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New York Times Slams Phuket's Property and Hotel Market

Category: Real estate, Posted:29 Apr 2009 | 10:38 am

The Global Section of the New York Times has published a harsh assessment of the state of play for property and hotel developments in Phuket. The article titled "Turmoil Stalls Vacation Home Boom" published on the 28th of April has referenced Shangri La, The Yamu, Four Seasons, Raimon Land's Amalfi, Lersuang and Jumeirah Private Island as either troubled or delayed projects. Even Gulu Lalvani who was quoted in the piece was decidedly downbeat on the current market.
While objectively the market is currently challenging the amount of construction activity and limited amount of developer defaults have proven the Phuket is still out trading most overseas markets. Additionally the lack of developers taking on significant leveraging which could incur defaults and possible bank repossession is not widely in effect so with flat demand the prospects of market recovery remain fundamentally solid.

Other News

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Phuket’s Russian Winter Market Airlift Surge

Category: Tourism, Posted:14 Aug 2022 | 19:39 pm Direct airlift between Moscow and Phuket will resume with flights starting from 30th October. National carrier Aeroflot will offer daily service. Currently,  most Russian travelers fly via the Middle East on Emirates, Qatar, or Etihad. Singapore Airlines previously flew direct to Moscow and connected travelers via a number of flights to Phuket, but suspended services […]
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Global Experiential Hospitality Brand Selina Debuts In Southeast Asia

Category: Hotels, Posted:12 Aug 2022 | 18:12 pm One of the fastest-growing hospitality brands in the world Selina, has opened their first Southeast Asia property in Phuket, Thailand. The 52-key Selina Serenity Rawai Phuket is a conversion of what was previously an independently managed property, and prior to that had been operated by Outrigger Hotels and Resorts. Selina’s DNA is based on local […]
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BDMS To Open Medical Wellness Facility At Laguna Phuket

Category: Real estate, Posted:12 Aug 2022 | 10:27 am The Greater Cherngtalay area in Phuket is set to see a new international-standard medical and wellness facility from leading Thai group BDMS (Bangkok Dusit Medical Services). Located in the middle of the integrated resort development of Laguna Phuket at Canal Village, the offering is targeted at both a growing local and expatriate population and overseas […]
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