Currently, the biggest markets in the Asia-Pacific region are in China and Australia, but Japan is making a comeback following its tsunami disaster earlier this year. Megan Walters, head of research for Capital Markets at Jones Lang LaSalle claimed the property market in the region is expected to see as much as US$100 billion in transactions this year alone. The heavy investment is backed by good economic sense, as well: prime office stock in cities such as Shanghai or Sydney offers yields of over 6 per cent, claims Walters. In China, approximately US$5 billion worth of commercial transactions took place in Q1, including the purchase of a state of the art office building for US$94 million in the Pudong area of Shanghai. Other cities in China saw similar action, such as the purchase of a 560,000 square foot factory in Suzhou in the largest deal
between the Singaporean and Chinese governments to date. While China booms, Australia remains the most attractive option for international investors. Boasting an S&P AAA credit score, Australia received only slightly less than US$4 billion in direct investment, nearly half of which came from overseas. With the overall economic climate not
likely to greatly improve in the near future, real estate will continue to be an overall safe and profitable investment. China in particular, and the entire AsiaPacific region, are set to capitalise, and as more and more big deals get completed, look for the market to continue to grow. Courtesy of www.property-report.com
Bangkok developers to launch projects worth THB100bn in 2H
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igh sales volumes have boosted confidence in Thailand where the top ten real estate developers are planning to launch residential projects worth more than THB100bn (US$334mn) in the second half of 2011.
Almost all companies surveyed plans to launch condominiums, single detached houses or townhouses. Pruksa Real Estate has 40 projects worth THB28bn (US$93.7mn) in the pipeline and Sansiri will launch 16 new residential projects worth THB22bn (US$73.6mn). Asian Property Development plans to introduce into the market 8 new projects worth THB10.2bn (US$34.1mn). The residential property market in Bangkok has witnessed growth in demand for projects priced lower than THB4mn (US$133,900) partly due to the new government’s zero interest financial package that gives first time home buyers of houses prices below THB4mn interest free loans for the first five years. Town houses has also gained market ground with more and more developers entering this form of residential projects. According to The Nation, Asian Property Development CEO Anuphong Asavabhokhin said that four of the company’s eight new residential projects launched in the second half of this year will be condominium projects, worth Bt7.65 billion while the next four will be townhouses, worth Bt2.57 billion. “We plan to launch eight new projects in the second half of this year because we believe that after the election, the country’s political situation will be stable, at least during the honeymoon period of the first six months. This will boost the confidence of home-buyers,” Anuphong said. www.property-report.com
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Hua Hin Today
Volume 8 issue 11 September 2011
Thai Property News
Hua Hin Today
Volume 8 issue 11 September 2011
Bangkok condominiums: from high-rise to low-rise
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he supply of new condominiums in Greater Bangkok has declined an estimated 10 per cent this year, while the number of new low-rise units is increasing, according to a report released by the Real Estate Information Center (REIC). Land allotment permits for low-rise units, excluding vacant land lots totalled 27,400 units in the first half of the year, up from 19,800 in the same period of last year. The increase in low-rise units is expected to equal the peak witnessed in 2005. According to the Bangkok Post, last year, lowrise permits totalled about 51,400 units, up from about 42,600 units in 2009. Meanwhile, the number of new high-rise housing construction permits in Greater Bangkok in the first quarter dropped to 260 buildings containing 1.51 million sqm from 302 buildings with 1.59 million sqm in the fourth quarter of 2010.
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First-time car buyers will get tax waivers of up to Bt100,000 each and first-home buyers will be eligible for a zero mortgage rate for five years, Deputy Finance Minister Boonsong Teriyaphirom said.
