January 2008 Newsletter

BACK IN BUSINESS Confidence is rapidly returning to the Phuket property market. Five properties were sold at The Residence in the past month alone, leaving just two three-bedroom villas and two four-bedroom villas unsold in Phase IV. Activity has certainly picked up since the Thai general election and the experts are saying that now is the time to get in, before demand and rising construction costs drive prices up further. The 2007/8 high tourism season is shaping up to be Phuket's biggest ever. The Tourism Authority of Thailand is 15.7 million foreigners will visit Thailand in 2008, up 6% from 2007. About one third of these are expected to spend time in Phuket. Many of them - particularly families - are looking for villas or other homes to rent. Phuket was very busy over the Christmas and New Year period. All 14 villas in Phase I of The Residence, as well as all the newly-completed villas in Phase II were full right through the period. For the whole of December, occupancy was 92%, with an average villa rental figure of 17,891 baht a night. The Show Villa is now open daily from 10am to 5pm with onsite Sales Representative Tim Liberto available to answer any queries. He can be reached by calling +66 (0) 857 930 756 or by email to tim@richmondth.com .

VOTE OF CONFIDENCE
Much of the new confidence in property has been inspired by the recent general elections, which will bring to an end 16 months of rule by military junta and putting Thailand back on the rails of democracy.

David Simister, Chairman of real estate services provider CB Richard Ellis Thailand, commented, "This should play a significant role in bringing back confidence to the market which was damaged by proposed changes to the Foreign Business Act (FBA) in January 2007." These changes did not take place and it now seems very unlikely they will.

"The general election is not a miracle cure for Thailand's problems but it definitely puts the country on a path to recovery," Simister added. "Whichever party forms the next government, they are sure to focus on returning the country to economic health and tackling its key issues."

As predicted in our December newsletter, the Democrat Party had a landslide win in Phuket, but across the country as a whole, the Dems came second to the Thaksin Shinawatra-inspired People Power Party. However, the PPP failed to get an absolute majority, and is now trying to put together a coalition.

All parties are also waiting to hear court decisions on dozens of accusations of MPs having fixed or rigged or otherwise subverted the election procedure. In other words, it's politics as usual in the Land of Smiles, which is good news for investors.

Meanwhile, with the Philippines, Malaysia, Vietnam and Indonesia all relaxing their attitude to foreign ownership of land, there are hopes that Thailand's new government may feel obliged to follow suit in the not too distant future, perhaps with a move to longer leases.

SHOW APARTMENT OPENS AT THE PIER
The long awaited opening of the show apartment at Chalong project The Pier has finally arrived. The project is a one-of-a-kind location, a 4 storey complex situated on the beach in Chalong Bay. The apartments are sensual and breezy, designed to accommodate the sea breeze and accentuate the beautiful view of the outlaying sailing boats and Islands.
To request an invitation to the launch of The Pier please contact Sales Executive Steve Wilbourn on +66 (0) 848 438 226 or steve@richmondth.com.

CLASSY NIGHTS OUT
As Phuket grows in sophistication, so does the entertainment available. For those who prefer their dining without a thatched roof and their nightlife without chrome poles, there is now a growing number of classy dine-and-dance venues to rival the best in Ibiza, London or New York.

	Among the first in this new generation of venues to open was Catch Beach Club, at Surin Beach. Built and run by the trendy Twin Palms Hotel, this white-and-teak place sits right at the edge of the sand. There's live unplugged entertainment every day, a good menu that ranges from Argentinian rib eye steak to prawns and lobster, and a "beach lounge". Those in the know go on Friday nights for good vibes and dancing barefoot in the sand. See http://www.twinpalms-phuket.com/restaurant/restaurant_beach_club.htm.
	A much more recent arrival, also right next to the beach, this time in Kalim, is the White Box. Essentially a restaurant with a Mediterranean and Thai menu (the chef is from the French Riviera), it has a rooftop bar for tapas and sundowners, and enough space to accommodate parties of up to 80 people. A cool place to dine before hitting the town. See http://www.whiteboxrestaurant.com/.
	Not far away, on Patong's beach road, is Club Lime. This open-air venue has good food, but is better known for its music, a mixture of the latest in electro, house and tribal, with regular drum 'n' bass evenings - the only place on Phuket so far to stage this kind of entertainment. They also have, from time to time, top international deejays - one recent performer was Thailand's own DJ Nakadia, who has played gigs in more than 40 countries over the past four years. See http://www.clublime.info/.
	Also in Patong is the trendy BYD Lofts serviced apartments building. Most days people go there for the food in the excellent restaurant, but on Friday nights the rooftop bar is the venue for cool grooves. The place also organises other events. Recently, for example, revelers were taken on a swish motor yacht to a "surprise island" for dinner and a DJ party. See http://www.bydloft.com.

FOR YOUR WALLS
Like nightlife, art is also becoming more sophisticated in Phuket as people look for something more than Buddha images or Thai rural scenes to hang on the walls of their villas.

One artist who is benefiting from this trend is Varaporn "Map" Ponrit, who currently has an exhibition of her large abstract oil paintings at the Watermark bar and restaurant at the Boat Lagoon. Two were sold on the first night. The exhibit continues until January 30. See http://www.phuketlifestyle.com/the%20artist.htm.

More contemporary art is on show at the recently opened D Gallery at the Royal Phuket Marina. The gallery has art by a variety of Thai and Vietnamese artists. It will stage its inaugural exhibition in March, a show of works by Thai artist Therdkiat Wangwatcharakul, called Light of Life, focusing on the interplay between light and dark. Therdkiat's work has previously been shown in Singapore, Japan, Korea. Spain, the Netherlands and, most recently, at the Asian Cultural Center in New York.
See http://www.dgallery.co.th/.