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Apartments in Phuket – Investment Boom in Residential Development

By on Nov 05, 2013 in Property News

 Strong domestic and foreign demand drives residential, commercial development worth Bt50 bn.

Property companies are expanding their investment to develop more than Bt50-billion worth of residential and commercial projects in Phuket this year and next, on the back of strong demand from both Thais and foreigners. According to a survey by The Nation early this week, a number of Bangkok and Phuket developers and investors have introduced new residential projects and commercial buildings in the province.

Property firm Sansiri, meanwhile, has been expanding its investment in Phuket since 2011 by launching 17 condominium and detached-housing projects. The projects comprise 5,549 units worth Bt13.85 billion, with 3,950 units valued at Bt8.81 billion having already been sold.

Charn Issara Development, which has long experience in the luxury-hotel segment in Phuket with its Sri Panwa property, plans to launch two new residential projects combining condominiums and detached housing projects worth Bt1.7 billion in the island-province. Construction is due to commence next year.

Tri Property launched two condominium projects, the Zcape and Zcape x2, in Phuket this year, both of which have already sold out. It has, therefore, introduced the Bt1-billion Zcape 3, this quarter. The project comprises 417 units at a starting price of Bt1.69 million apiece.

Laguna Resort and Hotel plans to develop a townhouse and condominium project, Laguna Park, on a 237-rai plot. With a combined 2,000 units worth Bt2 billion, the project will have four phases and construction will commence next year.

Amari Estate is introducing just 28 units in the Bt238-million Amari Residence Phuket, while Pruksa Real Estate has five townhouse projects and one detached-housing project with a combined 1,200 units worth more than Bt2 billion. Pruksa introduced the projects to the market in 2010.

According to the survey by The Nation, this year through 2015 will see more than 4,000 new condominium and low-rise housing units completed on the island.

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Nora has been in the Corporate Communications arena for a number of years. Nora's role is to communicate all newsworthy items that are of a PR nature.

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