The first quarter of last year saw 268 buildings with 1.64 million sq m, and this segment has been declining every year since 2007. Samma Kitsin, director-general of the REIC said the condominium sector had cooled due to over supply. He predicted the number of new condo units launched in Greater Bangkok this year to be inance Minister Thirachai Phuvanatnaraaround 60,000 down from 66,000 last year. nubala will today announce implementation of government policies to financially support Courtesy of www.property-report.com people who want to buy cars and homes, (22/08/2011) Boonsong said. He explained that the Excise Department will waive its tax, which will result in lower car prices by up to Bt100,000. However, the car must be a new one and its price not over Bt1 million. The car cannot change hands during the first five years, otherwise its owner must return the tax incentives back to the Finance Ministry, he said. Eligible car models would be passenger cars or pickup trucks, he said, adding it would consider allowing commercial banks to join in
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New residences for Pattaya
financing buyers. People buying homes would receive a zero mortgage rate for five years, on condition the house prices did not exceed Bt3 million. The Government Housing Bank will implement this new mortgage scheme which offers a much better term loan than that offered by the Abhisit government. The Bank for Agriculture and Agricultural Cooperatives said it was ready to introduce a credit card for farmers and a fuel credit card for motorists. Other state banks will join the projects. The government also plans to offer commercial banks incentives if they participate in these credit schemes, he said Courtesy of The Nation (August 19,2011)
Russians, Asia-based expats drive boom in Phuket demand
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NYX Hospitality Group is adding an 11th development project to its established Amari brand in Thailand. Situated on a hillside overlooking Pattaya Bay, the 35-storey high-rise property Amari Residences Pattaya is set to begin construction in 2012 and will open in late 2014. According to the company, the property will feature 140 privately owned residential condominiums and 135 Amari-managed serviced apartments. It will offer standard one and two bedroom units, ranging from 34.5 sqm to 84.5 sqm, as well as larger four bedroom apartments and penthouses. Nova Group Thailand, the developer owning the property, is positive that the partnership with ONYX Hospitality Group will help to expand the economy and fortify both companies foothold in Pattaya. “We believe in ONYX Hospitality Group’s expertise in hospitality management and we are confident that ONYX Hospitality Group will lead our property in the right direction towards a bright future,” said Rony Fineman, President and Owner of Nova Group. His counterpart at ONYX, Peter Henley, President and CEO, also expressed his gratitude for the long partnership with Nova Group and optimism for future prospects, “We are delighted that Nova Group Thailand, the owner of the Pattaya property, has
entrusted us with the management of this key development. Through the management of this new project, we are pleased to position ourselves as a leading hospitality provider in Pattaya.” Courtesy of www.property-report.com (22/08/2011)
surge in interest from Russian buyers and expats working in Hong Kong and Singapore has seen property sales in Phuket speeding up. While buyers from more traditional markets such as the UK are still feeling the sting of the global financial crisis, these new customers are picking up the slack, according to the Bangkok Post. Piya Sosothikul, managing director of Erawana Co (a Phuketbased developer), reported that local demand is minimal, but sales for the first two quarters of 2011 are up 25 per cent YoY. Mr. Piya hopes to see the market remain solid for at least the next year to 18 months, but is not confident of a return to the peak of 2006, when sales topped THB10 billion (US$334.31 million). Besides still-weak economies in North America and the EU, a potential return to form is being further hampered by a lack of
consumer confidence. Many buyers who paid substantial down payments are unable to get refunds on their villas and condos, as 29 projects out of a total of 168 have failed. This will further delay the total recovery of Europeans who were the big buyers before the economic and financial crisis hit in 2008.
Mr. Piya said his company would launch 15 villas at Tanode 3 in the Laguna area worth THB300 million (US$10 million) by the end of this month. Erawana launched the five-villa Peykaa, in which villas are worth THB1 million (US$33,400) each earlier this year. Currently it has sold 20% of both projects and expects to have in the neighborhood of THB200 million (US$6.68 million) in sales per year. www.property-report.com
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Hua Hin Today
Volume 8 issue 11 September 2011
Property News
Hua Hin Today
Volume 8 issue 11 September 2011
Singapore home sales spring back
Prime Retail Rents Accelerate in Asia Pacific
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rime retail rental growth in Asia Pacific accelerated in the second quarter with the CB Richard Ellis Asia Pacific prime retail rental index rising by 5.3% y-o-y. The figure was an improvement on the 4.1% y-o-y growth recorded in the first quarter and rental growth is now back to where it was prior to the onset of the global financial crisis in mid-2008. Greater China recorded robust growth of 12.3% y-o-y whilst the Pacific re-emerged as a driver of growth during the period, rents rising by 6.8% y-o-y. Retail sales growth remained solid across most key markets during the second quarter, rising by 8.2% y-o-y in May (excluding Japan). Manufacturing activity slowed considerably, however, partly due to disruption in the regional supply chain caused by the Japan quake and tsunami. Whilst economic fundamentals in Asia Pacific remained positive, concern was growing over the broader global picture as the United States narrowly avoided default and the situation in the Eurozone worsened. The second quarter nevertheless saw further expansion by domestic and international retailers with fast fashion stores continuing to account for the majority of prime leasing deals.
