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Market Research P H U K E T T RO P I C A L R E S I D E N C E PHUKET RESORT RESIDENTIAL MARKET

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c o l l i e r s i n t e r n at i o n a l

| T H AILAN D

P H U K ET TRO P ICAL RESI D ENCE

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J U LY

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2008

PHUKET RESORT RESIDENTIAL MARKET • Phuket’s strong tourism market supports the fast-growing real estate market. Although Phuket is a relatively small island, some Phuket real estate could cost of millions of baht. • The number of residential units for sale in Phuket recorded a peak in 2006, with 1,473 units for sale. The trend dropped in 2007, with 44% decrease over 2006, due to the political instability in Thailand.

Market Indicators 2007

2008F

SUPPLY DEMAND PRICE TAKE UP RATE LAND PRICE

The demand increasingforinterest residential of real units estate from the Scandinavian originally focused on the market western is directly coast of connected the island. Recently, to the upsurge the in tourism eastern coast to Thailand. area has The caught flow the of Scandinavian interest of manyinterest foreigners. in Thai Since property there will started be five from marinas Sweden in the and later area and the spread marinas to Denmark benefit the and Norway.real island’s Earlier estate people industry of these because countries tended residential projects togenerally buy resort crop properties up around them. in Spain and France.

• The trend of residential projects in Phuket is for projects that are integrated with hotels and managed by the same hotel group that manages the hotel. The hotel group also manages the letting of the property, or part thereof, on behalf of the owners, more generally through a rental pool system. • There are approximately 17 projects of new supply in the pipeline in Phuket, with a total of 969 units and a sales value of over THB 20,000 million. • The east coast looks to be the future destination of high-end developments in Phuket, since there are already three marinas in the area, with the additional two marinas in the near future will makes a total of 800 yacht berths. • It is worth remembering that marinas benefit the island’s real estate industry because residential projects generally crop up around them. Such a facility might be necessary for Phuket’s tourism industry to stay ahead because one of its regional rivals, the Malaysian island of Langkawi, may develop facilities for mega-yachts. • The majority of property investors in Phuket are expatriates based in Asia, particular Hong Kong and Singapore. For the most part, they have lived and worked in the region for a number of years and tend to know Phuket well, having spent holidays there since there are daily morning flights from Phuket to Hong Kong and Singapore, thus Phuket attracted many expatriates working in Singapore and Hong Kong. Their decision to purchase a villa or condominium tends to be investment-led, and they are looking for good potential capital appreciation and possibly rental income. • The purpose of foreigners buying property in Phuket for permanent stays shows a proportion of 35% of total foreigners buying property in Phuket, while another 65% are for seasonal stays. • The long-stay trend (over 90 days) in Phuket came from England with 2,692 persons, followed by Scandinavian with 2,194 persons and Germans with 1,186 persons. • The land price on the West Coast of the island with good sea views climbed by 30-40% from 2007; however, there is no availability of such plots of land for future development. • In terms of pricing, location, branded residential and property management remain the key factors to commanding high prices. Beachfront properties and those with sea views are becoming scarce since most of the prime sites in Phuket are being developed.

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The Knowledge Report | July | 2008 | Phuket Tropical Residence

CURRENT SUPPLY

The number of residential units for sale in Phuket reached a peak in 2006, with 1,473 units for sale.

Phuket’s strong tourism markets support the fast-growing real estate market. Although Phuket is a relatively small island, some real estate in Phuket could cost millions of baht. For those wishing to make Phuket a holiday home as well as an investment, there are many areas to be chosen according to their lifestyles. Much of the high-end development for the international market over the last 20 years has been along Phuket’s western coastline, particularly between Bangtao and Patong, and near to the island’s most popular tourist beaches and resorts. However, with land prices along this stretch now very high, developers have begun

to look at other areas of the island. Phuket is a relatively small island, and for many property professionals on Phuket, a leasehold agreement has become the main alternative to the now heavily regulated company freehold purchases.

