Holiday Property Sales Signal Renewed Confidence in Phuket

TGR Group Asia, the developer behind the Jumeirah Private Island Phuket, an 80 acre exclusive island resort, has reported significant sales interest over the recent Christmas and Chinese New Year holiday season with completed sales of all Jumeirah Estate Villas, and over 60% of Jumeirah Residence Villas, now reserved.

The Jumeirah Hotel Pool Villas were released for sale on 25th January 2008 and are an investment based purchase with a compulsory lease back to the Jumeirah Resort. TGR will provide a minimum guaranteed yield of 5% for the first 3 years once the resort opens. In addition and unusually for property developments, prior to the completion of the resort a 5% return is also guaranteed during construction, once 60% of full payment has been made. The minimum yield is 5% although projections are in excess of 7% for those on the optional variable return basis. Buyers have sixty days personal usage at any time of the year.

Jumeirah Private Island Phuket is scheduled for completion in late 2009/2010. The island will be managed by Dubai based luxury international hospitality management group Jumeirah and is located less than 500 metres off Phuket in the Southern Gateway of Phang Nga Bay.

Jumeirah Private Island Phuket will encompass 49 residential villas, 105 Jumeirah Hotel Pool Villas set amongst tropical gardens and a 101 berth deep water super yacht marina, yacht club and resort.

Anthony Franklin, Director of Marketing for TGR Group Asia said, “Buyers are coming from across the globe. The rise in developments in the luxury sector has extended the island’s appeal to the international market. In particular, homeowners are drawn to Phuket’s yachting and marina facilities. The launch of Jumeirah Private Island Phuket’s super yacht marina will position the island as the yachting capital of Asia.”

“We anticipate that sales will be similar over the Easter break and a number of viewing trips have already been arranged” Franklin added.

The strong sales on Jumeirah Private Island Phuket were reflected across Phuket. David Simister, Chairman, CB Richard Ellis Thailand said, “The recent high season is undoubtedly one of the busiest Phuket has seen. Post election, reports of viewings and bookings of resort properties at CBRE show a clear uplift in transactions.”

“This uplift is also supported by land price in Thailand’s coastal areas which have continued to grow unabated and indicates the strength of the market and long term prospects. The Treasury Department’s recent appraisal of land value shows that land prices in Phuket have increased on average a 160% in the past four years.”

“The general election held on December 23rd 2007 marks the return to democracy and puts the country back on the path to economic and political progress. We now expect a clear and positive policy towards foreign investment from the government. This should play a significant role in further enhancing confidence in the market,” Simister added.

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