CB Richard Ellis expands to Koh Samui 
CB Richard Ellis expands to Koh Samui
Continued growth in the luxury resort market fuels need for CBRE expansion
CB
Richard Ellis has opened a new office in Koh Samui in response to
growing investor demand and the number of quality developments on the
market. CBRE is a leading real estate service provider in Thailand and
has consistently served its clients throughout the country from Bangkok
for the past 19 years.
In 2004, a second office was opened in
Phuket and CB Richard Ellis is now the leading international agent on
the island offering a range of services from property sales,
management, investments and land sales, and valuation and research to
the Phuket market. There is no substitute for a local presence, so CBRE
is opening a Samui office in order to better service their clients
either living or looking to invest from overseas in the island.
“I
am delighted to announce our expansion into Samui,” said David
Simister, Chairman, CB Richard Ellis Thailand. “CBRE is confident in
the sustainable growth of the Thai resort property markets and despite
concerns over the current political situation, CBRE sees a consistent
and strong demand for resort properties, particularly in Phuket and
Samui which are highly desirable tropical islands.”
In the past
two years, Samui has experienced a significant growth in the number of
visitors and more importantly the island is attracting a higher calibre
of tourist. The number of passenger arrivals to the Samui airport
increased from only 600,000 in 2000 to 1.3 million last year.
The
island’s accessibility has improved with Bangkok Airways’ route
expansion. The airline now operates daily direct flights to Singapore
and Hong Kong which has contributed significantly to the growth of the
Samui real estate market. These flight connections to the island allow
property owners to commute conveniently between their work place and
holiday homes in Samui, with greater convenience than Phuket. There are
also two daily connecting flights to Phuket. The new airport terminal
in Samui which opened at the end of May has increased the airport’s
capacity by four times, allowing for significant future growth.
In
addition to regular flights, there is also an average of 22 chartered
private flights which land in Samui every month, many of which are
private jets owned by individual property owners. Samui is clearly
attracting its share of the ultra rich.
Whilst the Samui
property market and infrastructure is not as mature as Phuket, it is an
improving market which is attracting reputable developers. The high
demand for beachfront land in Samui has resulted in land prices up to
14 to 15 million Baht per rai, a level that is similar to parts of
Phuket. A shortage of good beachfront land has increased the number of
hillside developments which offer stunning views of the Phang Ngan
islands and marine park. Traditionally, the Samui market has focused on
villa developments; today we are seeing the start of a condominium
market with good quality projects being launched. Whilst the
condominium sector in Phuket is priced below villas, it has performed
consistently and we expect the same from Samui.
CBRE’s Samui
office will be a full service office providing residential sales,
investment and land services, research andconsulting and valuation
services. The office will be supported by our regional offices in Asia
and will be part of the business plan to roll out a high-end luxury
properties platform. Ms. Prakaipeth Meechoosarn is the newly appointed
Samui Manager. She has successfully led the CBRE Phuket Residential
Sales team since the opening of CBRE’s Phuket office in 2004 and has
worked on many high-end projects in Phuket including Sri Panwa,
Laemsingh Villas and Barama Bay.
“Although 50 per cent of the
villa developments in Samui are in the USD 1 million and below price
range, we are seeing an emerging market for top-end villas which
achieve prices in excess of USD 2 million. There is a clear demand for
properties in this price range and Samui can reach the same price
points as Phuket for top quality schemes,” said Ms. Prakaipeth.
CBRE
Thailand is sole agent to W Residences in Samui which is expected to
set new price points on the island. These are the first ever W villas
for sale and are expected to be launched later this year for USD 3-6
million. Developed by Amburaya Properties and Istithmar, Dubai, the
project will set new standards of luxury in Samui. The quality of the
scheme is endorsed by the modern luxury of W Hotels and it has a prime
headline site between Maenam and Bophut. These 3 to 6 bedroom villa
residences are set to attract interest from CBRE’s global buyers. The
Residences will be fully managed by W Hotels and will have full access
to all W resort facilities.
“It is clear that Samui is an upward
moving market, similar to Phuket. However, the choice between the two
islands remains a personal one rather than a value decision as both
destinations are drawing interest from high net worth individuals from
across the globe,” said Ms. Prakaipeth.
The Samui office is part
of CBRE’s roll out of comprehensive resort services and will also be
opening an office in Pattaya in October 2007 where they have already
been appointed as sole agent for The Chateau and White Sand Beach
developments.
Despite Thailand’s short term political situation,
CBRE is investing in the market’s continued growth and with the
approval of the constitution and forthcoming election, sees
opportunities for an upswing in the property market in 2008. Having
successfully marketed many high-end developments in Bangkok, Phuket and
Pattaya, CBRE is confident that it will be making a beneficial
contribution to Samui’s property market.
Source: http://www.property-report.com/news.php?id=748
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