Condo-hotels are a better way to own, operate and develop a hotel. Bang Saray is a prime locale for vacation properties, and The Beaches 5-star property is in a prime position to tap into that trend.

International buyers are now showing a preference in Bang Saray, with it’s spectacular bay and proximity to Suvanabumi airport. These buyers are more likely to purchase higher priced homes, which are used as a vacation home or as investment property.

“International buyers are a big component of the condo-hotel market,” according to Liakat Dhanji, CEO of Pacific Shore Developments. The company is currently developing The Beaches Destination and Resort luxury condo-hotel in Bang Saray. “They like the idea of having a luxury get away in Thailand that they own. It gives them the ability to participate in the real estate and tourist markets.”

Savvy Thais are also seeing the value of buying close to home, and condo-hotel is often the purchase of choice, our buyers are very sophisticated and recognize an opportunity when they see it.”

Condo-hotels are an entirely different approach to hotel development. Purchasers of condo-hotels contribute capital to the building project, and can build equity at the same time. The condo-hotel has come about because of what it can provide to the purchaser. It provides a place to put their capital, and a place to enjoy when they come to Bang Saray. One actually becomes an “owner” in the hotel.

Not only does a condo-hotel provide a comfortable place to stay when in town, owners  typically put their units in the hotel’s rental pool. Prime properties remain solidly booked world-wide, during high traffic times of the year.

“Condo-Hotels are a tangible asset a consumer can own and enjoy,” says Dhanji, “and if they fully participate in the rental program, they will be able to defray some property costs.”

With the Beaches themed water park and attractions that will be a key draw for many of the visitors coming to Bang Saray, the Beaches will become an entertainment Mecca. Nothing else will come close.

Of course these visitors will need a place to stay, and many aren’t satisfied with a no–frills, no name motel. “There is an enormous demand for luxury hotel rooms,” notes Dhanji.

By combining the benefits of real estate ownership with the luxury hotel experience, condo-hotels are in a unique position to address that need. People need to understand that this is a niche market; it is not a fad. It’s not going to be gone in 2009.

Typically high-end luxury properties, condo-hotels units come fully furnished with all the quality and designer touches consumers expect to find in multi-star hotels. Chic furnishings, quality  artwork, state-of-the-art electronics and top-of-the-line finishes such as granite countertops and solid wood cabinets are among upscale offerings The Beaches project will contain. Since they function as full-service units, rather than basic hotel rooms, condo-hotel accommodations include kitchen facilities and designated living and sleeping quarters. Studios, and one- and two-bedroom units ranging from 36 to 118 square meters in size are the room configurations buyers can expect to find.

Amenities consumers should look for in a quality condo-hotel include swimming pools, exercise and fitness facilities, sports courts, top-flight restaurants, and room, concierge and housekeeping services. A world class spa and entertainment venues are a decided plus when selecting a condo-hotel. For buyers with families, child-oriented facilities such as kiddie pools and playground should be key selling points, while adult, solo, and business travelers may wish to look for features that cater more specifically to their need and interests, such as night clubs and meeting space.

Condo-hotels will be the prevailing product for hotels in markets throughout the world.

Condo-hotels combine property ownership with all the amenities of a luxury hotel

Technorati Tags: Condo-hotels combine property ownership with all the amenities of a luxury hotel

The latest environmentally friendly condominium features and amenities aren’t just good for the planet, they also look great and are a huge draw for conscientious buyers wanting to help the earth by making smarter purchases and lifestyle decisions, even if that means that buying “green” means paying slightly more. From energy-efficient light bulbs to solar-paneled roofs, consumers have gravitated to the idea that being energy conscious is their way of contributing to the environment. Many of these changes are happening in their homes, thanks also to manufacturers, builders, and architects who are convinced that the “greening” of the world is unlimited and will be the norm of all homes of the future.

There are plenty of reasons why focusing on the ‘green sustainable trend’ has become so popular lately. Influenced by noticeable changes in the world’s climate and popularised by Al Gore’s documentary, An Inconvenient Truth, as of November 2007, 175 parties have ratified the Kyoto protocol. Of these, 36 developed countries (plus the EU as a party in its own right) are required to reduce greenhouse gas emissions to the levels specified for each of them in the treaty. Even in the US, which has largely opposed signing the treaty, James Connaughton and Daniel Price, environmental and economic advisors to President Bush, said that the US is ready to approve “binding international obligations” for reducing emissions.

‘Green chip stocks’ are now becoming a huge industry that now has a $60 billion price tag on it. Along with these initiatives, there is a growing body of green building standards advocated by groups such as the National Association of Home Builders and the US Green Building Council. Another factor, outside of climate change, is rising energy prices, which has forced everyone to rethink everyday habits and purchases.

“Interest in being green has moved across the country — it’s no longer just for wacky Californians,” says Matt Golden, who founded Sustainable Spaces Inc. in San Francisco three years ago. The company performs environmental audits on homes, which tests for energy efficiency, indoor air quality, and other factors.

To meet consumer demand, many developers have stepped up to the plate and have begun constructing energy-efficient developments and have applied for the coveted certification by the United States Green Building Council as Leadership in Energy and Environmental Design (LEED) projects.

These new residential developments offer residents energy-saving amenities ranging from green roofs and low E (emissivity) insulating glass windows to Energy Star appliances and water-saving faucets and toilets. Some builders also are using materials such as recycled glass tiles and bamboo flooring and panels to save on natural resources. Bamboo is a plant that grows to maturity in a few years, compared to the slow growth of trees. Special paints, carpeting, caulking and other materials are selected because of the low emissions of toxic fumes.

“Green developments are the wave of the future,” said CEO, Liakat Dhanji, who is developing Thailand’s largest destination resort complete with 5-star luxury hotels and world class amenities, located 10 minutes from Pattaya Beach City “I want this project to be up to LEED standards — building an environmentally friendly resort that incorporates the newest and latest in green building technologies and water consumption.

“Green buildings are models of efficiency in the usage of both resources and energy — buildings are made from materials that include recycled, renewable and reused resources. From the design stage through construction, the goals of green construction are to make structures that are comfortable, healthy for occupants, compatible with the environment, and less expensive to own and operate, while reducing the impact of natural resource consumption.”

