Monday, November 1, 2010
Recovery seen in Thailand property market as developers increase activity « kalaraco's Blog
Recovery seen in Thailand property market as developers increase activity « kalaraco's Blog
The overseas sector of the Thailand property market seems to finally be seeing recovery. Kuwait’s IFA Hotels and Resorts said it has started construction of a residential project in Thailand expected to generate sales worth more than $311 million, Kuwait-based Al Seyassah daily reports Wednesday.
The development, named 185 Rajadamri and located in the Thai capital Bangkok, is expected to be completed by the end of 2013, IFA said according to the paper, adding that the project is operated by Thai property developer Raimon Land in which IFA owns a 41.07% stake.
Raimon Land has been able to secure credit facilities of $91 million from a bank in Thailand to finance its works on the project, the daily reports citing IFA.
When overseas property sales began to recover in early-mid 2009, rising press coverage came to be a symbol of which markets and areas were recovering quickest.
This is for the simple reason that much of the overseas property press were left with egg on their face for having made predictions of massive price growth in markets that instead saw severe contractions at the hands of the financial crisis.
Throughout the downturn and 2009 we also had accessibility as a monitor. Just like rising tourism and flights were a driver and an indicator of overseas property growth or potential during the upturn; their falling was an indicator of hard hit markets during the downturn as well.
But since the recovery really gathered steam it is new development that has been the biggest indication of which markets are performing best. If this development does as is expected and achieves such huge sales, it will be a clear indication that the second birth of the Thailand property market is well under way.
The overseas sector of the Thailand property market seems to finally be seeing recovery. Kuwait’s IFA Hotels and Resorts said it has started construction of a residential project in Thailand expected to generate sales worth more than $311 million, Kuwait-based Al Seyassah daily reports Wednesday.
The development, named 185 Rajadamri and located in the Thai capital Bangkok, is expected to be completed by the end of 2013, IFA said according to the paper, adding that the project is operated by Thai property developer Raimon Land in which IFA owns a 41.07% stake.
Raimon Land has been able to secure credit facilities of $91 million from a bank in Thailand to finance its works on the project, the daily reports citing IFA.
When overseas property sales began to recover in early-mid 2009, rising press coverage came to be a symbol of which markets and areas were recovering quickest.
This is for the simple reason that much of the overseas property press were left with egg on their face for having made predictions of massive price growth in markets that instead saw severe contractions at the hands of the financial crisis.
Throughout the downturn and 2009 we also had accessibility as a monitor. Just like rising tourism and flights were a driver and an indicator of overseas property growth or potential during the upturn; their falling was an indicator of hard hit markets during the downturn as well.
But since the recovery really gathered steam it is new development that has been the biggest indication of which markets are performing best. If this development does as is expected and achieves such huge sales, it will be a clear indication that the second birth of the Thailand property market is well under way.
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