Thai Property Developers Favor Chic Hotel Brands to Attract High-Paying Clients
Thailand’s property developers have been making use of “brand solution and holistic management,” to sell their real estate projects to targeted affluent buyers. The “strategic approach,” appears to draw in high-paying clients that hotel residence projects are being built in increasing numbers across the country, a new report said.
Global hotel brands, according to the latest study furnished by property consulting group C9 Hotelworks, have been growing their presence in the Southeast Asia region, and the rising trend seems more prominent in Thailand, Indonesia and Vietnam. To date, Thai property developers have completed 41 hotel residence projects and more than forty of the same developments are in the pipeline, the report added.
Phuket favored destination of premium hotel brands
Leading the pack of locations in Thailand where boutique hotel residences have been rising fast is Phuket. C9 said Phuket currently hosts 26 properties that were packaged as premium hotel brands, followed by Pattaya and Bangkok. The top three locations represent Thailand’s dominance in the specific real estate market, boasting of 41 percent of the total supply hotel residence units in the Southeast Asia region.
Phuket, for instance, has seen remarkable growth in the upscale property market. C9 reported that the resort city has “13 completed projects and another 13 in the works. The same study credited Phuket’s “longstanding legacy of hospitality-led residences in such well-known ultra-luxury resorts as Amanpuri, Banyan Tree and Sri Panwa.”
Likewise, the incredible spikes in prices of luxury properties have been attributed to developers’ decision to sell hotel residence units with affiliation to well-known hotel brands. “The likes of global icons Four Seasons and Mandarin Oriental have pushed prices though the glass ceiling to an average of more than THB 315,000 per square meter, while the national average selling price in the sector is just over THB 101,000,” the C9 research indicated.
According to C9, up to 92 percent of hotel residences units in Thailand are connected to premium brands are easily recognizable, and they appear to accelerate the selling of the projects, existing and those already underway. Going by the strategic benefits delivered so far by the tactic, “we expect this preference by developers and property buyers to continue,” the report predicted.