This group of retailers was particularly active in Greater China and appeared to be gradually replacing luxury brands as the main driver of demand. Watch and jewellery retailers, department stores and F&B outlets were also in expansion mode. Worries remain over the scale of new supply in the pipeline with 35 million sq. ft. (325,300 sq.m.) of new retail space scheduled to be completed in 2011, around 80% of which is set to come on stream in the second half of the year. The development pipeline in the Pacific remains limited, however. Mr. Sebastian Skiff, Executive Director, CBRE Retail – Asia said, “Beijing, Guangzhou, Hanoi and Ho Chi Minh City will see a particularly large volume of new completions to meet the needs of international retailers looking to expand. Elsewhere in Greater China, new retail supply will remain tight in Hong Kong and Taipei.“ “Looking ahead, rents are expected to continue to rise in Asia although the rate of growth will begin to moderate as new supply is completed in a number of key markets and consumers turn more cautious amid the deteriorating global economic outlook“, he continued.
Foreign funds sought in Vietnam market Foreign investors have plenty of opportunities in the Vietnamese domestic market, as developers are facing difficulties getting bank loans and buyers. According to Marc Townsend, managing director of CB Richard Ellis Vietnam, South Korean buyers have been returning to the market after leaving in 2008. Russian and Chinese investors have also been expressing interest in the market. A senior executive of developer Sacomreal said there has been foreign interest in the first half of this year about its project, reported VietnamNet. Foreign companies it has spoken with include Mapletree investments, a subsidiary of Singaporean Temasek Holdings; South Korean Sung Chang, which expressed interest in retail projects; and Israel’s Engellnvest. The analsysis director of Savills Vietnam, Su Ngoc Khuong, has received inquiries from domestic developers hoping to link with foreign funding. He said the number of cases in which domestic investors use the company’s consultancy services has increased by 20 per cent. He also said investors from South Korea, Japan and Singapore have expressed interest in apartment, villa and office projects. According to Khuong, it takes approximately one to two years for a transaction to be completed.
Singapore’s private home sales gained some of the ground lost in June as last month’s sales rose 17 per cent from the previous 25 per cent drop, as superstitious buyers dove in ahead of the traditionally slow Hungry Ghost Month. Developers sold 1,386 private units last month, up from 1,182 in June, according to data from the Urban Redevelopment Authority (URA). The majority of the homes sold (54 per cent or 754 units) were in the suburban areas of the Outside Central Region. The rest of the Central Region, or the city fringe, followed with 37 per cent of the sales, according to TodayOnline. Dr Chua Yang Liang, head of research, South-east Asia, at Jones Lang LaSalle, told MediaCorp: “This is likely due to the Hungry Ghost Festival in August, when sales traditionally fall, as buyers secure units in advance of the slowdown.” He noted that there was a similar trend in the past two years, with the month before the Hungry Ghost Festival registering a runup in sales, before transactions fall off as both buyers and sellers held back during the Seventh Lunar Month that they considered inauspicious. But other fiscal factors may also be at play. Li Hiaw Ho, executive director at CBRE Research, said the sales were also boosted by low mortgage rates and attributes of new projects. Interestingly, while sales climbed, the number of new launches continued to fall, down by 11 per cent to 1,435, excluding ECs. As such, the take-up rate shot up to 97 per cent last month compared to 73 per cent in June. Still, on a year-on-year basis, the number of private homes sold fell 11 per cent from 1,553 units in July last year. And in light of key policy changes to the public housing market, including the ramping up of the number of Built-To-Order flats as well as
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While new foreign investors still keep cautious when approaching the Vietnamese market, the experienced investors have been trying to expand their investment portfolios. Singaporean CapitaLand, for example, has purchased 70 per cent of the stakes of the residential quarter project in Binh Trung Dong ward in district 2 of HCM City from Khang Dien Saigon. The project is expected to cover an area of 2.9 hectares, which will contain 974 apartments. Of the total investment capital of US$70million, CapitaLand is holding 70 per cent of the capital contribution, while Khang Dien is holding the other 30 per cent. Just two weeks later, the group made another deal when it purchased 65 per cent of stakes of Quoc Cuong Saigon at US$5.8million. Quoc Cuong Saigon possesses a 9000 square meter land plot in Binh Chanh district in HCM City, which currently has a license for developing an 800-unit apartment. Courtesy of www.property-report.com
