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| 23 Mar 2011 03:42:37 am |
| Thailand to Expand Space for Yachting With New Marina: NY TIMES |
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By SONIA KOLESNIKOV-JESSOP
Published: March 22, 2011
With its distinctive limestone cliffs and emerald green water, as featured spectacularly in the 1974 James Bond film “The Man With the Golden Gun,” Phang Nga Bay in Thailand has long been a favorite of yacht owners cruising in Southeast Asia.
Phuket Island has been the natural base of the region’s sailing community, but its four marinas can often be crowded in the high season of November through January, making it hard to find a berth. Now plans are afoot for a new marina on the other side of Phang Nga Bay, about 50 kilometers, or 30 miles, across the sea from Phuket Boat Lagoon and 3 kilometers off the town of Krabi on the mainland.
The new marina, Port Takola Marina — on the site of a former shrimp farm at the mouth of the Krabi River — is still under construction, with a first phase expected to be ready in the middle of 2012. When completed, the marina will have about 250 berths that can accommodate yachts ranging from 10 meters to 35 meters, or 33 feet to 115 feet.
The marina is being developed by Suriya Na Nagara, a retired surgeon admiral in the Royal Thai Navy who hired Simon Arrol, a marina consultant, to design it. Mr. Arrol was the managing director of Camper & Nicholsons Marinas, which specializes in marina investment, development and management, for 16 years before setting up his own company, Arrol Ltd., in 2008.
“There will be quite a significant boatyard, with plenty of storage for yachts, which is always a service in demand from foreign-owned yachts, which may want to lay up during the monsoon,” Mr. Arrol said. “There aren’t many marinas with sufficient space offering that service.”
The total cost of the first phase of development is about 680 million baht, or $22.1 million, including the land cost, said Dr. Na Nagara, adding that he would consider adding berths for larger yachts in the river, outside the entrance channel to the marina, in the second phase of the project.
“There is demand for berths larger than 35 meters, and whilst we do have some ideas about providing these in the future, for the time being we are focusing on completing the marina as presently designed,” Mr. Arrol said.
Robert Reynolds, managing director of Krabi Consultants, a property consultant involved in the project, said the marina was now 50 percent excavated. The overall plan includes homes with private berths at the marina, as well as homes in a nearby wooded area.
“The intention is to develop low density private villas, nothing more than two stories, probably one hotel between the marina and the beach, and possibly a private hospital there,” Mr. Arrol said, noting that the general environment in Krabi is “much more peaceful” than Phuket.
Mr. Reynolds believes Krabi has become a viable competitor to Phuket as a less-crowded destination offering a wider variety of outdoor and nature activities.
“Its infrastructure is excellent and the international airport hosts direct flights from Europe and Asia,” he said.
In recent years, Phuket has established itself as a popular destination for super yachts — technically 24 meters long or more, although the generally accepted length today starts at 45 to 50 meters — offering year-round cruising grounds as well as refit and shore-side facilities. It is home to four large marinas: the Boat Lagoon Marina (180 wet berths), the Royal Phuket Marina (81 wet berths) and the recently opened Ao Po Grand Marina (200 wet berths), all on the east coast, and the Yacht Haven Marina (200 wet berths) in the northeast. There is also a cluster of berths in Ao Chalong, with plans to build this into another larger-scale marina.
Gareth Twist, managing director of Ruea Yachts, the new super yacht construction division of Yacht Solutions in Phuket, says the Port Takola Marina will be a good complement to Phuket marinas, pointing out there is a need for more options for yachts and cruisers to head out for a day’s cruise to another safe destination with facilities, fuel, power and water.
“Having this additional marina in Krabi up and running will offer a perfect stopover for any of the yachts based in Phuket,” he said.
The new development is “proof that the marine business in Thailand is going from strength to strength,” he added. Ruea Yachts unveiled in Monaco last year a new design for a 60-meter luxury yacht aimed at the Asian super-rich.
But even with the new Krabi marina, Mr. Twist believes more berths will be needed in Phuket, as existing marinas reach capacity for a month or two during the peak season. He noted that discussions were under way for two more super yacht marinas to be built, one on the east coast of Phuket and one on the mainland, just north of Phuket.
But for Jean-Jacques Lavigne, executive director of the Superyacht Singapore Association, the main problem for super yacht owners (in the 50 meter and above sense) is not the berthing capacity, but maintenance and refit capabilities. He noted that there were few yacht maintenance facilities in Southeast Asia “to the point where vessels only consider short stints in the region.”
“Many a time, yachts have to go all the way back to Australia, which, given the high Aussie dollar, is not the most optimum solution,” Mr. Lavigne said.
Seeing an opportunity, his association has been arguing for a super yacht refit center to be developed in Singapore to complement the existing one in Phuket, the Ratachai Slipway.
“We see a clear business case,” he said, “as Singapore is the physical and logistical gateway to the region.”
http://www.nytimes.com/2011/03/23/fashion/23iht-acay-thai-23.html?_r=1 |
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Category : Thailand
| Posted By : admin |
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| 07 Apr 2010 07:26:49 am |
| DC Area reduces plastic bag usage by 80% with simple 5c tax. 80/20 rules strikes again! |
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In its first assessment of how the new law is working, the D.C. Office of Tax and Revenue estimated that food and grocery establishments gave out about 3 million bags in January. Before the bag tax took effect Jan. 1, the Office of the Chief Financial Officer had said that about 22.5 million bags were being issued each month in 2009.
Council member Tommy Wells (D-Ward 6), sponsor of the bag tax bill, said the new figures show that city residents are adapting to the law far more quickly than he or other city officials had expected.
"While it's difficult to project the annual results based on just the first month's experience, the report shows that residents are making great strides in reducing disposable bag use," Wells said.