Dhanji is building one of the country’s most innovative green development projects, The Beaches Resort & Residences, on an 88 rai (45 acres) site that has sweeping views of the ocean. The Residences at The Beaches, phase I, offers 150 luxury condominiums that will be “the first residential project to employ the first sustainable energy system in a resort.”

Construction is anticipated to begin in late 2008. The development’s energy system will consist of piping dug into the ground, which will provide energy-efficient heating and cooling year-round. Dhanji says condo residents could pay up to 40 percent less in energy costs. The Residences plans to have hot water systems heated with solar panels, a rooftop garden and an energy recovery system that uses the exhausted air to condition the fresh air entering the building to further reduce heating costs.

Home builders, retailers, and product manufacturers are seeking to satisfy consumers’ appetites for anything green, offering everything from eco-friendly condos to water-saving toilets.

Time Equities Inc.’s 62-storey condo-hotel going up at 50 West St. in downtown New York City will have solar panels on the roof, windows that help to keep out the heat, and an energy-efficient HVAC system that will automatically adjust cold or hot air. “We’re even building our condo-hotel without a garage to promote public transportation,” says Phillip Gesue, Time Equities’ director of acquisitions and development.

Belcher predicts that in a few years green construction will become so pervasive that the term “green” won’t even be needed. “More manufacturers are building components for the growing market,” he says. “It will be a standard practice.”

According to FMI’s 2008 US Construction Overview, industry stakeholders are increasingly recognising green-building capabilities as “good” and being a necessary part of a firm’s best practices. Green non-residential construction put in place was $13.4 billion in 2006, and last year a projected $21.2 billion of all new non-residential construction will employ the use of green-building principles.

FMI says three major trends are pushing the green building movement forward: an unprecedented level of government initiatives, heightened residential demand for green construction, and improvements in sustainable materials.

Government Initiatives
As the largest owner and operator of buildings, the U.S. government has the ability to exert tremendous influence over the construction industry and to put in place policies, rules, and regulations designed to drive private sector investment in construction toward a predetermined end. In the first five months of 2007, over 100 green building bills were introduced at the state level. Many states have adopted sustainability requirements for all of their new government-funded construction projects. Governments have also implemented economic incentives in the form of tax rebates and credits, density bonuses, and other policies such as expedited permitting and approval for green projects.

Residential Demand
The heightened level of interest in sustainability within the residential construction sector has contributed to green construction’s movement into the mainstream. While demand for traditional residential construction is slowing down, the green housing and materials markets are expanding. Homeowners are increasing their investment in sustainable housing due to improved economic paybacks resulting from high energy prices and their growing sensitivity to environmental concerns. According to the Overview, the National Association of Home Builders Green Building Conference in April 2007 revealed that green building and remodeling is experiencing a level of demand that exceeds the current supply of qualified firms.

Green Materials
Green materials and building products are becoming more popular due to the upward trend in the green construction market. Consumers are becoming more knowledgeable about their health and the environment and are now questioning the volatile organic compounds (VOCs) in their carpet, paint, and wood. They are making a conscious effort to identify what building materials are healthier, more energy efficient, and economically sensible. As the demand grows for green products and materials, the cost is mitigated. Today, many manufacturers are making green products, which leads to more competition and better pricing. In addition, distribution outlets for green materials are improving.
“Green building will continue to grow. It is not a question of whether your firm should invest in understanding the green sustainable trend and how to produce sustainable projects, it’s how much should you invest and how fast,” said Rick Dutmer, consulting group manager for FMI. “Developing a strategy now to assess the capabilities of your firm, and create actions to take advantage of the sustainable opportunities, is fundamental.”

The Beaches Resort & Residences will be the first resort in the region to employ the fundamentals of LEED, a flagship development leading the way to greater sustainability which all developers will surely be forced to follow.

Thailand’s ‘First “Green” Destination Resort’ – LEEDing the Way

Technorati Tags: Thailand’s ‘First “Green” Destination Resort’ – LEEDing the Way

By Jon E. Hilsenrath and Patrick Barta
From The Wall Street Journal Online

It was a familiar story from Golden Land Property Development PLC. With its 35-story Sky Villas condominiums nearly sold out, it unveiled plans for an even more lavish project. The Infinity features a replica of Rome’s Spanish Steps, a spa in a restored historic mansion and faux-Venetian canals. About 90% of the units in the new development sold out in less than three months, even though some were priced at more than $1 million.

The project isn’t in a hot U.S. real-estate market like Las Vegas or Miami. It’s in Bangkok, where home prices are soaring, bank mortgage lending is climbing and developers are adding thousands of glitzy units.

The Infinity highlights a remarkable turnaround for a city whose property market went belly up in 1997, and it points to an important facet of this housing boom: It’s global and, in some places, more dramatic than in even the most frenzied U.S. markets.

Over the past three years, measures of housing values are up 48% in France, 63% in Spain and they’ve nearly doubled in South Africa, according to data gathered from these markets from sources including the Bank for International Settlements, Economy.com and The Wall Street Journal. In just the past year, prices have risen 19% in Hong Kong and 48% in Bulgaria. They’ve also boomed in China, Australia and the United Kingdom, though prices are now showing signs of slowing in some markets like Australia and the U.K.

Americans are searching out castles in Umbria. Londoners are gobbling up beachfront property on the shores of Bulgaria. Europeans are finding dream homes on the Indian Ocean near Durban. And in Bangkok, eight years after the city’s property market collapsed, Golden Land is seeking buyers from Thailand and abroad with a sales pitch that promises “an environment so opulent, only in your dreams could it be imagined.”

“There is a tremendous amount of money floating around looking to invest,” says Liakat S. Dhanji, the Nairobi-born chief executive of Golden Land.

Low interest rates — increasingly moving in sync around the world — are the clearest engine of this global boom. But there are many other factors tied into the trend, including the increasingly unconstrained flow of capital around the world, aggressive lending by banks here and abroad and a frantic search by investors, large and small, for returns that beat stocks and bonds.

The global nature of the boom defies conventional thinking on housing. Economists traditionally say real estate, which can’t easily be traded like a stock or oil, is driven by local factors — like the availability of land in an area or regional employment trends.

“The housing market in the United States is quite heterogeneous, and it does not have the capacity to move excesses easily from one area to another,” Federal Reserve Chairman Alan Greenspan told Congress last week. “Instead, we have a collection of only loosely connected local markets.”

