Uncompleted Developments Hit Phuket Market
The hangover from the global financial crises is setting the stage for some Phuket developers to not push through with projects, and look at exiting land investments.
Two recent examples of properties entering the market are the Baan Talay and Miora Resort developments.
Located in Layan across the road from the stalled Shangri-La site, the 48 rai Baan Talay estate which was planned to be mixed use villas and commercial has been put up for sale.
While in Kalim, what was to have been Miora, operated by an international hotel company is also seeking buyers.
Some infrastructure exists for both, but in reality these are greenfield site. The tables have been turned on the island in favor of Thai groups who have access to equity and debt.
While smaller foreign investment groups who looked at financing projects though pre-sales have seen this model debunked over recent years.
Expect more "For Sale" signs to pop up this year as the residential market looks for equilibrium.