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18th March 2009
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The future is bright on Phuket...Read more>>>

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Beachfront land prices to rise 15% - 20% in Phuket...Read more>>>

 


The future is bright on Phuket
10th March 2009

 

 

 

Mr. Bibby, the Chief Executive Officer of the Richmond Group said 2008 was full of challenges, but 2009 could be filled with opportunities.

 

He told real estate agents and investors at the The Residence in Bangtao “the future is bright on Phuket”

 

Mr. Bibby, who is also CEO of Richmond Asset Management Hong Kong, said last year’s decline in global markets was on a par with the decline of 1997.

 

“On New year’s Eve, I  felt an overwhelming urge to burn a flag bearing the numbers 2008”, he said.

 

But he said this year would be full of good opportunities for astute investors.

 

“I don’t follow the herd tactic in investment management” He said.

 

“And I don’t believe in buying and holding investments.”

 

“if you held your investments in 1997, then by now, in 2009, you would have made absolutely nothing in 11 years.”

 

He said knowing when to buy and when to sell was the key to successful investment.

 Mr. Bibby said considering stock markets, commodities and currency fluctuations over the past decade, Phuket’s property market had been particularly resilinet.

 

He said agents needed to revise their sales strategies and said they should be advising clients that now was the time to invest in Phuket property.

 

Mr. Bibby said although Phuket had faced an ever-growing list of challenges during the past few years, property prices had never dropped.

 

He said despite the tsunami, coups protests and the world financial crisis, confidence in Phuket, and the stability of property values had remained unchallenged.

 

Mr. Bibby said the evolution of amenities in Phuket, including the road improvement polices which were under way, the Maritime facilities available at the Boat Lagoon and Royal Phuket Marina, and the increasing development of shopping malls sent a positive message to potential property buyers.

 

“This place still evolves, no matter what is going on in Bangkok or abroad,” he said.

Mr. Bibby said Phuket was at a “Tipping point’ as more and more people saw the province as a retirement location.

He said 16 new four and five-star hotels would be built in Phuket this year.

Mr. Bibby said investors and agents should be pushing the Richmond group.

 

“We are well managed, we have a good rental team, and excellent appreciation record and a great re-sale record, “ he said.

 

He said sales at The Residence, which is now in Phase Four of construction, were currently running at about 90 percent.

 

The private pool villas and semi-detached town houses at the Residence boast a luxury spa, a café, a restaurant, and a gymnasium.

 

Mr. Bibby said a beach club was also being built.

 

He said 70 percent of Phase Two sold in the first year, and Phase Three sold out in 12 weeks.

 

Mr. Bibby said property values at the Residence had been consistently rising between 15 and 20 percent  per annum for the past five years.

 

He said The Residence also offered an 8 percent rental guarantee.

 

Other incenti ves for agents included hefty cash bonuses on top of regular commissions, and charter yacht trips on the group‘s catamaran.

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