Uk Firm Launches Condo Project On Samui

[george]

UK firm launches condo project on Samui

KOH SAMUI: -- A property developer from the UK is building a Bt500-million condominium project on Koh Samui and to instil confidence among potential buyers it brought to its press conference yesterday renowned international football manager Sven-Goran Eriksson.

Eriksson, one of the project's clients, recently bought one of the development's Bt25-million condos, said Robert Collins, managing director of Savills (Thailand), the project's sales agency.

The project is at Peregrina Bay in Laem Set, Maret in Koh Samui. A joint venture between the UK-based Jamro Development Co Ltd and Pilawan Development, is developing it.

Collins said foreign investors were confident about expanding in Thailand, despite the changed scenario.

"Almost all foreign investors were concerned about the coup but now they believe that it is better for Thailand, politically. Almost all of Thailand's political problems will be sorted and it will return to a democracy within a year. So investor confidence has returned," he said.

Eriksson said yesterday at a joint press conference to promote the project that Koh Samui had long been considered one of the most interesting and beautiful spots in Thailand.

That's why he decided to buy a condominium at Peregrina Bay, which will be his resort home in Thailand. He said Thailand was secure and has considerable overseas, residential development."

Peregrina Bay in Laem Set is a luxury, low-rise residential development with two beachfront villas, four garden- and ocean-view villas and six duplex condominiums near a secluded beach on the southeast side of the island.

The project will be spread across five rai that has a long leasehold of 30 years.

The lease can be renewed for another two 30-year increments.

The freehold option will be provided within the lease agreement. Construction will begin next year and completed by 2008.

Collins said the company had pre-sold 20 per cent of the project's value and expected to complete sales next month, after introducing the project at a property fair in Hong Kong next month.

Almost a half of the target customers are Europeans, especially football players or football managers from the English Premier League, Collins said.

Savills (Thailand) Ltd is the sales agency for 10 property projects worth an aggregate Bt10 billion in Thailand. They are located in Koh Samui, Chiang Mai, Krabi, Pattaya, Phuket and Bangkok.

"The fact that foreign investors are continuing to invest and buy residential property in Thailand confirms that our customers have faith in us," Collins said.

--The Nation 2006-09-26

[churchill]

some welcome good news for the property market on Samui for a change .

[Pilchard]

I was under the impression that no one had yet been granted a licience to build condos on samui.

If this has changed and companies with international reputations begin to build structures that farangs can legally own, finally a move in the right direction and a light at the end of the property market tunel at least.

[Khun Jean]

It is still not clear they will have condominium right. And when that happens only 49% can be bought by foreigners.

Peregrina Bay in Laem Set is a luxury, low-rise residential development with two beachfront villas, four garden- and ocean-view villas and six duplex condominiums near a secluded beach on the southeast side of the island.

The project will be spread across five rai that has a long leasehold of 30 years.

The lease can be renewed for another two 30-year increments.

The freehold option will be provided within the lease agreement. Construction will begin next year and completed by 2008.

This will answer questions if they are truthfull with their information.

Mentioning 30 year leases that are renewable is an old story. And it is still untrue.

With that, the rest of the story is highly questionable. Even when a football manager is there to show off his big nose and ignorance about the Thai property laws.

Everyone who has been in Samui for a while nows how the beaches in the south are. Just go see it with low tide. The beach will be very very wide, and it is only white on retouched photographs.

Shallow and murky water is not most peoples idea of a beautiful spot.

[Pilchard]

Guess the light at the end of the tunnel just got a lot further away

[womble]

Do u reckon he paid full price or do you think he was given it for a special price if he did a press conference?

I wonder if they just gave him a free condo to endorse it. Or if he wanted to buy one and they offered a discount if he did a little advertising for them and go on the record that he was buying one.

Things like this are always good for the island, people always follow the stars, dunno why, but they do.

[LaoPo]

Things like this are always good for the island, people always follow the stars, dunno why, but they do.

Name dropping

LaoPo

[SamuiJens]

Guess the light at the end of the tunnel just got a lot further away

I thought you already knew this, like about 4+ years ago? It'll really all be over in 4-5 years. Real Sad!

[bluedragon]

Ok, maybe dumb question!!! How does a FOREIGN firm gets the rights to bldg a condo complex when foriengers are not allowed to own land??? Regards, BD.

[SamuiJens]

You can't own land, only lease....reread op again!