Thailand property developer Sansiri launched their new dCondo project in Phuket last weekend and all 556 units sold in record time.
Buyers started queuing at 7am and by 10am everything was gone.
This reminds me of the heady days of real estate in Dubai and Spain. It is definitely not something you would normally associate with Phuket.
So, who's buying?
Sansiri’s dCondo development is aimed entirely at the Thai domestic market.
According to the developer, local investors bought almost 30% of the units with the majority buying multiple units to sell on for a healthy profit.
The remaining 70% were sold to individuals who intend to make dCondo their home.
What is the winning formula?
Price is likely to have been a major factor, as apartments start at 900,000 Baht (US$ 29,152) and go up to a maximum of 1.4 million Baht (US$ 45,347).
That's a lot less than you would pay on the West Coast of Phuket.
But you don't get a lot for your money. Apartments are pretty basic by Western standards and the largest units are just 30m2 in size with a living/bedroom, a kitchen area and a bathroom.
The property is located in the centre of Kathu, in the middle of the Island. It consists of three, eight storey buildings. The communal facilities include a swimming pool, a gym and a garden. The building will also have a full security system along with 24 hour CCTV monitoring and a regular shuttle service to take residents into Phuket Town.
If you missed the boat on this one you will be pleased to hear that Sansiri are planning a further two developments in Phuket; “Habitia” which is a collection of semi-detached houses; and “Habitown” a complex of two storey townhouses.
I suggest you start queuing now if you don't want to miss out.
Whether you’re buying for your retirement, a holiday home or as a pure investment – this definitive guide will help you to avoid the most common pitfalls and scams.
!a href="http://blog.phuketoceanvillas.com/the-definitive-guide-to-buying-property-in-phuket-pr/">'The Definitive Guide to buying property in Phuket'
Article Directory: http://www.articletrunk.com
Rebecca Smith is a real estate journalist and author with over 15 years’ experience. She has published 3 books to date:
'The Definitive Guide to buying property in Thailand'
'10 simple ways to slash your marketing costs and sell more property'
'The Definitive Guide to buying property in Phuket'
Please Rate this Article
Not yet Rated