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Pattaya Daily News

24 July 2006 :: 15:07:32 pm 23168

Perth Developer Enamored With Thailand

An Australian company, Watson Property Group Co. Ltd., sees continued potential in the property market in Thailand. The company plans to invest one billion baht in four residential projects in Bangkok and Phuket.
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    ‘‘This is our first time overseas,‘‘ said Mark Watson, the director and founder of the Perth-based company. ‘‘We considered many countries in Southeast Asia and Thailand has the most potential to market property projects.‘‘

   In Singapore, he said, all of the beachfront property, which is ideal for sea view condos and villas developments, has been bought up already. 

   In Vietnam, the business is still in its infancy and the infrastructure is very limited.

   In Malaysia, the government does not allow overseas real estate developers to send their profits back to their country of origin.

   With all the turmoil in Thailand as of late in the property sector as well as within the government, many foreign investors have kept their distance. Not Mr. Watson. It would appear that he has been doing his homework.

   ‘‘Thailand is still attractive for investment, especially in Phuket. The political effect is short-term. Before launching the project, we did a lot of research and studies on the property market,‘‘ said Mr. Watson.

   His first project is Bel Air Panwa in Phuket. The 300 million baht condominium houses 87 two and three bedroom units ranging from 106 to 215 square meters. The cost for these units is priced between 4.5 and 10.9 million baht.

   Half of the units have already been sold, with, no surprise, 20% being bought up by Australians. The project is scheduled to be completed in November. Any buyers planning to purchase units for investment will be glad to hear that the company will manage their units for them.

   The company has its eye on other locations in Phuket as well. Kata Heights sits on a one-rai plot with 20 units priced between 5.5 and 10.1million baht. There are plans in the works for a ten-rai plot near Patong Beach to develop 20 villas at 40million baht.

   In Bangkok, Watson Property has a two-rai piece of land where they plan to build a condominium with 75 units with prices ranging from 80,000 to 90,000 baht per square meter.

   Watson Property Co has big things planned for Thailand, specifically in Phuket and Bangkok. Whether or not they have plans for something in Pattaya, we will have to wait and see.

Reporter : PDN staff   Photo : Internet   Category : Business News

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