International Monetary Fund research suggests house-price gains are squeezing affordability in places like Spain, Ireland and the U.K. So far, though, the surging real-estate prices have been concentrated mostly in areas that hold appeal for global investors: large cities tied in to global finance and attractive vacation and retirement destinations.

Most economists still believe a housing slowdown, if it actually comes, would be absorbed by the global economy without much disruption to overall growth rates. Indeed, it is possible the globalization of this boom helps to spread out the risk associated with it.

But if home prices were to fall broadly, it could stress the global financial system, since banks and investors world-wide have been gobbling up mortgages and real estate at increasing rates. It could also undermine the ability of individuals to spend, since so much wealth is now tied up in homes.

While local factors do play a critical role in shaping real-estate values — prices have risen more in Miami than Memphis and they’ve fallen in Germany and Japan — some economists are beginning to concede that global factors can play just as important a role. Researchers first recognized the global pattern in commercial real-estate markets after the office booms and busts that marked the 1970s and 1980s. Now they’re seeing it in residential housing, too.

In a study written last year, IMF economist Marco Terrones found 40% of house-price movements around the world were driven by “global factors” that translate across borders, like interest rates and economic growth. “Just as the upswing in house prices has been mostly a global phenomenon,” Mr. Terrones argued, “it is likely that any downturn would also be highly synchronized, with corresponding implications for global economic activity.”

Prices are already showing signs of slowing or even falling in some places. In Australia, for instance, measures of median home prices rose about 60% during 2002 and 2003, but have fallen slightly in the past year while other measures of home prices have gone flat. In the U.K., the Netherlands and Korea, they also have lost some momentum. In many other parts of the world, regulators are working hard to cool housing fever. Real-estate brokers in China, for instance, have seen signs of a sales slowdown since Chinese authorities imposed a 5.5% tax on properties that are sold within two years of purchase.

“I’m worried about a world recession when this thing finally unravels,” says Robert Shiller, a Yale University professor and author of the book “Irrational Exuberance.”

Mr. Shiller’s own university is an example of how globalization touches a uniquely local asset like real estate. Managers of Yale’s $13 billion endowment are increasingly looking outside the U.S. and outside of traditional stock and bond investments to diversify the school’s portfolio.

In November, Dean Takahashi, senior director in Yale’s investment office, rang the opening bell on the stock exchange in Bucharest. Then he told local reporters the university would be increasing its $20 million of investments in Romania, including some real-estate projects. “We see enormous potential” for foreign investment in residential real-estate projects, says Siminel Andrei, head of NCH Advisors Inc., the administrator of the Romanian unit of New Century Holdings, which manages some investments for Yale outside the U.S.

It is not just the free flow of capital that has globalized the boom. It’s also the free flow of people. Doug Platt, a 41-year-old New York executive, counts on outsiders to flock to Italy. He and a group of family and business associates are negotiating for the purchase of a 12th-century castle in Umbria for just over $5 million. Mr. Platt and his partners plan to carve the castle into 20 units and sell them to Londoners looking to hop over to Italy on discount airlines. He says he’ll keep one of the units for himself, because he and his Italian wife travel to the region frequently.

“If you are investing in Italy right now, one thing you will hear a lot is that the Italian economy stinks,” he says. “But it doesn’t really matter to us what is happening in the Italian economy. It’s much more important to us what is happening 1,000 miles away in Britain.”

While individuals and institutional investors spread bets on real estate, banks are directing more credit to home buyers. In the 12 nations that use the euro, mortgage lending has increased at an 8% annual rate since the end of 2000, according to Bank for International Settlements data. That’s faster than the 5% rate of increase for corporate loans. Mortgage lending has grown at an 11% rate in the U.S. and a 6% rate in Japan, while business lending has contracted in both countries. In the U.K., mortgage lending was up at a 20% rate while business lending was up at an 8% rate.

Some reports suggest banks also have become willing to take more chances lending. An April survey of loan officers by the European Central Bank, for instance, found European banks eased lending standards for housing loans during the past four quarters. Citing increased competition from other banks, they reduced margins on mortgages and slightly eased “loan to value” ratio requirements. Surveys of loan officers in places like Poland and Hungary turn up similar results.

“Lenders and investors have to be careful that they exercise proper risk management. If they don’t they’re going to get burned,” says William Rhodes, senior vice chairman of Citigroup. Mr. Rhodes says banks are better managed and better capitalized today than they were in the 1980s and 1990s, when he was helping to navigate debt crises in developing countries. But he’s still becoming concerned about a housing bubble.

The disparity between mortgage lending and business lending points to an undercurrent beneath the housing boom. Roughly five years after the 1990s tech bubble burst, business investment is still relatively modest around the world. That contributes to what Ben Bernanke, a Fed governor who has been nominated to serve as chairman of the president’s Council of Economic Advisers, calls a “global saving glut” — a flood of financial assets looking elsewhere for a home. The phenomenon is helping to hold down interest rates and push up housing values.

Other factors contribute to the savings glut, including the growing reserves of Asian central banks. The boom in oil prices also has resulted in huge trade surpluses among oil-producing nations, many of which are recycling their newfound wealth back into the world economy by purchasing bonds and sometimes real estate. Moreover central banks have maintained relatively loose monetary policies in the wake of the 2001 recession and the uncertain recoveries that followed, adding liquidity to the financial system.

As a result, bond yields aren’t just low in the U.S.: They are below 5% in Germany, France, Japan, the U.K. and Canada. That makes homes more affordable by reducing monthly mortgage payments. It also drives investors into real estate because the returns they can earn on bonds are so minuscule.

Equities have been a hair-raising alternative. The Dow Jones World Stock Index is down 1% so far this year, up 11% in the past 12 months and down 14% over the past five years.

“I see it on the face of people. They don’t know what to do with the money,” says Gary Garrabrant, who manages Equity International Properties Ltd., the international portfolio of Sam Zell, the real-estate investor who made his fortune scooping up distressed properties in the U.S. Mr. Garrabrant has been investing in homebuilders in Mexico and Brazil.

Bangkok Bank, Thailand’s largest bank, is offering mortgages fixed for the first three years at a 5.25% rate, not much more than the rate on a five-year adjustable-rate mortgage in the U.S. The result: Mortgage lending in Thailand is up more than 20% annually, after contracting sharply in the late 1990s.

