PHUKET ESTATE MANAGEMENT Jones Lang LaSalle Target Growth
Leading global firm Jones Lang LaSalle (JLL) back of its Thailand branch is reportedly actively pursuing a growth strategy back of estate management and resort rental operations. While broad real estate transactions have flattened out the past 24 months on the island the group appears to be making a tactical move similar to that of other international brands CBRE and Knight Frank who need recurring income to manage cash flows.
As the property market remains challenged both larger and smaller firms are tapping into management of villa estates, condominiums, free standing units which are now just entering the supply steam back of projects sold off plan during the island real estate boom. Currently JLL's estate management contracts are in double digits and include high profile Cape Yamu (now called The Cape, and The Bay) along with a variety of other development.
Vacation and long term rentals are another target of brokers now aggressively seeking new business models. Non-traditional accommodation is sky rocking and becoming a key competitor to Phuket's hotels with its substantial critical mass of resort grade property.