The number of residential units for sale in Phuket reached a peak in 2006, with 1,473 units for sale. The trend dropped in 2007, with 44% decrease over 2007, due to the political instability in Thailand. Figure 1 : The luxurious residential projects for sale in Phuket launching between 2004 and 2007 No. of Units 1,600

1,473

1,400 1,200 1,000 828

800 632

600 400 200

0

338 155

Year 2003

2004

2005

2006

2007

Source : Colliers International Thailand Research

The luxurious and high-end property will be focused in the Western Area concentrating at Bangtao beach. This area is called the “Laguna Region of Phuket”. The high-end trend in this area began with Trisara, an exclusive villa resort and spa that quickly became a Phuket landmark when it opened in 2004. The future trend of Phuket’s larger-scale residential projects tend to focus in the Eastern Area, since the Western Area is now concentrated with many projects. Figure 2 : Supply of the luxurious residential projects for sale in each location in Phuket launching between 2003 and 2007 Island 3% East 14%

North 16%

South 3%

West 64% North 16% Island 3% East 14% South 3%

West 64% Source : Colliers International Thailand Research

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The Knowledge Report | July | 2008 | Phuket Tropical Residence

MAJOR TRENDS:

The trend of residential projects in Phuket is for projects that are integrated with hotels and managed by the same hotel group that manages the hotel. The hotel group also manages the letting of the property, or part thereof, on behalf of the owners, more generally through a rental pool system. They market it on their behalf and split the income between themselves and the owners. Our research shows that the split ranges between 20% for the hotel and 80% for the owner, to 50% for the hotel and 50% for the owner. The trend is towards more people letting out their property in their absence, either with a view to generate income, or for the property to be used and looked after. Phuket’s holiday lettings market is still in its infancy and is set to develop. Rental income can be between 6-10% per annum. In most luxury developments, the prices quoted are for fitted units, and can be substantially increased if the owner wants to upgrade their unit. Some projects allow owners to custom-design villas, although a set of design guidelines are usually issued to ensure the consistency of the project. The following is a list of Branded Resort Residential Projects BRANDED RESORT RESIDENTIAL PROJECTS (PROJECTS BEING MARKETED)

Selling Price per Unit

Name

Hotel Chain

Location

Million THB

Million US$

Jumeirah

Jumeirah

Raet Island

120-400

3.1-10.5

Shangri-La

Shangri-La

Bang Tao Beach

38.5-59

1.1-1.68

Trisara Phase C

Trisara

Bang Tao Beach

95-247

2.5-6.5

Dusit Laguna

Dusit

Bang Tao Beach

36-38

1-1.2

Banyan Tree

Banyan Tree

Bang Tao Beach

95-152

2.25-4.5

Mövenpick

Mövenpick

Karon Beach

14-17

0.44-0.53

Source : Colliers International Thailand Research

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The Knowledge Report | July | 2008 | Phuket Tropical Residence

LOCATION TRENDS:

At first glance, the location of residential projects in Phuket appears to be haphazard; however, after a more thorough analysis, the luxurious residential projects can be divided into five areas or pockets of concentration:

• NORTHERN AREA

This is the area that stretches along the Andaman beach, starting from Mai Khao Beach, passing Nai Yang Beach and Nai Thon Beach to the end, as well as the area starting from Sarasin Bridge to the north. This is the new area, which has only a few luxurious properties located in Phang Nga. The Northern Area is located just north of the airport and lies about 4

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15km south of the airport. There is no tourist development here except for the JW Marriott Resort & Spa. Phang Nga is now established as an extension of Phuket as a result of its proximity to Phuket International Airport.


The Knowledge Report | July | 2008 | Phuket Tropical Residence

NEW SUPPLY IN NORTHERN AREA Estimated Selling

Name

Location

Raffles Phang Nga

Phang Nga

64-69

Anil Melwani Project

Nai Thon Beach

48-80

16

Andaman White Beach Resort

Nai Thon Beach

N/A

N/A

Blue Canyon Country Club

Thepkasattri Road

160

4

Price (THB Million)

Total Units 25

Source : Colliers International Thailand Research

• WESTERN AREA

The Western Area has been divided into three parts, which are zone 1, zone 2 and zone 3. Details are: ZONE 1 This is the area that starts from Layan Beach and goes down to Bang Tao Beach, Surin Beach, Laem Sing Beach and Kamala Beach. The Bangtao area was first developed with the Laguna project. In the time following the inception of Laguna, several high-end projects came on the market, followed recently by more middle market developments and low-end condominiums. The laguna area remains a popular part of the island due to its close proximity to the airport as well as the range of facilities in the area. The Layan area is very active with projects across a wide range of prices.

The Kamala headland is considered as “The Millionaire’s Mile”. It has established itself as a prime location for luxury residential developments. Most projects sell here in excess of THB 30 million. There are many projects under construction but sold out already, e.g. Andara Phase I and Phase II. The current marketed projects are Kamalaburi and Andara Phase III, etc. Branded resort residential in this area is Banyan Tree Villa. The concept of Banyan Tree Residences is to allow investors to buy their own signature villa, town house or apartment, which becomes part of the inventory of these exclusive resorts and receive an annual guaranteed return of 6% for six years, with options to renew or share in revenues generated by the property. Owners are entitled to 60 days complimentary use of their residence every year.