A property boom in Thailand would have seemed unthinkable a few years ago. Thai banks were reluctant to lend and the number of developers dropped to fewer than 100 from as many as 4,000 during the 1990s boom. Between 1997 and late 2002, there were no major condominium projects launched in Bangkok and government officials had to press the country’s state-owned banks to extend more credit.

Now, there are some 14,000 condominiums in development in a city whose stock of existing units is less than 100,000. The number of single-family homes under construction shot up by nearly 80% over the past two years. Some analysts have started to worry that units in the city’s most popular districts are being sold to speculators, who intend to resell them quickly for a profit. Average condo prices in Bangkok’s high-end Sukhumvit expatriate district rose 34% in 2003, followed by an 18% gain in 2004.

Fearful of a 1990s repeat, Thailand’s central bank has introduced rules that require banks to cap loans for large houses at 70% of the property’s value and forced lenders to register major projects with the central bank. Regulators also began speaking publicly of a possible housing bubble. As a result, many analysts predict the country will avert another wrenching bust.

Golden Land Property nearly went belly up during the last downturn. It was rescued by Mr. Dhanji, a Canadian citizen who worked as a real-estate consultant in Hong Kong. Tapping into foreign investors like Morgan Stanley and financier George Soros, he says he raised $100 million and recapitalized the company.

Today, Golden Land has about 2,500 homes in the works or recently completed in Bangkok suburbs and more than 600 residential units planned or recently completed in the central business district. Its crown jewel is the downtown Infinity project. Condominiums will include Jacuzzi tubs with 270-degree views of the city. The company says it has raised prices 12 times since launching the project in mid-March due to high demand. Some 30% of the units are going to foreigners, many of whom see Thailand’s luxury developments as a better value than pricy units in places like Shanghai, London or New York.

“There may be a [housing] bubble in the U.S. or Britain,” says Gilbert N. Wong, an American executive whose company manufactures household appliances in Asia, but “there’s no bubble here.” He believes Bangkok is cheap relative to Tokyo or Hong Kong and he thinks incomes are rising so demand will grow. Mr. Wong is spending more than $2 million for two Golden Land units; one is for himself and the other he might use for his children.

Rising rates or a change in sentiment by global real-estate buyers are two main threats to the housing boom. In Bangkok, there aren’t signs of serious problem for now. “I think the U.S. is at the top of the cycle,” says Mr. Dhanji. But he says Asian real estate, which only began recovering in the past few years, “is just beginning.”

Home Prices Rise Across the Global Village

Technorati Tags: Home Prices Rise Across the Global Village

Market Wire,  August, 2000

The first Marriott Executive Apartments in Bangkok will open in 2002 as a result of a management agreement reached between Marriott International, Inc. (NYSE:MAR) and Golden Land Property Development Public Company Ltd. Construction is expected to begin in the fourth quarter of 2000.

When opened in 2002, it will be one of the first internationally branded and managed extended stay lodging products in Bangkok and Marriott International’s fourth lodging property in the city.

The 162-unit The Mayfair, Marriott Executive Apartments will be located on Langsuan Road in central Bangkok. Generally regarded as Bangkok’s embassy district, the site is within walking distance of the newly completed Bangkok Transit System and is easily accessible by car from the central business district’s primary office buildings.

“We are very excited to see our lodging portfolio in Bangkok grow to include our first extended stay hotel product in Thailand,” said Ed Fuller, president and managing director of international lodging for Marriott International. “We are confident that the consistently high quality of the facilities offered by The Mayfair, Marriott Executive Apartments will be very popular among long-stay guests in Bangkok.”
advertisement

Golden Land Chief Executive Officer Liakat Dhanji said he had every faith that his company’s tie-up with Marriott International would attract “keen interest” from people wanting to live in a luxury serviced apartment in the heart of Bangkok.According to James A. Kaplan, vice president of hotel development for Marriott International, “The Mayfair, Marriott Executive Apartments is an exciting addition to our portfolio of lodging products in Thailand. We look forward to our relationship with Golden Land and to expanding our presence in Thailand.”

The Mayfair, Marriott Executive Apartments will offer a mix of apartment layouts, including studios and one-, two- and three-bedroom units.

For dining, the property will offer a Bistro Lounge that will be open 18 hours daily and will serve breakfast, lunch and dinner as well as take-out service. Other amenities will include a resident lounge, multipurpose/game room, room service during the operational hours of the Bistro Lounge, resident service desk, on-property resident storage room and a car park offering 161 spaces. Recreational amenities will include a swimming pool and a fitness center.

Marriott Executive Apartments are designed to meet the housing needs of business executives on an overseas assignment of 30 days or more.

Marriott International is currently represented in Thailand by the 425-room JW Marriott Hotel Bangkok, the 417-room Marriott Royal Garden Riverside Hotel, and the 254-room Ramada Tawana Hotel Bangkok.

In Asia, Marriott Executive Apartments are represented by the 136-unit The Atrium in Hong Kong and the 179-unit Lakeside Chalet Mumbai, Marriott Executive Apartments. Additional Marriott Executive Apartments are located in Hungary and The Czech Republic. Under construction is the 237-unit Shanghai Marriott Executive Apartments, which is scheduled to open in 2001.

First Marriott Executive Apartments

Technorati Tags: First Marriott Executive Apartments

By David Fullbrook

Copyright 2004 Asia Times Online, Ltd.

BANGKOK - A bubble fit for bursting in the luxury-condominium market and rising construction costs are casting a shadow over Bangkok’s hot property sector. Despite the frowns and jitters, however, a 1997-style meltdown is unlikely, not least because of structural changes and demographics. Sales will pick up pace when confidence returns to the stock market and major projects, possibly accompanied by better zoning and more mass transit, redefine the city over the next few years.

After strong sales in 2003 that helped drive condo and land prices above pre-1997-crash peaks, 2004 was bound to be more difficult, with a rash of speculative high-end condo projects and a sharp by stocks. Sentiment is down, but not out.

“I don’t see another big push this year,” says Jim Chang, senior executive vice president of City Realty, one of Bangkok’s biggest developers. “Good projects will still sell, but at a slower pace. I think the correction is bringing a more realistic mood.”

It’s costs, not demand, that are hurting. World prices, plus large infrastructure projects - such as Suvarnabhumi International Airport, Bangkok’s new airport terminal - supply bottlenecks and a little hoarding pushes prices up. “The costs of developing [and] land prices have increased by 40-50% over the last two years,” says Arthur Napolitano, managing director of Kudu Thailand, which builds contemporary urban housing with an Oriental twist.

