AssetWise targets foreign buyers with luxury condo projects in Phuket

The expansion is a significant step forward in ASW's “New Frontier” business strategy, which aims to explore opportunities beyond Bangkok while diversifying its product portfolio and customer base.

At a press conference on Friday, ASW chief executive officer Kromchet Vipanpong expressed confidence in Phuket's growth potential, citing the province's natural beauty, culinary heritage, and hospitable locals as key attractions.

Kromchet also highlighted the government's commitment to enhancing regional infrastructure through several key initiatives. Among these initiatives is the ongoing phase two upgrade of Phuket International Airport, aimed at increasing its capacity and improving passenger experience. Additionally, the development of a second airport, the Andaman Airport, is set to bolster connectivity and promote tourism in the area.

In conjunction with these airport projects, the government is also investing in significant highway expansion. This includes the expansion of highway lanes and the construction of an elevated intersection on Route 402, which will enhance traffic flow and accessibility throughout the region. Tthese efforts are expected to drive economic growth and development in the area.
 

"Phuket's combination of natural charm and cultural heritage makes it an unrivalled choice for international buyers," said Kromchet, pointing to the success of the company's “Title Cielo Rawai” project, which achieved 90% sales within weeks of its September launch. The majority of buyers have been from Russia, Ukraine, and western Europe.

ASW has strengthened its position in Phuket through a partnership with Rhom Bho Property, becoming the latter's largest shareholder. Rhom Bho Property, operating under The Title brand, brings over 12 years of local market expertise in developing leisure residences.

Last year, the joint venture successfully launched four residential projects in three prime locations: Bang Tao, Nai Yang, and Rawai, and received a higher than expected response. As a result, they decided to start four new projects this year worth 15.5 billion baht. 

Among these projects is “The Title Cielo Rawai”, which was launched in September 2024 at a value of 1.2 billion baht. Additionally, October 2024 saw the launch of both The Modeva, valued at 6.2 billion baht, and The Title Artrio Bang-Tao, with an investment of 2.6 billion baht.

Looking ahead, the joint venture has plans to unveil Katabello in Kata, projected to launch in the first quarter of 2025 with a value of 5.5 billion baht. This comprehensive development strategy in these sought-after areas caters to the growing demand for upscale living spaces in the region.

With this latest move, ASW and The Title now have a total of 8 condominium projects under development worth 31.5 billion baht.
 

ASW reported cumulative sales of 14.578 billion baht for the first nine months of 2024, with The Title brand contributing 43% of total sales. The company maintains a backlog of approximately 8.022 billion baht, with revenue recognition expected to commence from the second quarter of 2024.

Wakin Thangkulawat, co-CEO of Rhom Bho Property, emphasised the strategic importance of locations such as Bang Tao, noting its extensive beachfront and comprehensive amenities. The developments will include innovative features such as pet-friendly zones, marking a first for The Title brand.

Market outlook

According to Phattanan Pisutwimol, secretary-general and vice president of the Phuket Real Estate Association, the property market in the province is benefiting from tourism recovery and increased foreign interest. The Real Estate Information Centre projects property transfers in Phuket to reach 33.73 billion baht in 2024, representing a 7.1% year-on-year increase.

New condominium sales in the first half of 2024 totalled 4,497 units, a 259.8% increase compared to the same period last year, valued at around 40.19 billion baht – a 799% growth. The Bang Tao Beach-Surin Beach area dominated new sales, accounting for 48.97% of total units sold.

According to CBRE, the overall real estate market in Phuket is valued at $154.51 billion in 2024, expected to grow to $202.33 billion by 2029. The province draws significant foreign investment, as there are no nationality restrictions on property purchases. Over 4,700 units are set to be completed by 2023, primarily concentrated in the Central West Coast and Southwest Coast. Emerging hotspots like Cherng Talay (Bang Tao), Layan, and Thalang are experiencing rapid growth and transformation, presenting exciting investment opportunities.

AssetWise Pcl has developed over 68 projects across multiple brands, with total project value exceeding 98.105 billion baht. As of the second quarter, the company's backlog stands at 23.678 billion baht from 52 completed projects and 16 under development.