Thai properties attract Singaporean buyers
ANN/ The Straits Times
Businessman J Lim wants to buy a retirement home abroad.Australia, a traditional favourite among Singaporean retirees, is out because it's too far and is boring, he said. Tropical Malaysia is also not a good bet because it is, well, too familiar. But a property exhibition on Phuket and Koh Samui homes two weeks ago aroused his interest. He said: "My wife and I are devout Buddhists and there are many temples in Thailand to visit.'' He scooped up dozens of brochures bearing pictures of resort-like bungalows with landscaped gardens and swimming pools for closer study at home. About 2,000 people visited the exhibition. The organiser, property and travel magazine Artasia Press, said each of the 20 developers there has five to 10 serious buyers who will be flying to Thailand to view the properties. Sales started a decade ago, but have grown dramatically in the last five years, said nine developers The Sunday Times interviewed. Two things have worked in Phuket's favour: the 2002 bombings in Bali, which put off people looking to buy second homes there, and Phuket's reputation for being a top holiday destination. It is close to Singapore and visa rules are not onerous, the beaches are good and activities such as golf, sailing and diving are relatively inexpensive. Bill Barnett, managing director of East Coast Ocean Villas, said demand has caused property prices to rise 20 to 25 per cent in the last two years. Prices of the bungalows and condominiums, on freehold or on 90-year lease, depend on location, size and facilities. They range from $100,000 to $5 million. Thai-based property developer Phuket Land Resort, for example, is offering a six-bedroom villa in Phuket with two guest bungalows, a tennis court, a private spa and 300-degree view across white, sandy beaches at $7 million. Cheaper homes, for retirement, holiday and dwelling, don't sound too bad either. Majestic Residence condominium units and villas facing Jom Tien beach with tennis courts and clubhouse cost $130,000 to $1 million each. Alila Phuket Villas facing Kamala beach, with gym and private pool, cost $450,000 to $950,000 each. But Singaporeans ""not surprisingly prefer the higher range,''said Jean-Claude Guillet, marketing director of A.C. Highland, which sells L'Orchidee Residences costing $700,000 to $1.2 million.
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