Chang says, “Right now if you are still planning, people may not want to build for you, especially if it’s a fixed-price materials contract - it loses its sexiness.”

But overall the fundamentals are firm, as the strong economy encourages people to go shopping, busy exporters expand their offices and historically low interest rates and bigger mortgages fuel house-buying. Long-term pre-arranged mortgages requiring smaller deposits have fundamentally changed the market, eliminating much of the risk, bringing it closer to that seen in such developed cities as Hong Kong and London.

After three stagnant years, Bangkok’s property market started to rouse back in 2000. Momentum picked up as banks shifted bad loans, developers came off life-support and the economy gobbled a few Viagras.

“We feel that we are three and a half to four years into a property recovery that began with housing, then downtown condos, followed by retail and offices. In some sectors, developers have responded quickly, such as housing and condos, but less so in retail and especially offices,” says surveyor James Pitchon, CB Richard Ellis Thailand’s executive director.

New zoning laws due in July should improve the development process, perhaps even heralding a more orderly, more livable, less ugly Bangkok. However, some developers are pushing hard to dilute or delay implementation as the regulations could adversely affect their land and project values.

“If the government’s proposed zoning amendments are not implemented in a timely fashion, it would have a negative impact on investor’s sentiment, both foreign and local,” says Liakat Dhanji, chief executive officer of Golden Land, a developer of condos and offices that will start work on some of Bangkok’s prime sites over the next two years.

Speculators, already squeezed by tougher financing regulations since 1997, are not beaming over the prospect of zoning. “It’s positive in that newcomers will be less courageous and speculators less interested, so you end up with mainly real demand and real supply,” says Charn Srivikorn, chairman of GS Property, whose properties include Gaysorn Plaza, a luxury mall, and Domus, an attempt to redefine the condo market.

As demographics and economic growth pressure the city, zoning becomes more crucial than ever. “A lot of people don’t understand the underlying consumer fundamentals. One is 80% of businesses are SMEs [small or medium enterprises]. Less than 1% of Thais have ever invested in the stock market. Thailand has one of the highest savings rates in the world. And I would say most of that was in banks,” says Dhanji.

Those underlying fundamentals will stoke demand sooner rather than later. Stocks, a sentiment barometer, will return to vogue given negligible returns on savings, unless interest rates rise sharply, which looks unlikely right now in Thailand. “Thai buying slows down when the stock market slows down. We see it coming back at the end of the year,” says David Nardone, president of Hemaraj Land, which is moving from industrial estates to high-style condos, starting with The Park, arguably Bangkok’s most luxurious condominium.

Mass-transit lines running 240 kilometers are another primer. Bangkok’s first subway opens in July. By 2010 three more lines should be running. Next year the first Skytrain extension opens, taking mass transit across the Chao Phraya River. More extensions will open in 2006.

Meanwhile, the State Railway is working on signaling for frequent commuter services after laying extra tracks along 60km of intercity routes through Bangkok from Hualamphong Station. “People want to live next to expressways and mass-transit systems. They will determine development corridors in the future,” says Pitchon.

Next year will see much new gloss, with makeovers for the Pathumwan and Ratchaprasong shopping districts along with Siam Paragon, a mammoth mall targeting Asia’s luxury shoppers. A huge site, covering 120 rai (19.2 hectares), out to tender on the old Cadet School, near Lumpini Park, has major implications. “If it’s done correctly, that could be the next city center,” says Dhanji.

However, significant office developments matching benchmark-setting All Seasons Place are unlikely without rents rising another 50-60%. “The problem here is the rents are some of the lowest in the world,” says Nardone.

It may be another few years before rents reach much higher levels, even though offices are filling up. Work has resumed on a few office towers abandoned during the crisis, but no new projects have started since then.

Slow policy implementation or a failure of imagination may continue to leave Bangkok’s potential unrealized, however. “It really depends on the government’s strategy. If the fashion city and the shopping-destination policies are good, the retail will boom, the office will come back, the residential will grow, the stock market will rise. It’s a one-click policy,” says Supaluck Umpujh, senior executive vice president of The Mall Group, co-developer of Paragon and owner of Emporium, Bangkok’s premier mall.

Bangkok is still an emerging city. Beyond Rattanakosin Island, the heart of old Bangkok, much of the city was orchards and paddy fields until the early 1970s. “If you look at mature markets like London, Bangkok has a lot of potential - it’s only just developing,” says Napolitano.

Most of its ugly, utilitarian shophouses are little more than temporary buildings put up quickly by small-time landowners looking to make a quick baht a few decades ago. They come down faster than it takes to boil tom yam, as some sites now being redeveloped along Sukhumvit and Rama I, prime roads in central Bangkok, show. This welcome trend can only gather pace. Bangkok is a Cinderella city. It may just now be on the verge of tossing out its wardrobe of rags for a collection of elegantly cut, sequined ball gowns.

City of angels goes from rags to riches

Technorati Tags: City of angels goes from rags to riches

Amenities Include Tennis Academy, Night Club Spinning Classes, Yoga Mediation Centre, Children’s Fitness Program and Activities Center

Bang Saray Bay, NaJomtien, Thailand (March 2007) – The Beaches Resort & Residences, Asia’s newest beach destination, will be debuting a state-of-the-art fitness facility, an activities center with tennis courts in addition to a children’s fitness program. Along with a yoga and meditation center that promotes a well-balanced lifestyle for adults, these exciting fitness additions further complement a wealth of activities for the more active, at this unique, tropical destination.

“We are thrilled to offer our guests a new and diverse fitness selection at The Beaches,” explains Dr. John Yang, a director at Bumrungrad Hospital and the Director of The Beaches Wellness & Longevity Centre.  “These innovative wellness programs will continue to set our resort apart, appealing to both children and adults as they seek an active and rejuvenating vacation.”

The Beaches state-of-the-art fitness center will also feature a dedicated yoga/cardiovascular studio and weight training area.  The Sports Center features the latest equipment, providing guests with technologies such as digital heart rate monitoring and a patented treadmill shock absorption system.

A wide variety of fitness classes are offered, including comprehensive yoga and Pilates, as well as in the lushly landscaped and tranquil yoga garden. A brand-new spinning studio offers evening nightclub-style cycling classes featuring DJs spinning everyone’s favorite dance music under disco lights.