NEW SUPPLY IN WESTERN AREA – ZONE 1 Estimated Selling

Name

Location

Les Palmares

Bang Tao Beach

NA

Bang Tao Tropical Residence

Bang Tao Beach

4.9 – 16

68

NA

Bang Tao Beach

17 – 19

214

The Puvana Phuket & Phukora Condominium

Cherng Talay

23 – 45

279

Amalfi

Bang Tao Beach

100

18

Price (THB Million)

Total Units 14

Source : Colliers International Thailand Research

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The Knowledge Report | July | 2008 | Phuket Tropical Residence

ZONE 2 This is the area along Kalim Beach down to Patong Beach at the end. This area is considered a nightlife area; however, there are some locations in this area that are considered tranquil areas, such as where “Bluepoint” is situated. Kalim Bay is located just to the north of Patong. This area is much quieter than Patong, although the beach is not as good for

swimming as there are a few rocks and a coral reef. The reef is exposed at low tide and locals can be seen collecting crabs and shrimp. Kalim is a good alternative if you want to be near the bars and restaurants of Patong, but still want peace and quiet.

NEW SUPPLY IN WESTERN AREA – ZONE 2 Estimated Selling

Name

Location

The Bay Cliff (Phase II)

Kalim Beach

Eden Village Residence

Pisit Korannee Road

Absolute Sea Pearl Resort & Spa

Patong Beach

Price (THB Million)

Total Units

NA

79

8.7 – 18.4

24

17 - 55

32

Source : Colliers International Thailand Research

ZONE 3 Zone 3 is the area from Karon Beach to the end of Kata Noi Beach. Karon is the area that is considered a beachfront residential project. Recently, Mövenpick sold 70% in a short period. The selling price starts from THB 14 million for a 30-year leasehold. The project has completed, and the resort residential development caters to a lifestyle for the rich and famous, hassle-free beach home ownership and attractive investment returns. Kata is another attractive area for foreigners. Currently, Raimon Land Group has launched two successful projects, Kata Gardens and the recently marketed project called “The Heights Phuket”.

Branded resort residential in this area is Mövenpick. The project is owned by the Kingdom Hotel Investments (KHI) company, which focuses on developing an exclusive portfolio of hotels and resorts. Owning a private residence at Mövenpick serves as the signature level of accommodation at the Mövenpick resort. The owner has the option of participating in “Mövenpick’s rental programme”; this means that when you are not in residence they will lend their considerable marketing to the rental of your home.

NEW SUPPLY IN WESTERN AREA – ZONE 3

Name

Location

Karon Hill (Phase II & III)

Karon Beach

Source : Colliers International Thailand Research

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Estimated Selling Price (THB Million) NA

Total Units 108


The Knowledge Report | July | 2008 | Phuket Tropical Residence

• SOUTHERN AREA

The area encompasses Nai Harn Beach, Rawai Beach, Friendship Beach and Chalong Bay to the southern part of the East Coast. Nai Harn is one of the island’s most beautiful locations and most popular places with inthe-know locals. Naiharn is a quiet little spot at the southern end of Phuket. Chalong’s muddy East Coast shoreline makes it rather unsuitable for swimming but it is an ideal and natural spot for yacht mooring. As well as the Boat Lagoon, Yacht Haven and Royal Phuket Marina, Chalong is a centre for intense boating activity. Early mornings and late afternoons are the busiest times at Chalong, when diving and day trip groups are bundled on and off boats.

The Ao Chalong Yacht Club, which organises regular sailing races, makes its base here, and its bar is a favourite spot for sailors to swap yarns and party.

NEW SUPPLY IN SOUTHERN AREA Estimated Selling

Name

Location

The Pier Life

Chalong Bay

Price (THB Million) 12 - 25

Total Units 25

Source : Colliers International Thailand Research

• EASTERN AREA

The east coast looks to be the future destination of high-end developments in Phuket, since there are already three marinas there. The future development of another two marinas

will have a total of 800 yacht berths, illustrated in the below table.

No.