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the increase in the household income ceiling, property consultancy Jones Lang LaSalle estimates that annual demand of private units will be reduced by 700 to 2,000 units. Although sales transactions are expected to fall, prospective buyers waiting for prices to come down will be disappointed, given the prevailing low interest rates and the volatility in the global stock markets, some analysts said. Colin Tan, head of research and consultancy at Chesterton Suntec International, believes the downside is “limited”. “Singapore has emerged as one of the few economies that still has a triple-A rating,” he
said, referring to the Republic being an even more attractive investment destination amid the worsening sovereign debt crises in the United States and the euro zone. Others said demand will be more likely to be influenced by external factors than domestic policies. Ong Teck Hui, head of research and consultancy at Credo Real Estate, said: “The concern now is not so much about the HDB measures, but more about the deterioration in the external environment and our own economic outlook for the rest of the year. There seems to be more uncertainty relating to debt, and that is likely to affect sentiment and hence demand ultimately.” Courtesy of www.property-report.com
More HDB owners venturing to private market
ore HDB flat dwellers have been turning to the private market, upgrading from their current properties, according to a recent report. The link was made by DTZ Research, which showed an increasing trend of buyers with HDB flat addresses, reported Channel News Asia. Close to 39 per cent of all private home purchases in the second quarter were from HDB owners, an increase from the first quarter numbers of 37 per cent and last year’s fourth quarter numbers of 34.6 per cent. According to DTZ, the increase may be from a rise in suburban launches, thereby appealing to HDB owners looking to upgrade. Other reasons include HDB owners interested in investment options, or singles moving out from their parents’ HDB units. Another trend that DTZ has identified is that these buyers are also purchasing small units that are below 1,000 sq ft in size. It found that 50.3 per cent of purchasers who bought units below 1,000 sq ft in Q2 this year had HDB addresses, an increase over the 47.5 per cent in Q1 2011. This is also a reversal from past trends in 2010 and Q1 2011 when private property owners were investing in small units. “As we all know, HDB resale prices have been on the increase. People who have made money selling their HDB flats are able to upgrade into
private properties,” said Eugene Lim, vice president of ERA Singapore. “They are buying more small units as smaller units are within affordable quantum. Those in HDB addresses rarely have affordability exceeding S$1million (US$825,000),” he added. From lodged caveats for new and secondary sales, DTZ said that total private property sales increased more than 20 per cent in the second quarter this year to 8,458 units, from 6,958 transactions in the first quarter. Of these transactions, 3,294 were primary sales from developers, a jump of 18.4 per cent quarter on quarter. Meanwhile, resales constituted 5,164 units, an increase of 23.7 per cent quarter on quarter. Foreign purchases made up 16 per cent of Q2 transactions, a similar number to the first quarter, but an increase from the 11 per cent recorded a year earlier. With the European and American debt along with economic concerns, buyers have been more cautious in the private sector. “However, purchase demand for private homes will still be supported by economic growth and the low interest rate environment in Singapore,” said Chua Chor Hoon, head of DTZ South East Asia Research. Courtesy of www.property-report.com
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Golf & Sport
Hua Hin Today
Volume 8 issue 11 September 2011
Hyatt Open 2011 Golf Tournament
Names a 15-Year-Old Swedish Teenager The Champion