The new facility also hosts fitness seminars, encouraging guests to learn about nutrition and weight management. Guests of all ages have the opportunity to customize a wellness program to suit their individual needs that they can begin on their holiday and continue long after their vacation has ended.

The Beaches Resort & Residences believes in wellness for the entire family, and offers spa and fitness programs for children, ‘tweens and teens.  Children will be  invited to take a mat to the beach and join their parents for Family Yoga, or join other children ages 6-10 as they participate in a physically challenging and mentally stimulating fitness class through The Beaches KidsFitness program.  The children’s classes, Tarzan’s Power Hour, will consist of 45 minutes of non-stop fitness and cardiovascular activities, followed by a 15 minute “yoga-down” session to teach proper stretching, breathing and relaxation techniques through traditional yoga poses. Teens can test their endurance in Nightclub Spinning, and then refresh themselves at the plunge pool. Parents will be able to spend time relaxing alongside their child during a parent/child massage in one of the double treatment rooms in a Maldives-inspired pool villa.

The new Beaches Tennis Center nearby will feature six tennis courts and an adjacent pro retail shop. It will have professional tennis instructors and state-of-the-art equipment to enhance your tennis game and will have in-house tennis players to help improve your game or, for the more challenged, guests and owners can participate in the more intense tennis camps.

To complete their fitness and wellness journey in Thailand’s Paradise, guests can enjoy a manicure and pedicure at The Beaches Spa to ensure they look as good as they feel when they emerge from the sanctuary of The Beaches to return home.

Active Lifestyles Take On A New Meaning At The Beaches Resort & Residences With Debut Of Cutting-Edge Fitness Programs

Technorati Tags: Active Lifestyles Take On A New Meaning At The Beaches Resort & Residences With Debut Of Cutting-Edge Fitness Programs

New Technology, New Slides, New Water Thrills – Revolutionary Water Play!

Bang Saray Bay, NaJomtien, Thailand (February  2008) — In February 2008, The Beaches Resort & Residences, Bang Saray Bay, unveiled a new, unprecedented 30-acre waterscape, AMAZON FALLS which will be designed by White Water West Industries, the world’s leading waterpark designers.  This non-stop water experience will consist of thrilling new water slides, a thrilling river ride, and never-before-seen special effects that add an extreme level of excitement to the overall water experience at The Beaches.

Every aspect of The Beaches Resort & Residences involves a sense of discovery and has been designed to ignite one’s imagination. AMAZON FALLS, too, takes known water-based attractions such as water slides, river rapids, waterfalls and water holes, and adds first-of-its-kind special effects and technology, bringing them all together in a lush environment that is both immersive and interconnected.

Geoff Chutter, CEO of White Water West Industries said: “Amazon Falls will set new standards for 5-star luxury water amenities for the family in Thailand. We will be creating one-of-a-kind water rides to cater to the most seasoned traveler, bringing unprecedented fun and excitement to coming to the resort over and over again. There will be nothing like Amazon Falls in Asia, coupled with spectacular surroundings of the lush landscaping — as we bring the Amazon to “life” at The Beaches. We are creating water grottos, waterfall slides with twists and uexpected turns to continually thrill our guests and owners.”

The Zambezi Surf Park is the grand icon of AMAZON FALLS. Debuting in Thailand for the first time, visitors will be able to surf continuously all day long on this technologically-advanced water amenity. The surf park amenity is created by Waveloch Ltd, a company who have installed the award-winning flowrider around the world, most recently in the world’s largest cruiseliner, Royal Carribbean Freedom of the Seas, and at waterparks in Disney, Atlantis, Miami, Spain, Hawaii and in Chimelong WaterPark which just opened in Guangzhou China, making it the largest water attraction currently in Asia.

Surrounding the entire waterpark is a  river ride system with waves pushing inner tube riders through lush landscape.  The river loop, called The Anaconda, is approximately 1 mile long and harbors elevations and drops, as well as an area called The Rapids, featuring white-water rapids. A wave generator simulates a wave surge that propels riders in their inner tubes along the course of the river on the wave crests. It will also feature a giant AquaPlay water extravaganza, which has over 50 different amenities ranging from waterfall buckets, water squirt guns and volcanoes, slides and much much more to entertain children from 2-12 years old. For the more adventurous, White Water West has also designed thrilling water slides such as the family boomerango, superbowl, racing slides, and the jet blaster.

In addition to the numerous tidal pools and entry points along AMAZON FALLS, guests have access to two spectacular  pools — Montego Bay and the largest pool at the resort, The Caribbean Bay.

Liakat Dhanji, CEO and Chairman of Pacific Shore Developments Ltd. said, “In designing AMAZON FALLS, we challenged the best designers at White Water West to create a once-in-a-lifetime experience for the entire family — there is really something for everyone here — from toddlers to teens to adults. You can relax or enjoy a complete action packed day when you visit The Beaches. We believe that visitors want more value and spend more quality time with each other, something that staying at a regular resort can never deliver at an ordinary pool. We believe in creating memories that last a lifetime — so that the experience gives guests another energy, another layer of excitement, a feeling that they are in a place they’ve never been before,”

Added Mom Luang Rajadasri Jayankura, Honorary Chairwoman of The Beaches Resort & Residences, “It is simply not enough for us to develop just a pool and spa amenity for our guests and owners like a typical hotel. Our goal is to redefine the concept of a world-class destination resort with a waterpark amenity that will set new standards of excellence in Asia.

About The Beaches Resort & Residences, Bang Saray Bay, NaJomtien, Thailand
The Beaches Resort & Residences, Thailand is the new flagship resort of Pacific Shore Developments Ltd., a leading international developer. This unique, ocean-themed destination is located on Bang Saray Bay, Thailand, and features a variety of accommodations, all built around a 30-acre waterscape comprising of three water lagoons, a private beach and a grande promenade, linking together all the amenities in the project. In late January 2007, The Beaches unveiled The Residences at The Beaches, a new 300-room condominium resort, featuring oceanview rooms with spectacular designs by acclaimed interior architects Carl Ettensperger and Terry Henriksen, unprecedented services and amenities, private pools, lavish cabanas and breathtaking views of the ocean. The Beaches will also be known as the culinary destination in Thailand with a collection of over 20 restaurants that will offer cuisines from around the world. The resort boasts an impressive collection of luxury boutiques and shops and a technologically advanced conference, meeting and convention centre.