Project Name

No. of Berths

1

The Boat Lagoon

170

2

The Royal Phuket Marina

120

3

The Yacht Haven Marina

200

4

Jumeirah Phuket Private Island (Future Project)ject)

101

5

Cape Yamu (Future Project)

NA

Source : Colliers International Thailand Research

It is worth remembering that marinas benefit the island’s real estate industry because residential projects generally crop up around them. The area is gaining in popularity since the eastern side of the island is set to become a marina haven, as boats can make use of the year-round harbour and waters. Such a facility might be necessary for Phuket’s tourism industry to stay ahead because one of its regional rivals, the

Malaysian island of Langkawi, may develop facilities for mega-yachts. The land price on this side is relatively cheaper than on the western side of the island. The projects developed in this area are The Yamu, Aquaminium and Tawan View, etc.

NEW SUPPLY IN EASTERN AREA

Name

Location

The Cliff

Cape Yamu

The Estate Group

Po Bay

Estimated Selling Price (THB Million)

Total Units

16.7-25.3

3

NA

41

Source : Colliers International Thailand Research

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The Knowledge Report | July | 2008 | Phuket Tropical Residence

• OTHER AREA ON THE ISLAND

There are many residential projects developed on small islands near Phuket Island, for example, Jumeirah, which is developed on Raet Island on the eastern coast of the island, and The Village, which is developed on Maphrao Island. However, there will be a new development of residential projects on Lone Island on the eastern coast of the island.

NEW SUPPLY IN OTHER AREA ON THE ISLAND Estimated Selling

Name

Location

Taj Exotic

Lone Island

Price (THB Million) 128-384

Total Units 19

Source : Colliers International Thailand Research

DEMAND

After the tsunami of December 2004, the tourism market was a little slow in 2005. However, the property market in Phuket remained attractive among buyers and investors, with the

increasing number of tourists in 2006 and 2007 proving this.

Figure 3: The number of tourist arrivals to Phuket between 2002 and 2007 No. of Units 4,000,000 3,500,000 3,000,000 2,500,000 2,000,000 1,500,000 1,000,000 500,000 0

Year 2002

2003

2004

Source : Tourism Authority of Thailand (TAT)

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2005

2006

2007


The Knowledge Report | July | 2008 | Phuket Tropical Residence

Demand by location: Location is a key factor for sales, and people pay a lot attention to the site, the scenery, as well as the surrounding atmosphere of the project. The demand for residential units originally focused on the western coast of the island. However, there is a major shortage of ocean front and good sea view land in Phuket. Beachfront land is a finite resource that is all but exhausted, and that leaves panoramic ocean view land as the next most desirable option, but even that is becoming increasingly scarce.

This is a non-replaceable resource under the current building code, which restricts residential construction at elevations greater than 80 metres above sea level. Recently, the eastern coast area has caught the interest of many foreigners since it will be the area in which yacht marinas can be constructed, thus luxurious projects have existed in the area, such as The Yamu, Royal Phuket Marina and Sri Panwa, etc.

Demand by room type: Currently, the two-bedroom segment is most promising, as it appeals to the new group of foreigners now coming to Thailand. Investment driven, those considering buying studios

are warned that they are not so easy to rent out because of the huge stock in the market, so Phuket’s market gap will be filled with new condominiums.

Demand by length of stay: Our study indicates that the purpose of foreigners buying property in Phuket for permanent stays shows a proportion of 35% of total

foreigners buying property in Phuket, while another 65% are for seasonal stays.

Figure 4 : The proportion of the purpose of foreigners buying Phuket property Permanently Stay 35%

Temporary Stay 65%

Source : Colliers International Thailand Research

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The Knowledge Report | July | 2008 | Phuket Tropical Residence

Demand by country of residence: Our survey shows that the majority of property investors in Phuket are expatriates based in Asia, particularly in Hong Kong and Singapore. For the most part, they have lived and worked in the region for a number of years and tend to know Phuket well, having spent holidays there since there are daily morning

flights from Phuket to Hong Kong and Singapore, thus Phuket attracted many expatriates working in Singapore and Hong Kong. Their decision to purchase a villa or condominium tends to be investment-led, and they are looking for good potential capital appreciation and possibly rental income.

