Buyers from Russia, Singapore and Hong Kong are among foreign buyers of luxury condos at Baan Mai Khao, in Phuket, from top Thai developer, Sansiri
Foreign buyers have bought 60% of the units so far sold at an award-winning beachfront Thai development.
Buyers from Russia, Singapore and Hong Kong were the main overseas purchasers of the luxury condos at the Baan Mai Khao development in Phuket from top Thai developer, Sansiri.
Half of the beachfront development has been sold and Russian investors have bought 20% of those going to foreigners.
Srettha Thavisin, President of Sansiri PCL.Srettha Thavisin, President of Sansiri PCL, says the sales have been boosted by the company’s overseas roadshows that generated up to 200million baht (US$6.08million) at each event.
“Since last year, we have shifted our focus to capture new markets, such as mainland China and Russia, where strong purchasing power coupled with high, incoming tourist traffic is prevalent. These roadshows successfully reached targets both in terms of sales figures and the number of participants.
“Baan Mai Khao is 50% sold with overseas buyers making up 60% and Thai buyers 40%. The majority are buying as a vacation home and are looking for a rental return.
Sansiri is offering buyers in its ‘Rental for the Holidays’ programme a guaranteed return of 6% in the first two years and interior design and furniture packages.
Baan Mai Khao won the Best Condo Development (Phuket) at the 2014 Thailand Property Awards.
The developments consists of 206 condominiums in nine low-rise buildings on a premium beachfront site. Options include one bedroom/one bathroom units (59.50-72 square metres), two bedroom/ two bathroom (79-98 square metres), two bedroom/ three bathroom duplex (115-137.50 square metres) and three bedroom/ three bathroom (134-162.50 square metres), plus six penthouses (260-263.50 square metres), all of which have already been sold. Prices start at 12million baht (US$365,000).
The resort includes an over-sized beachfront swimming pool, subterranean exercise room, lobby, multi-purpose area, and large garden, 24-hour security guard service and closed circuit TV.
Mai Khao is features a number of high-end five-star hotels and resorts and Baan Mai Khao is a part of this luxury enclave on the northern tip of Phuket Island.
“There are two types of high-end condominiums in Phuket: seaview and beachfront. There are many seaview condominiums but very few true beachfront condominiums like Baan Mai Khao,” says Sansiri.
A number of factors have made Baan Mai Khao an exciting opportunity for real estate investors: Its location – prime beachfront unlike anywhere else in Phuket – availability of freehold ownership, its spectacular design, the five-star neighbourhood and its proximity to Phuket International Airport,” says the company.
High-end condo projects are in strong demand and from 2013-2014 growth in demand and purchase of condominiums priced over 100,000 baht per square metre reached almost 50%, according to Plus Property data.
The majority of buyers (80%) have bought Baan Mai Khao as a vacation home and buy-to-let.
With the buildings and eight show units finished, and overall architecture and interior design 70% completed, the development is well underway and full completion is expected by mid-2015.
By Adrian Bishop, Editor, OPP Connect