Property players converge on law conference
Asia Property Report: 3 July 2007 (property-report.com)
Property Report Thailand publisher Ensign media was pleased to sponsor this diverse and well-attended event, which shed some much needed light on areas of the country’s property market that are important to everyone in the industry.
Conference speakers and panels addressed everything from how the country’s economic growth and government policies are affecting the property market to investment opportunities and trends.
The event featured the who’s who of the industry. Stephen Frost, director of Bangkok International Associates, spoke of the risks and concerns of owning property in Thailand under relevant legislation, addressing legal framework, recent changes and comments. Nigel Cornick, CEO of Raimon Land, looked at the latest real estate opportunities in the residential and commercial property sectors, while Nexus Property Consultants managing director Apisit Limlomwongse looked at the Bangkok condominium market.
Of particular interest among attendees was the open economic discussion on the impact of economic growth and government policies on the development and changing trends in Thailand’s property market. This was moderated by Amous Lee, general manager of Knight Frank Phuket, and featured panellists Apisit of Nexus, Frost of International Associates and Chulapong Yukate, partner at Siam Premier International Law Office Ltd.
Another interesting area covered was Thai property funds for public offering (PFPOs), a pertinent topic considering the rising global interest in REITs. Khemajit Choomwattana, partner of LS Horizen, cleared some of the confusion surrounding these investment prospects, discussing the different between PFPPs and REITs, market prospects, updates on legal and tax privileges and case samples.
Lee of Knight Frank also spoke on real estate market challenges in Phuket, and released some interesting statistics, such as Phuket’s quality property has in 7-8 years increased by 300-350% in price, and beachfront property/land prices in the North of Phuket, stretching to Phang Nga (Khok Kloi), have risen significantly. “In 2006, the value of a property doubled between the launch (off-plan sale) to completion,” he said, concluding that “Phuket will still be a very attractive resort lifestyle and potential investment property market for the medium to long term investors as compared to some alternative locations in South East Asia.”
Additional topics addressed at the conference included major government projects and city zoning, industrial estate development, taxation for property leasing, property taxation and contract strategies for effective real estate operation.