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ua Hin, Thailand, 18 July 2011... Grand Hyatt Erawan Bangkok and Hyatt Regency Hua Hin, in association with the Banyan Golf Club, organised the Hyatt Open 2011 – the second Hyatt annual amateur golf tournament – on 16 and 17 July 2011 at the Banyan Golf Club, Hua Hin. As a result of last year’s success, this year’s event was well received by not only golf enthusiasts but also sponsors. There were 120 participants from Bangkok, Hong Kong, Malaysia, Singapore as well as residents of the Hua Hin area. Kiatnakin Bank, Thai Airways, Toyota and the Post Publishing PCL supported the event. On the first day, which saw beautiful weather, the first round started at 12:00 noon and the first day’s game was completed at 5:00pm. A welcome dinner in the Ballroom of Hyatt Regency Hua Hin completed the first day’s event, allowing guests to enjoy a wide selection
of international buffet while guests were entertained by the resort’s trio band throughout the evening. The second day began at 8:00am with new group pairings based on the scores of the first day. Fortunately, guests did not have to face the challenges of the weather on the course during this two-day tournament, as the sun was not strong and players were able to enjoy a nice cool breeze from the mountains. Furthermore, during the two-day event, golf enthusiasts had an opportunity to experience a culinary showcase as well as the authentic hospitality of Grand Hyatt Erawan Bangkok and Hyatt Regency Hua Hin, as both Hyatt hotels hosted Hyatt’s Food & Beverage Hospitality Kiosk to refresh and reenergise the golfers. After the game on the second day, the prizegiving luncheon ceremony was held at the golf course. Amazingly, the winner of the Hyatt Open 2011 was 15-year-old Oscar Odestal from Sweden. The talented young teenager, who came for a holiday in Hua Hin with his family, received a VIP Golf Holiday at Hyatt Regency Coolum and two rounds of golf at Hyatt Regency Coolum Golf Course. The first runner up was Mr. Anand Singhsachthep, who received a prize of a full set of Titleist AP2 irons and a tour bag as well as a round of golf at Santiburi Samui Golf Course for two people. The second runner up was Mr. Amnaj Phankaew, who received a two-night stay in a Grand Suite at Grand Hyatt Erawan Bangkok and one round of golf at the Thai Country Club for two people. This year, no player received the
hole-in-one prize, which was a brand new Toyota Prius. “This event allowed you to enjoy the charm of Hua Hin as a destination, experience the ultimate relaxation and authentic hospitality at Hyatt Regency Hua Hin, and at the same time be excited and challenged by the golf tournament. Obviously, we received a very positive response from clients for this second annual event as we can see the high demand of participation. Moreover, after the first day game was completed, we started receiving enquiries from clients for next year’s tournament. This helped emphasise Hua Hin as a preferred family and golf destination for travellers who look for a weekend getaway from the city,” said Sammy Carolus, General Manager of Hyatt Regency Hua Hin. Richard Greaves, General Manager of Grand Hyatt Erawan Bangkok, said, “Since this year marks Grand Hyatt Erawan Bangkok 20th anniversary and Hyatt Regency Hua Hin will celebrate its 10th anniversary, the Hyatt Open event is one of a series of activities lined up for both Hyatt hotels to celebrate this auspicious
Athletes hit back
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at Williams over Tiger rebuke
teve Williams, the caddie fired last month by Tiger Woods after carrying his clubs in 13 major triumphs, has been roundly criticised for his remarks after caddying for Australian Adam Scott in his victory at the World Golf Championships Bridgestone Invitational. Scott’s win on Sunday was one of the biggest triumphs of his career in one of his first events with 47-year-old New Zealander Williams as his caddie. “That’s the best week of my life. I have been caddying for 33 years, 145 wins, and that’s the best win I’ve ever had,” said Williams, who also called it his “most satisfying win” and added “I sort of believe in destiny sometimes”.
The subtle digs at Woods, the former World No 1 now ranked 30th who won 13 of his 14 major titles with Williams as caddie, brought swift rebuke on Twitter posts. Paul Azinger, the 2008 US Ryder Cup captain, was stunned Williams would rebuke Woods as he did, posting, “Wow! Really? In yo face TW?” “Steve Williams breaks the unwritten caddy rule, by talking to the press. Most don’t, a few do at times when appropriate,” Azinger posted later. US tennis star Andy Roddick was stunned as well. “Am I missing something? Was steve the one actually playing?” Roddick pondered in one posting, later noting, “the guy was just happy for his new employer! So happy for him that he almost mentioned his name”.
