Converting Chinese Tourists To Buyers
As Phuket continues to reel in mass numbers of travelers from Mainland Chinese, the island's real estate sector is trying to tap the potential buying pool.
On a recent trip to Singapore I picked up a story in the Straits Times about the launch of the Danga Bay condominium project in nearby Malaysia's Johor Baru.
The freehold development with 44 blocks is known as Country Garden Danga Bay and has over 9,000 condos planned ranging from 40 square meters up to 300 square meters.
With the current offering of 7,000 units, the newspaper quoted the developer as saying over 50% have been pre-booked with Chinese nationals representing 50% of the buyers. Of the remaining portion 30% were Malaysians and 20% Singaporeans.
Danga Bay also features a retail mall, massive man-made beach and yacht facilities.
Potential Singapore buyers were temped with the launch by offering free bus trips across the causeway, petrol vouchers and an on-site amusement park.
Listed Hong Kong developer Country Gardens who has a strong base of Mainland customers is behind the project.