Patong, Phanason Ablaze With Property Billions

THAI developers the Phanason Group continue to announce large-scale housing projects for Phuket, seemingly without concern for the world economic downturn.
 “Phuket’s property outlook is stronger than anywhere else in Thailand,” a spokesman told Phuketwan.

The confidence seems to be widespread. Patong local authorities report that already in 2009, a total of 79 projects have been approved in the west coast resort boom town
On the other side of the island in the administrative capital of Phuket City, all told Phanason has about five billion baht invested under construction.

The latest development is the 800 million baht Phanason Villa Bo-Rae, nor far from the large public park at Saphan Hin. Totalling 69-rai, the property was inspected on Friday by officials and Vice Governor Smith Palawatwichai.

Twenty-four rai of that area is covered not by a chanote land title but by a nor sor sam certificate of utilisation. Efforts are being made to have this land converted to a chanote title. It is within the power of the Governor, Wicha Praisa-nob, to make that decision. Project manager Voraphol Kerdjang said the land was bought by Phanason in 2006.

The property borders on a protected mangrove area, which is why the Vice Governor went to inspect it. “Everything seems to be in order,” Khun Smith said. 
About 300 town houses and 300 semi-detached homes are scheduled to be built here, priced between 1.59 million baht and four million baht.
 It’s set for completion within three years. Strong sales could see it finished even faster, Khun Voraphol said.

“The behavior of buyers in Bangkok and on Phuket is different,” he said. “In Bangkok they will wait to see the house when it has been constructed. “On Phuket, people are happy to pay a deposit and then continue to pay while the development is being built.” About 200 units are already avilable for purchase off the plans. “Our customers are mostly Thais and in the middle to upper-middle income range,” Khun Voraphol said.
 “Problems come on Phuket with products aimed strictly at the upper-high income levels. “It was certainly true that the economic downturn had some impact on all pricing ranges and structures, he said.

Phanason already has several other projects on the island, the Green Place, an array of eight eight-storey apartment blocks under construction in the Phuket City suburb of Sam Kong, and Phanason Residence, near Central festival alongside the Macro store, and Phanason City, on Thep-Anusorn Road, Vichit. Patong officials say that for privacy reasons, they are unable to name the project approved this year or indicate the size and scale.

Wednesday, June 10, 2009
http://phuketwan.com/property/patong-phanason-ablaze-buildings-11205/