The Beaches Resort & Residences Unveils Amazon Falls

Technorati Tags: The Beaches Resort & Residences Unveils Amazon Falls

New Luxury Condominium Resort Features Inspired Designs by Carl Ettensperger & Terry Henriksen, Two of the World’s leading designers

BANG SARAY BAY, NaJomtien, Thailand (February  2008) – Known for their leadership in the luxury resort space and for creating award-winning, imaginative and awe-inspiring experiences, the Dream Team of Carl Ettensperger and Terry Henriksen has once again raised the bar among distinctive resort destinations with their newest project The Residences at The BEACHES which is a flagship 5-star condominium project. The new, 300-room resort features rooms with three-metre high ceiling suites and luxury finishes throughout, unprecedented services and amenities, private all-adult and family pools, lavish cabanas and breathtaking views of the ocean at every turn.

Perched above the most magnificent beach paradise, The RESIDENCES at The Beaches is surrounded by lush landscaping and fresh pools filled with lilies, colorful fish and  waterfalls. Every room in the resort has unobstructed views of the turquoise waters, allowing guests to feel that they are literally floating between the sky and the sea.

Liakat Dhanji, CEO and Chairman, Pacific Shore Developments Ltd. said, “The Residences is about creating a sophisticated zone, something that is more luxurious, more decadent, truly different than anything that exists right now in the resort category. When you combine 300 suites of grand proportion, high design from talents like Carl Ettensperger and Terry Henriksen, a tropical energy at a private pool with cultivated music and the service levels we are delivering, we know we are giving people an experience that’s been missing in the travel arena.”

EXPERIENCES

The Arrival
From the moment a guest steps out onto the grand lobby, they are transported by the commanding views of the ocean and beyond. Mom Luang Rajadasri Jayankura, Honorary Chairwoman of The Beaches, envisioned a complete experience from arrival to departure within a series of interlocking open-air covered walkways that encouraged guests to interact with the surrounding nature.

In collaboration, Carl Ettensperger of C&C Studio (CCS), took the design and added a lavish palette of colors and selection of refined materials. Within the temple-like lobby, he added dramatic two-storey ceilings from which drop stunning 25-foot copper woven cylinder lights inspired by wind chimes. Square seating pods made of travertine marble feature flowing water filled centers that change color as the entire lobby “rises and retires” along with the sun and lighting effects slowly change the mood from morning with hues of blues, switching to orange and ending in deep magentas at night. In a nod to the vibrant flowers that surround the resort, the furniture is colorful, with a touch of whimsy.

The Grand Reception and the Owners Lounge (VIP guest reception) both feature an even more opulent use of materials with mosaic floor tiles, mother of pearl and rosewood counters and walls of delicate bamboo. The materials, the furniture, the interior architecture and the special layout of all public areas will be custom-designed exclusively for The Residences at The Beaches by CCS.

The Ocean Suites
All the overheight rooms within the resort, ranging from over 36 square metre to over 400 square metre penthouses, feature an understated contemporary décor of earth tones and light wood paneling to enhance the panoramic views of the ocean from each  window and terrace.  For owners that select the complete hotel package with their suites, their suites will feature plasma-screen televisions, an iPod entertainment system, wireless internet and a custom in-room bar. The bathroom environment is decadent with marble floors, granite vanities, deep soaking tubs, and oversized rain showers.

Ocean Suites and Deluxe Ocean Suites range from 36 to 65  square metres and feature a luxurious sleeping area, a luxury living room sofa, a working desk, a bistro table and chairs and a private balcony.

Located at the corner wing of the resort, the two bedroom Presidential Suites (96-118 square metres) features a entry foyer, full-height walls of glass and corner balconies that offer magnificent ocean views from the master bedroom, and  a spacious master bathroom as well as a separate living area and four-seat dining area.

The six Grand Villa Suites (120–200 square metres) occupy the top floor and have a personal butler on hand to cater to every need. The entry hall for the suites leads into an executive office, 6-seat dining area with full kitchen, parlor with a full home theatre, double walk-in closet and vanity area, guest bedroom and bathroom and a terraced balcony that runs the full length of the suite with multiple entrances.

The ultimate ownership is The Residence’s Penthouse Suite (400 square metres) occupying both the 15th and 16th floors. One enters this ocean nirvana through a foyer with a domed ceiling and a stunning glass chandelier. If work beckons, an executive office is equipped with the latest technology. A ten-seat dining area is set off a full chef’s kitchen with butler’s office including a dry bar with a refrigerator and wine cooler. The master bathroom features an oversize shower and jacuzzi bathtub for two. The entire suite showcases vaulted ceilings and dramatic lighting, enhancing the sense of space. With close to a beautiful view of the ocean and the entire resort, the electronic draping allows one to reveal the vista with a touch of a button.

The BeachClub, The Residences’s concierge level, offers special services and amenities including a dedicated concierge for restaurant, golf, spa and cabana reservations as well as exclusive use of The VIP Lounge, an adults-only (12 years and over) lounge overlooking the ocean serving gourmet breakfast and hors d’oeuvres during the day and signature and specialty cocktails in the evening.

OUTDOOR SENSUALITY

Diamonds at The Residences
The privileged access pool area and 20 private cabanas designed by CCS are an amenity offered to owners of The Residences.

The centerpiece of The Diamonds at The Residences is a spectacular main pool, purposefully shallow to encourage lounging and socializing, a large rectangle surrounded by chaise lounges and day beds. A cluster of daybeds sit in the center of the pool, available for those who want to enjoy a 360 degree view of this unique social scene. The pool also features a 6-inch “shelf” along the pool’s edge, which accommodates chaises “in” the water.

Carl Ettensperger of CCS said, “When we designed the pool area, our goal was to deliver an overall effect of sophistication, but to remain playful and fresh at the same time. All the areas around the pool and the beach were meant to inspire a sense of excitement, color and energy in a distinctly tropical setting.  It’s beautiful and beckoning — like a piazza amidst the sand and the palms. We like to call it a diamond-pool.”

To the left of the main pool is the first of two gathering areas. The Diamond Pool Café and bar offering table and chaise-lounge service of drinks and appetizers. The second gathering area is located at the back end of the main pool, overlooking the private beach, featuring a bar, a plunge pool and a DJ who will spin mood music during the day and transform the pool into an ultra lounge by evening.

