UK firm launches condo project on Samui
Robert Collins, left, shakes hands with Sven-Goran Eriksson, right, after Eriksson signed a contract to buy a condominium on Koh Samui yesterday.
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A property developer from the UK is building a Bt500-million condominium project on Koh Samui and to instil confidence among potential buyers it brought to its press conference yesterday renowned international football manager Sven-Goran Eriksson.
Eriksson, one of the project's clients, recently bought one of the development's Bt25-million condos, said Robert Collins, managing director of Savills (Thailand), the project's sales agency. The project is at Peregrina Bay in Laem Set, Maret in Koh Samui. A joint venture between the UK-based Jamro Development Co Ltd and Pilawan Development, is developing it. Collins said foreign investors were confident about expanding in Thailand, despite the changed scenario. "Almost all foreign investors were concerned about the coup but now they believe that it is better for Thailand, politically. Almost all of Thailand's political problems will be sorted and it will return to a democracy within a year. So investor confidence has returned," he said. Eriksson said yesterday at a joint press conference to promote the project that Koh Samui had long been considered one of the most interesting and beautiful spots in Thailand. That's why he decided to buy a condominium at Peregrina Bay, which will be his resort home in Thailand. He said Thailand was secure and has considerable overseas, residential development." Peregrina Bay in Laem Set is a luxury, low-rise residential development with two beachfront villas, four garden- and ocean-view villas and six duplex condominiums near a secluded beach on the southeast side of the island. The project will be spread across five rai that has a long leasehold of 30 years. The lease can be renewed for another two 30-year increments. The freehold option will be provided within the lease agreement. Construction will begin next year and completed by 2008. Collins said the company had pre-sold 20 per cent of the project's value and expected to complete sales next month, after introducing the project at a property fair in Hong Kong next month. Almost a half of the target customers are Europeans, especially football players or football managers from the English Premier League, Collins said. Savills (Thailand) Ltd is the sales agency for 10 property projects worth an aggregate Bt10 billion in Thailand. They are located in Koh Samui, Chiang Mai, Krabi, Pattaya, Phuket and Bangkok. "The fact that foreign investors are continuing to invest and buy residential property in Thailand confirms that our customers have faith in us," Collins said.
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