And Roddick was far from alone in feeling that Williams stole the spotlight from Scott. “Steve surely doesn’t seem bitter at all,” tweeted US LPGA player Christina Kim. “Greatest week of my life. Good job congratulating Adam, who hit the shots, you knob.” English golfer Oliver Wilson posted: “Cannot believe they have interviewed Steve Williams. Nice of him to take away from Scotty’s win. Says it all...” Woods had said he fired Williams in person on July 3 at the PGA National event near Philadelphia, but Williams said the dismissal came in a telephone conversation after the caddie asked to work for Scott on a temporary basis while Woods was recovering from left leg injuries suffered at the Masters. “He called me up when I asked him to go and caddie for Adam and he didn’t agree with it and thought it was time to take a break,” Williams said. “In caddie lingo, that means you’re fired.” Williams was cheered by spectators as he walked up the 18th green alongside Scott, who cracked, “I had no idea how popular a New Zealander can be, coming from Australia. Surprising.” But Scott also gave serious praise to Williams’s effort, saying, “Obviously he’s a popular guy around here having won now eight times. They appreciate him a lot and he’s a bit of a character. It was fun to get support, whether it’s for me or him, I don’t care. It’s the right team.” Scott said he wants no part of bitterness between Woods and Williams, although many golf fans can hardly wait to see how tense the situation is when Woods and Scott are next paired together. “That’s between those guys. I’m not involved in it at all and they know that,” Scott said. “I’m just out here to do my job. They’ll figure that out themselves. They’re both men.” Williams said he and Scott were friends off the course and that has helped them blend well quickly. “Just because you’re a good caddie doesn’t mean that you’re the one who can put a good player over the top,” Williams said. “You’ve got to gel. Adam was a friend of mine off the course, so I was fairly confident we’d get along pretty good. It’s obviously like a dream come true.” Courtesy of www.supersport.com
occasion. This is a way to express our sincere appreciation to clients for their continued support to both Hyatt hotels, giving Grand Hyatt Erawan Bangkok and Hyatt Regency Hua Hin an opportunity to gain our foothold in the hospitality industry in Thailand as well as to build brand loyalty. We are excited about celebrating the 20th anniversary and 10th anniversary of the hotels this year, and we believe that moving forward, both Grand Hyatt Erawan Bangkok and Hyatt Regency Hua Hin will continue being the preferred brand for Thai and international travellers.” The schedule of the Hyatt Open 2012 will be finalised early in 2012 to allow golf enthusiasts and families to plan their seaside holiday with challenges on the course again. Once finalised, the dates and information of next year’s event will be available on www.bangkok.grand.hyatt.com and www.huahin.regency.hyatt.com. To ensure golfers and guests do not miss any update the Hyatt hotels in Thailand, become a fan on www. facebook.com/GrandHyattErawanBangkok and www.facebook.com/HyattRegencyHuaHin.
Vietnam Golf Tours Launches the Ultimate Website for Golf in Vietnam
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elcome to Vietnam, Welcome to Indochina – An undiscovered and unique golf destination in South East Asia. We invite you to experience the most exciting and breathtaking Vietnam golf vacations available. Golf in Vietnam awaits you. Golf as a sport has been going through troubled times recently. There was the controversy about Tiger Woods that didn’t do the sport any good. TV viewer ship has gone down. With the recession looming large, many golf courses in the west have even had to close down. The only saving grace is the fact that golf as a sport is growing in the east. Several new golf courses are opening and people from all corners of the world are actually traveling to countries such as Vietnam, Cambodia, Malaysia, Indonesia and others to play the game. A new website, http:// www.VietnamGolfTours.com, is now promoting the game in Vietnam.
Thanks to the website, Vietnam golf is certainly on an upswing. Those who are still new to golf in Vietnam and Indochina may be surprised to know that there are a few really outstanding golf courses in the region. In fact, some of these courses have been designed by Nick Faldo, Greg Norman, Colin Montgomerie and other famous golf design companies. Many of them are located in exotic locations close to the World Heritage Sites. The Vietnamese golf courses are located in Saigon, Hanoi, Phan Thiet & Mui Ne, Dalat, Danang and in Hoi An. There are courses that are close to the incredibly beautiful Halong Bay, the heritage of Hue Ancient Imperial Citadel and the My Son Holy Land. On your trip to Vietnam, you could play the game and do some traveling to these exotic locations in the Far East.
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