Island getaways for a steal
Asia Property Report: 1 October 2007
By: Newley Purnell
Is there anything left for mid-level investors looking for holiday homes in Koh Samui or Phuket?
The buzz about Thailand’s real estate market tends to revolve around the new, glamorous, big-name projects: high-end investment developments, luxury condos and villas, and other upscale properties. And it’s plain to see why, as glitzy projects clearly have the most sex appeal.
But what about properties designed for more mid-market consumers — buyers looking to spend, say, 150,000 pounds sterling, or roughly Bt9 million? People, for example, who might be in search of a somewhat simple weekend getaway home at the beach? How big are such houses or condos? How close might these homes be to the beach? What kind of sea views — if any — are available? Following is an examination of what two popular locales — Koh Samui and Phuket — have to offer in this price range.
Robert Collins, Managing Director, Agency and Investment Services at Savills (Thailand) Limited, says that 9 million baht typically translates into inland villas, as opposed to beachfront properties. And such houses — usually two bedrooms in size — would not often have sea views, and they’d usually be on flat-level land set back from the beach, he says. Buyers would have off-street parking, and the properties would be situated on relatively small pieces of land. Condos in this price range are usually 100-130 square meters in size and “not in grade-A but in secondary kinds of areas,” Collins says.
How do the markets in Koh Samui and Phuket differ? “Theoretically, buyers should get more for their money in Samui, but the reality is that if you shop around, there’s actually a lot of supply in Phuket, as well,” he says. “Below Bt10 million seems to sell to buyers shopping around more, and these kinds of projects tend to require less international advertising,” Collins says.
Koh Samui
Justin Freeden, of Koh Samui’s Kalara International Properties, says that Bt9 million is a midway point of sorts. Below that price, he says, there are a number of notable semi-detached mews houses — their name comes from the English term for a kind of terraced housing — while Bt13 or Bt14 million is enough for a pool villa. Kalara has constructed three mews house projects — all of which are completed, and all of which, Freeden says, offer substantial value.
One is The Gardens, Bang Rak, which contains 12 two-storey houses positioned around a common swimming pool (with bar and children’s area) and surrounded my landscaped gardens. The fully-managed two-bedroom homes, starting from just under Bt5 million, each have their own pool-side terrace and are about 125 square meters in size. They all come with their own parking spaces, and each of the bedrooms has a balcony. The homes come completely furnished, with a 42-inch plasma flat screen television, security system, and high-speed Internet access, among other amenities. There are no views of the sea, however.
Another mews house project is Kalara Gardens, Bang Por, which comprises 11 hillside homes, each with two bedrooms and three bathrooms. Overall, the setup is similar to The Gardens, Bang Rak, with a central pool and landscaped gardens. But the location, here, is better — and consequently, the price tag is higher. At Bang Por, the Bt6.5 million homes offer views of the Gulf of Thailand and nearby Koh Phangan. The beach is three minutes away, while Nathon town is ten minutes away.
In the Bt.9 million ballpark for beach-front properties in Koh Samui, a two bedroom, two bathroom townhouse in The Place, a gated community in Lipa Noi, can be had for Bt9.95 million. The villa is 140 square meters in size. Another beach-front property in The Place — a one bedroom, one bathroom, 85 square meter unit — is Bt.7.9 million. And a separate beachfront two-bedroom, two-bathroom, 240 square meter stand-alone home in Bang Po is listed at Bt6.9 million.
Phuket
Paul Martin, of Phuket One Real Estate, says that “there’s a range of property available on the residential side” for around Bt9 million. “On the apartment side,” he says, “there’re smaller boutique ones opening.” He notes that “most areas within Phuket will have something in that range,” and that Bt.6 or 7 million and up is a common range, with 12 million being a particularly popular price tag.
Bt9 million, Martin says, affords buyers more traditional Thai contemporary architecture, but that there’s “not much for good or open sea view at that price.” For an open sea view, buyers would typically need to spend about Bt25 million, he says. Buyers would have existing or newer developments at their disposal — probably more distant ones — that afford glimpses of the sea, rather than an open view, from about Bt15 million.
A 315-square meter home in Sai Yuan, near Rawai and Nai Harn beaches, for example, goes for Bt9.7 million and includes views of Chalong Bay. The three-level house has a roof terrace, three bedrooms, and four bathrooms. Another house, in Kathu, is 200 square meters and is built of teak in a traditional style. It has two bedrooms and two bathrooms, a wrap-around deck, jacuzzi, and garage. It’s close to Phuket Town and Patong, but doesn’t offer any sea views. It’s priced at Bt.9.5 million.
Homes are also available in a residential development in Chalong. The Bt9.3 million, three bedroom, four bathroom homes are between 230 and 350 square meters in size. But again, they’re don’t offer a view of the sea, as they’re fifteen minutes from beaches like Nai Harn, Rawai, and Kata Noi.
A popular project in Phuket — despite its in-land location — is The Kiri Villas, in Thalang. The seven units range in price from Bt8 to 12.2 million. Two bedroom villas are 240 square meters, three bedrooms are between 256 and 284 square meters, and four bedroom units are between 297 and 322 square meters. The development is 15 minutes from the airport and near Phuket’s west coast beaches.
The high end of the Bt9 million price range in Phuket yields smaller units — but ones located on the beachfront. 80 square meter, one bedroom apartments at The Pier — a development in Chalong with a fitness center, spa, and restaurant — are between Bt10 and Bt12 million.