ASEAN KEY DESTINATIONS
Thai property firm markets Hat Yai to Bruneian investors
A THAI property company is keen on getting Bruneian buyers for its property offering in the southern Thailand city of Hat Yai where property owners can capitalise on rental income from high tourist traffic in the area.
In an interview, Chanyarat Silpa-Archa, who handles marketing for the IB Grand Condo and Plaza project, said the property is close to completion. Drs Property Co Ltd, which developed the property, is already getting buyers from the region.
She said Hat Yai, the largest city in Songkhla province, is close to the Malaysian border and is a key shopping destination for Thais and foreigners alike.
“It is not so much about capital appreciation (of property). It is more so about rental because Hat Yai receives a lot of domestic and international tourists,” Chanyarat told The Brunei Times during the Thai Halal Product Fair at Times Square.
She said spending by weekend travellers from Malaysia and other ASEAN countries boosted Hat Yai’s retail and tourism industries.
“The visitors are usually looking to rent accommodation whether on a daily or monthly basis which means that there’s a lot of opportunity for rental income for property owners,” she said.
Chanyarat said there has been interest and enquiries from Bruneians but most want to familiarise themselves with the property regulation in Thailand before making decisions.
She added property regulations in Thailand are more lenient for foreigners purchasing condominium units.
Ibrorheng Cheali, CEO of Drs Property Co Ltd, said the property will have over 310 units that are fully furnished.
The company is offering three types of units from one bedroom to those with two bedrooms and a kitchen.
In a 2013 article, the Thailand Real Estate Centre (REIC) said property acquisition surpassed 60 per cent in all housing categories in the provinces of Songkhla and Phuket.
The article quoted Tanawat Poonsin, president of Songkhla Real Estate Association, who said the property market in Hai Yat has grown exponentially in recent years.
This was attributed to the strong logistics business at Sadao district, which sits on the Thai-Malaysian border.
He said the Songkhla economy has been supported by its strong tourism sector. Most of these tourists are from the neighbouring countries of Malaysia and Singapore.
“Demand is coming from those moving from rented apartments into their new condos, where their instalment payments are about the same as their rent was,” Tanawat said in the REIC article.
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