News
Ocean Property Focus on Horizontal Developments in Phuket and Target Middle Income Real Demand
Ocean Property confirms 250 million baht of sales at its first development in Phuket, Ocean Town Muang-Ratsada, since it's launch in May this year. Targetting end-users and investors with prices starting from 2.69 million baht, leading Thai real estate developer Ocean Property foresee strong growth in horizontal developments for the island and have plans to launch a new development in 2020.
Mr. Napong Paripontpochanapisuti, Managing Director of Ocean Property Co. Ltd., shared that, “Phuket's property market continues to show a positive growth trend in line with the island's overall economic growth and it's key driver, tourism. The Phuket Real Estate Association projects that the island's real estate market will be valued over 20 billion baht in 2019 and at Ocean Property we expect this growth will continue into the future on the back of large infrastructure investment from the public sector, such as the third phase development of Phuket International Airport and the Light Rail Transit system that will connect Phang Nga to the south of Phuket.
Private sector investment coupled with public sector investment in a number of mega-projects as well as ongoing infrastructure development bodes well for Phuket's future. While tourism is a key driver for Phuket's economy, Ocean Property's own research has identified a number of residential buyer groups that include civil servants, private-sector employees and entrepreneurs.
Considered “real demand”, civil servants are being supported in a recent move by the Bank of Thailand which granted the Government Housing Bank a waiver of the Loan-to-Value (LTV) conditions through to 31 March 2020 for borrowing by civil servants.
Napong added, “Ocean Town Muang-Ratsada is our first development in Phuket and has a total development value of 700 million baht. As a horizontal development, we are offering residential townhomes and commercial home offices which are designed with both end-users and investors in mind, and with prices starting from just 2.69 million baht they are exceptional value-for-money.”
We have additional land banks in Phuket our strategy is to focus on horizontal developments for the Phuket market. On one of these plots we plan to develop another project – a residential only project – with a total development value of 600 million baht. This project will include four million baht twin homes and five-to-six million baht single homes, and we will target middle income buyers. We see there is market demand at this pricing point, and we plan to launch this project in 2020.”
Ocean Town Muang-Ratsada is a quality townhome and modern commercial home office development located on more than 20-rai in Phuket City. The project comprises 187 units including two two-storey townhome types: “Tide” (166 units) and “Shallow” (55 units). Tide’s architectural plan offers four bedrooms, three bathrooms and two parking spaces with a 5.7 metre wide frontage. Land plots start from 20 square-wa with a usable area of 155 sq.m. Shallow’s architectural plan offers three bedrooms, two bathrooms and one parking space, also with a 5.7 metre wide frontage, and land plots start from 20 square-wa with a usable area of 115 sq.m.
In addition, there are 16 three-storey commercial home office buildings known as “Crest”. All have a five metre frontage and sit on land plots from 23.80 square-wa in size and have a usable area of 195 sq.m. The townhome prices start from 2.69 million baht and the commercial home office's from 4.5 million baht. Construction is underway and is expected to be completed in the first quarter of 2022.
Ocean Town Muang-Ratsada is located on Srisuthat Road in Phuket City and easilly connects to schools, universities, government offices, hospitals and shopping centres. Designed in a modern tropical style, the layouts are functional and created with the end-user in mind. The properties use warm and relaxing colour tones together with quality materials, and include home innovations that help reduce the use of electric lighting through smart roofing systems which allow more natural light inside (Smart Touch Tech Roof and Sky Light Roof), the latest LED Panels which use considerably less electricity than more traditional bulbs, as well as new tech glass which allows 75% of natural light through and only 49% of the heat, helping to keep the property cooler.
In addition, there are multiple green spaces throughout the development. The main common area space is designed with a coastal touch, enabling residents to feel relaxed as if they are in a resort environment, while a pavilion and playground provides families with a space to enjoy quality time together. Resident's will have peace of mind with onsite security that includes CCTVs, a key card system, Smart Home Security System and 24-hour guard team.