Demand by major nationality: From our study, there will be tourists from seven parts of the world who will be the major nationalities interested in the resort residential

market in Phuket because of the increasing trend in travelling to Phuket as shown below:

Figure 5 : The major nationality of tourist arrivals to Phuket between 2002 and 2007 No. of Tourists 450,000 400,000 350,000 300,000 250,000 200,000 150,000 100,000 50,000 0

Year 2002

Russia

2003

India

2004

German

UK

2005

2006

Scandinavia

Middle East

2007

Australia

Source : Tourism Authority of Thailand (TAT)

1) Russia: Russians are travelling to Phuket more and more each year and the trend of Russians who like to buy their second home in Phuket has increased year-on-year. Approximately 120,000 Russian tourists travel to Phuket each year. Russian tourists always travel during the high season, which is in November, and in the peak season, which is in December. 2) Scandinavia: The popular Andaman Sea beach resorts of Phuket/Khao Lak remain the prime destination among Scandinavian visitors. The percentage of Scandinavian repeat visitors is about 62 per cent. The sharp decline in Scandinavian visitors to Phuket in 2005 is directly attributable to the 2004 tsunami. However, the market bounced back quickly and maintained its upward trend in 2006. 3) Australia: Australians love travelling to Phuket and are interested in buying resort residential property in Phuket. 4) Middle East: Tourists from the Middle East normally travel to Phuket during the low season, which is between June and September. This group will fill in the number of tourists in Phuket during the low season. 5) India: Quality Indian tourists travel to Phuket during the low season, similar to the Middle East tourists. 6) United Kingdom: The British love to stay at Phuket for a long stay period, which is in the range of 1-6 months. Our study has found that in 2007, there were approximately 2,692 visitors from England staying at Phuket for a long-stay period. 7) Germany: The Germans are fond of Phuket and are in the third position for the highest number of long-stay visitors after the British and Swedish.

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The Knowledge Report | July | 2008 | Phuket Tropical Residence

The following table shows the core nationalities visiting Phuket for long-stay and short-stay periods. The long-stay visa is for a period of 1-6 months. The long-stay visa is inclusive of retir-

ees, people with a work permit and people who extend their tourist visas.

Nationality

Long-stay visa

Tourist visa

Russia

583

122,419

Scandinavia

2,194

410,281

Australia

685

345,641

Middle East

419

96,749

India

343

40,791

UK

2,692

282,309

German

1,186

173,480

Total

8,102

1,471,670

Source : Phuket Tourist Police Immigration Department,Tourism Authority of Thailand and Colliers International Thailand Research

It is interesting to see that the sales transaction of property purchasing from foreigners in Phuket is 30 years leasehold; there are some sales transaction in the form of freehold, however, it was found that the freehold pattern

was done on the sales transaction of condominiums. The table below illustrates Phuket property sales transactions to foreigners in the months from October 2007 to May 7, 2008.

Month

30 years’ leasehold

Freehold

Total

October 2007

15

5

5

November 2007

20

8

28

December 2007

14

8

22

January 2008

1

0

1

February 2008

17

7

24

March 2008

14

4

18

April 2008

5

2

7

May 1-7, 2008

1

0

1

Source : Department of Land, Muang District, Phuket Province and Colliers International Thailand Research

PRICE The prices of new developments in Phuket remain very solid with no discounting, and completed resale properties still yield substantial profits for sellers. In terms of pricing, location remains the key factor to commanding high prices. Beachfront properties and those with sea views are becoming scarce, since most of the prime sites in Phuket are being developed. The land price on the west coast of the island with good sea views climbed by 30-40% from 2007; however, there is no availability of such plots of land for future development. The future development projects will be focused on the northern part of Patong called Kamala Beach, since there are some plots of land available there at this moment. In the Eastern Area, there are many luxury, resort-style properties, which is the favoured

concept in this sector, with modern, fusion designs and generous on-site facilities. Developments such as The Yamu Phuket include private marinas, spa, a courtyard where residents can enjoy cocktails or playing chess with the background of sunsets. From our study, it is discovered that the land price in the Western and Eastern areas have a wide gap. The selling price per square metre in some projects on the eastern coast is higher than that on the western coast. Our analysis shows that the land price per rai in the Western Area is on average THB 35 million per rai, whist the land price in the Eastern Area is on the average THB 17 million per rai. However, the selling price of residential units in the Eastern Area shows the average price of around THB 130,000 / sq.m. while the selling price of residential units in the Western Area is approximately THB 100,000 / sq.m.