The Ultra-Beach is located steps away from the grande promenade, offering full service from any of the restaurants in the resort, daybeds and lounge chairs with beach concierge service.

Decadent Cabanas
Along the outer perimeter of the ultra-pool area are the private cabanas, each opening directly onto the ultra soft man-made beach. Reached by private, meandering and lushly landscaped walkways from the pool, these teak wood louvered villas can be opened completely on all three sides.

The cabana interior features a “living area” with space for lounging on sofas and pillows, a flat-screen television, and an ipod entertainment system. The cabana butler is on hand to serve drinks, meals or snacks throughout the day and evening.

The cabanas are anchored by the beach-side patio, covered by a louvered, teak pergola to give some shading, featuring a day bed and outdoor shower with privacy screen and are available for day, evening or extended rentals.

Cascades — The Family Pool
Exclusive to guests and owners of The Beaches, Cascades Pool is a zero-entry pool formed by a cascading waterfall, with concierges available to provide games, magazines and any needs throughout the resort. The pool, open to guests of all ages, also features Cascades Grill which offers flavorful, jerked meats, pulled chicken and BBQ pork, seasonal salads, hot and cold wraps, and frozen drinks served poolside.

The Beach Club
Featuring drink and dining service, beach concierges and cushioned chaise set up, The  Beach Club offers an alternative to the pool experiences at this resort within a resort. Open to guests of all ages, The Beach Club is situated on the magnificent white sand Montego Beach overlooking the still blue waters.

RELAXATION

The Flagship Wellness & Longevity Spa
Sitting across a glass bridge above a tropical water garden, The Beaches Wellness & Longevity Spa beckons guests with pampering and wellness programs and an extensive fitness center offering yoga in an outdoor pavilion, spinning studios, state-of-the-art equipment and personal training/nutrition counseling. The Maldives-style design incorporates natural elements such as bamboo, wood and stone, providing a fresh and soothing setting for guests to indulge in the ultimate pampering and beauty services.  The water villa treatment rooms are a mix of single and couples rooms as well as separate, secluded private suites.

ACTIVITES AND RESORT PRIVILEGES

Owners of The Residences looking to explore will enjoy access to and privileges at the many activities available at The Beaches.

Opening along with The Beaches will be AMAZON FALLS, a 30-acre, immersive water experience offers guests the chance to experience revolutionary water play. A water lover’s nirvana, this attraction is completely immersive and interconnected. The resort will have the most technologically-advanced water park for families and the first surfing park in Thailand, which will offer year round surfing pleasure from beginners to professional surfers. Guests experience AMAZON FALLS in inner tubes and once they enter the attraction, new technologies propel them up and down throughout the rides and slides. White Water West, one of the world’s leading water park designers will be ensuring that owners and guests will be thoroughly entertained throughout their visit.

The resort also boasts over 20 culinary choices within the resort in the International Village, which will feature beach retail outlets and one-of-a-kind items from local thai artists.

About The Residences at The Beaches
Pre-selling in January 2008, The Residences at The Beaches, the 300-room resort within the exciting world of The Beaches, Bang Saray Bay, Thailand, will raise the bar among distinctive resort destinations. Overlooking one of the most magnificent beaches in the world, The Residences features overheight rooms with spacious terraces, spectacular designs by acclaimed interior architects Carl Ettensperger and Terry Henriksen, unprecedented services and amenities, private man made beaches, lavish cabanas and breathtaking views of the ocean at every turn.Pacific Shore Developments Sets New Standard Among Asian Resorts With Opening Of The Residences At The Beaches – Bang Saray Bay, NaJomtien, Thailand

Technorati Tags: Pacific Shore Developments Sets New Standard Among Asian Resorts With Opening Of The Residences At The Beaches – Bang Saray Bay, NaJomtien, Thailand

With the partnership of True Corporation, The Beaches Resort & Residences will become the world’s first luxurious seaside community to feature sophisticated technology and high-end innovations aimed at enhancing the lifestyle of its residents.

True Highlights:
» Super hi-speed internet service at over 100 mbps
» Wireless hi-speed internet throughout the resort
» Cashless payment system
» Enjoy over 70 channels from around the world with Digital TV/IPTV
» Edutainment from TrueVisions and online gaming

True Corporation is Thailand’s only integrated communications provider, offering a full range of voice, video and data services. As Thailand’s largest provider of dial-up and consumer broadband internet, pay-TV and fixed-line phone operator in the BMA and a leading online game provider. True is delighted to its state-of-the-art communications network and innovative services that will contribute in making its the only one of its kind in the world. True products and services across our voice, video and data platforms to accommodate every lifestyle at The Beaches with the first and fastest fibre to room super hi-speed internet service up to 100 mbps. Their most advanced communications infrastructure will also allow residents to enjoy wireless mobility with hi-speed internet anywhere in the resort.

True Corporation & The Beaches Resort & Residences

Technorati Tags: True Corporation & The Beaches Resort & Residences

Carl Ettensperger, President of C&C Studio, has been involved in some of the most prestigious mega-projects in the hospitality industry. In his illustrious career, he was the former Managing Director of Hirsch/Bedner Singapore and also the Managing Director of WATG, the world’s most famous themed designers for the hospitality industry.Some of his clients include The Residence Hotel in Tunisia, Siam Paragon Bangkok (masterplanning), Grand Hyatt, Taipei, Hyatt Regency, Kathmandu, Nepal, Canyon Ranch Health Resort, Bali Hyatt Spa, Indonesia, Mandarin Oriental Hotel, Hong Kong, Leela Palace Hotel in Bangalore and Bombay, Hilton Maldives, Huvafen Fushi Maldives, Dhoni Migli Maldives, and Mandarin Oriental Oriental Dellis Cay.

Awards & Accolades
2008: Best Beach Resort in the World, Harpers Bazaar Travel, Huvafen Fushi
2007: Indian Ocean’s Leading Spa Resort, World Travel Awards, Huavafen Fushi
2007: Mandarin Oriental Dellis Cay — World’s Top 8 Designers
2006: Conde Nast Hot and Gold List, Huvafen Fushi
2006: IIDA International Interior Design Award, Will Ching Award

Carl Ettensperger, A World Class Designer Behind The Beaches Resort & Residences

Technorati Tags: Carl Ettensperger, A World Class Designer Behind The Beaches Resort & Residences