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Sansiri Condo Sellout Stuns Phuket

Category: Real estate, Posted:31 Oct 2011 | 06:00 am

Thai listed real estate developer Sansiri's first Phuket condo project has managed to sell out 556 units in half a day.
The dCondo in Kathu with unit sizes just under thirty square meters was priced from one million baht and up.
From a property storyline the successful debut is a key sign of the times towards a continued surge by the domestic sector.
What's evident is that the speculative nature of Bangkok's domestic entry level condos has now veered south to Phuket.
Typically projects such as this often have multiple unit buyers who are investors rather than end users. Relatively small down payments are made with the bulk of the purchase due on completion. Speculators hedge to sell on prior to handover and look at take profit at prevailing market pricing at the finishing stage.
Sansiri already has a considerable database of existing buyers and tapped into this resource to spur volume sales.
We can expect other geared up Thai developers to try to tap into the apparent success of dCondo, while Sansiri has already announced plans for a second project early next year.
The current domestic surge in many way's parallels the foreign market from the middle part of the last decade, as property buyer are motivated by a short term investment horizon and many have no intention of living in the units once the project is complete.
Is this a strong fundamental or a sign the domestic market is peaking? Only time will tell.

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