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The Knowledge Report | July | 2008 | Phuket Tropical Residence

COMPARISON OF PROPERTY AND LAND SELLING PRICES IN EACH LOCATION IN PHUKET

Location

Average Selling Price of Property (THB / Sq m)

Average Selling Price of Land (THB / Rai)

Northern

95,000

22,000,000

Western

100,000

35,000,000

Southern

80,000

25,000,000

Eastern

130,000

17,000,000

* The average selling price of property and land are the average at the ending of June, 2008 Source : Colliers International Thailand Research

Unlike in many other parts of Thailand, properties have been sold on 30-year renewable leases for more than 10 years on Phuket, so most agents and brokers have plenty of existing leasehold clients on their books. Even in the condominium sector, renewable leasehold purchases are often a preferred option, as relatively low local demand for high-end units means developers cannot fill the required 51% Thai ownership quota for the building, since Thai buyers from Bangkok are something quite uncommon at the upper-end of the Phuket market. The upper-tier of Phuket´s real estate market saw a number of new launches in 2007, most in the million dollars plus range and mostly branded products. This bracket of the Phuket market has proven resilient to the challenges

the industry has faced over the last 18 months or so, and bucks the trend having recorded solid growth. Another strong period of growth in the million dollars plus bracket is expected in 2008, with a number of branded villa projects on the drawing board awaiting launch. This growth in high-end luxury property has been mirrored in the increase in the number of private jet arrivals and departures. In 2007, there were a total of 941 private jet arrivals and departures from Phuket, compared to 832 in 2006, an increase of 13%, with the tourism high season of November to April proving to be the busy months.

Private jet arrivals and departures 2006 and 2007 comparison

Month

2006 Arrival

Departure

2007 Total

Arrival

Departure

Total

January

49

52

101

41

45

86

-15%

February

56

55

111

44

47

91

-18%

March

33

33

66

47

42

89

+34%

April

49

49

98

98

98

196

+100%

May

26

28

54

19

23

42

-23%

June

17

19

36

22

19

41

+14%

July

19

18

37

12

14

26

-30%

August

37

37

74

39

39

78

+5%

September

25

24

49

24

25

49

0%

October

10

11

21

21

20

41

+95%

November

39

37

76

29

30

59

-22%

December

55

54

109

75

68

143

+31%

TOTAL

832

941

Source : Phuket International Airport * These figures are collated from records kept by the Phuket International Airport and include private jets operated by individuals, commercial private jet companies, flying clubs and helicopters.

12

% Change

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The Knowledge Report | July | 2008 | Phuket Tropical Residence

Outlook: Phuket now attracts professional investors and international hotel brands. The best recipe for developer success is a good quality product and design that meets a focused target market. Property management is another critical success factor to achieve and maintain property values. The future trend of residential sales projects at Phuket is bright, with many foreigners interested in property investment since Phuket is considered an exotic long-haul destination in Thailand with tourist attractions. Phuket is also an attractive retirement destination, where the living environment will feel familiar. Properties are much cheaper in Phuket than elsewhere. The increase in overseas interest in property purchase has helped to create an economic recovery in Thailand. Future prospective foreigners interested in purchasing property in Phuket will come from Russia, the Middle East and India and they will fill up the low season in Phuket, which is between June and September. There are a growing number of Middle Eastern visitors who escape from their summer temperatures, as well as visitors from Asian markets such as Hong Kong, Korea and India. Australian, British and Scandinavian visitors are also increasingly choosing Phuket as their holiday destination.

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Contact information THAILAND: Patima Jeerapaet Managing Director

Risinee Sarikaputra Senior Manager | Research

Colliers International 17/F Ploenchit Center Klongtoey Bangkok 10110 Tel: 662 656 7000 Fax: 662 656 7111

This report and other research materials may be found on our website at www.colliers.co.th Questions related to information herein should be directed to the Research Department at the number indicated above. This document has been prepared by Colliers International for advertising and general information only. Colliers International makes no guarantees, representations or warranties of any kind, expressed or implied, regarding the information including, but not limited to, warranties of content, accuracy and reliability. Any interested party should undertake their own inquiries as to the accuracy of the information. Colliers International excludes unequivocally all inferred or implied terms, conditions and warranties arising out of this document and excludes all liability for loss and damages arising there from. Colliers International is a worldwide affiliation of independently owned and operated companies.

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w w w. c o l l i e r s . c o. t h

This report and other research materials may be found on our website at www.colliers.co.th Questions related to information herein should be directed to the Research Department at the number indicated above. This document has been prepared by Colliers International for advertising and general information only. Colliers International makes no guarantees, representations or warranties of any kind, expressed or implied, regarding the information including, but not limited to, warranties of content, accuracy and reliability. Any interested party should undertake their own inquiries as to the accuracy of the information. Colliers International excludes unequivocally all inferred or implied terms, conditions and warranties arising out of this document and excludes all liability for loss and damages arising there from. Colliers International is a worldwide affiliation of independently owned and operated companies.


Phuket Tropical Residence