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Samui developer sells 'against the grain'
December 2007 -
Property Report Thailand
Despite a massive sales slump on Koh Samui, some of
the island's developers and agents are still finding
plenty of clients for thei product. Kalara Developments,
for example, recently announced that 2 of their Mews House
developments are now completely sold out.
The Gardens in Bang Rak and Kalara Gardens in Bang Por
have 12 and 11 units respectively, and Kalara's third mews
house project, Park Lane, also in Bang Rak, is now 50%
sold. "This year alone we have sold 20 of our own mews
houses," explained Justin Freeden, Kalara's Director.
"From a total of 29 houses, we now have only 3 still
available. These are in our exclusive Park Lane
development in Bang Rak."
In fact, some of Kalara's buyers have already offered
their units for resale, which reflects a healthy capital
appreciation, while those not wishing to sell are
benefiting from a 10% rental yield with occupancy levels
of around 80%.
Asked why he thought the projects had been so successful
during a difficult time for Thailand's real estate
business, Freeden cited realistic prices and value added
services. "Kalara recognises that the average investor is
willing to spend equity on their principal residence if
the price matches the quality. We also made sure that the
maintenance and management of our projects was the best on
the island. The landscaping, management and customer care
are the same as would be offered in a million dollar
home."
Also noted as an important factor for success was the
ingenuity shown by Kalara's own agency department, which
remarketed the company's "town houses" as "mews style
houses" and offered clients non-profit furniture packages,
along with12-year structural warranties and low interest
finance.
Future projects from Kalara include Kalara Heights, Bang
Por, exclusive high-end waterfront apartments in Bophut
Fisherman's Village and luxury apartments in Bang Rak.
The company will also relocate to new, purpose built
offices at the entrance to Bophut Fisherman's Village this
month.
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