| Sri Panwa: Phuket Successes Spark Interest Overseas | |||
| UPDATE : 11 February 2010 | |||
Supattha Sukchoo Boasting an idyllic poolside location by Makham Bay, the chilled out Baba Dining Lounge at Sri Panwa Phuket is clearly one of the best spots to catch a sunset on the island often dubbed 'the Pearl of the Andaman'. The Baba Dining Lounge alone required an investment of 200 million baht (US$6.05 million), while an additional 100 million baht went into the development of Sri Panwa Phuket's spa operations. Adding value But such impressive facilities don't only benefit guests at the luxury hotel, as they also add value to the overall development by providing a greater level of convenience and comfort for residents who have purchased a villa property under the Sri Panwa Residences brand. The prestige of the Sri Panwa development has only been heightened by regular visits by members of the Royal family, as well as a host of Thai celebrities, suggesting it has been built to the very highest standards. While a one-night stay at Sri Panwa Phuket will set you back anything from 50,000-98,000 baht (US$1,500-3,000), depending on what time of year you visit the island, Sri Panwa Residences' luxury villas are priced accordingly, towards the very top end of the market. Vorasit Issara, managing director of Sri Panwa Residences, says that the six villas built as part of the development's fourth phase are the most significant yet in terms of size, and luxury, adding that these 'premium' units would each fetch prices of between 280-380 million baht. Demand robust, supply easing Vorasit points out that land prices on the island continue to rise, as there is an ever diminishing number of suitable plots available to property developers or investors. While the prices may seem on the high side, Vorasit says that all six villas had already been reserved by prospective buyers, one of whom is a senior banking executive from India.
Once every phase of the property development has been completed, Sri Panwa residences would occupy an area covering 80 rai [12.8 hectares], valued at more than six billion baht ($180.8 million), according to Vorasit. The developer's main targets during the earliest phase of the development were wealthy foreign expatriates who could fly to the island on weekends, as well as European businesspeople interested in relocating. But properties in the fourth phase were targeted at even wealthier individuals looking to diversify or expand their property portfolio, rather than those seeking a main or second home. Plenty of potential When the first phase of the project was launched in 2004, the development consisted of just 20 units. Nine of these were sold for between 20-120 million baht ($603,000-3.6 million), according to Vorasit, while the remainder served as luxury accommodation, costing between 30,000-50,000 baht per night. This phase alone required an investment of 1.2 billion baht ($36.1 million). Songkran Issara, Vorasit's father, who is managing director of Charn Issara Development, says it took him nine years to locate the perfect site for the Sri Panwa project. After eventually discovering a suitable plot of land along Sri Panwa Cape, Songkran purchased it in 2002 and began the residential product the following year. “In those days, many people were basically overlooking this land as when they visited to take a look, they checked out the view [of the ocean] from the land. But I was looking at things from the other direction [from the coast to the plot of land], and this helped me to truly appreciate its beauty,” he says.
Vorasit played a role in persuading Songkran to invest in a hotel development, pointing out that short term guests might also prove to be interested in a longer-term investment in the shape of a property investment. Meanwhile, the company would also be able to invest funds generated by the residential operation in the hotel facility. International aspirations Once the first phase sold out, the second phase was launched, which included properties priced at between 30-250 million baht. Again, demand was strong and units soon sold out. By the end of 2008, Sri Panwa invested more money in the hotel business in order to deal with strong demand among both locals and foreign tourists. Meanwhile, it was estimated that the 48 villas operated by the hotel could generate income of up to 100 million baht per annum. Vorasit says he will work hard to develop Sri Panwa into a leading chain of luxury resorts and he plans to invest further in four or five more tracts of land on the island. “Over the next three years, we will be focusing on Sri Panwa and on Phuket.” Sri Panwa is now a flagship development among Charn Issara Group's hotel and resort businesses, while the group has received a good deal of interest among foreign enterprises looking for Charn Issara Group to invest in overseas property projects. In light of this development, it can only be a matter of time before the company begins to compete in earnest in the international arena. - Translated and republished thanks to the kind permission of Manager 360 Magazine. Photos courtesy Manager 360 Magazine. | |||
วันเสาร์ที่ 20 กุมภาพันธ์ พ.ศ. 2553
Sri Panwa: Phuket Successes Spark Interest Overseas
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