The tax, one of the first of its kind in the nation, is designed to change consumer behavior and limit pollution in the Chesapeake Bay watershed. Under regulations created by the D.C. Department of the Environment, bakeries, delicatessens, grocery stores, drugstores, convenience stores, department stores and any other "business that sells food items" must charge the tax on paper or plastic bags.
A Washington Post poll conducted in January found that residents were almost evenly split on whether they supported the tax, with 46 percent supporting it and 49 percent opposed to it. Support for the bag tax was highest in Northwest Washington, where about six in 10 residents supported it.
District officials had estimated that the tax would generate $10 million over the next four years for environmental initiatives.
The money will go to the newly created Anacostia River Cleanup Fund, which will spend it on various projects.
But in January, the tax generated only $149,432, suggesting that it might fall short of revenue projections.
According to Wells, large retailers have reported that disposable bag usage has dropped by more than half since the tax took effect.
"I'm thrilled with these results," Wells said. "Not only are we reducing the number of disposable bags entering our environment, but we also have new resources flowing in to help with the cleanup of the Anacostia River."
via ow.ly
Washington DC has done tremendous "damage" to plastic bag companies - by simply adding a 5cent tax for every plastic bag used, they have eliminated 80+% of the problem they were having. The DC area went from nearly 23 million bags per month to 3 million bags per month practically instantly. Now I know there are caveats around needing more extensive data, and will this behavior hold or will people get used to the tax. However, we see here another example of the 80/20 rule - you can usually solve 80% of almost any problem with 20% of the work. Most people want to focus on eradicating 100% of the problem and they get stuck and dont solve anything (this is also known as "Dont let great be the enemy of good."
Though it would be great to get all 23 million bags out of use, it is an incredible impact to get 80% of them out of use. I look at using the same solution at my company every day. By using data, we always look at simple solutions to solve 80% of a problem, getting that implemented, and then focusing on the final 20% problem.
We should be using this for other environment issues too - we dont need to eliminate 100% of our oil use, just 20% of it. We would hit a huge tipping point in the political issues in gathering oil from other countries who have different (and often competing) issues with us, we would make a big impact on allowing the environment to get back into balance, and we would create a lot of jobs in the US.
Now getting back to this article - it looks like the only problem all the success of the 5c plastic bag program has caused is that it is not generating enough revenue as planned because the drop in plastic bag usage has been so dramatic! Great problem to have! |
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Category : Thailand
| Posted By : admin |
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| 12 Mar 2010 02:31:32 am |
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Bear in mind, firstly that Sterling was around 52 to the baht this time last year, so Y-Y is less than a 5% difference. In the meanwhile Sterling was very strong in the face of a weak USD in 2009 and gave UK purchasers more purchasing power.
2009 was not a year for Phuket purchasing, so relatively few took advantage of the strength, however UK buyers were much more active in places like Miami, where super luxury gabled mansions in Palm Beach fell as much as 60-65%. With Sterling dropping this last few months and a rally in the USD buyers picked up a double whammy. A small uptick in prices and general stabilization in distressed US property prices also helped.
Here in Thailand the UK buyers remain solid, lifestyle buyers, who buy more for retirement than for investment. Would be buyers were not impacted so much by the currency, but more through lack of distress sales/bargains in our Phuket market. Throughout 2009 and into 2010 Phuket has again shown resilience in the face of global financial weakness much as we saw during SARS, then the Tsunami, then the Red shirt problems.
Buyers are returning cautiously, off plan developers need serious proven cash reserves/sales and proven building experience on site to gain trust, and attain premium development prices, which properties like Andara, Istana and Mandala have seen in 2010. Cash & Quality is King.
The Thai baht is stronger given overall net inflows to Asia from European and American long term investors, who feared the worst from a Greek default fallout, and from a double dip recession in the US this year. China and India continue to power our smaller Asian markets, and Thailands macro story, albeit with political question marks has been very solid with the Bank of Thailand forecasting GDP growth in 2010 of up to 5.3%.
Jeremy King of Bangkok based Knight Asset management believes that the bahts strength is its new status as the de facto currency in the Mekong region, also supported by a weak dollar.
“The Thai baht remains one of the soundest currencies in Asia, backed by US$ 140 billion in reserves (larger than China’s proportionate to the economy), a record trade surplus (US$ 19 billion 12 months rolling), and a strong banking system with low government, corporate, and household leverage. The silver lining to the political issues is that Thailand missed out on the global increase in leverage in the mid 2000’s. The recent strength in the baht may be more obviously attributed to the foreign portfolio flows into the stockmarket, but this could be offset by political outflows; more likely the strength is due to the growing role of the baht as reserve default currency in the Mekong region as Vietnam (particularly now the dong is being devalued), Myanmar (gas deals), Laos and Cambodia hoard baht rather than US Dollars.” says Mr King.
Thailand has a great opportunity to benefit economically from sustained Asian growth, strong macro fundamentals and structural weakness in both the Euro zone and North American economies into 2012.
Phuket as a property market is reaching maturity, limited land is available on the west coast, Indigo research suggests few new luxury projects are being launched in 2010 and few quality resales are offered. Our experience in February is that global interest remains buoyant from high end players who continue to spend on lifestyle and quality of life. Indigo Real Estate expects quality luxury housing stock to tighten further and we expect developers will on average increase prices by 10% or so in 2010. A stronger baht will have major long term implications that would support the Thai real estate market. |
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Category : Thailand
| Posted By : admin |
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| 02 Mar 2010 09:10:50 am |
| Higher end enjoying a comeback |
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A leading legal adviser says the property situation is not as bad as is perceived
After coming to a screeching halt for most of last year, Thailand's resort property markets have bounced back over the past six months with increased activity at the higher end and secondary-market sales also brisk, says Marcus Collins, a partner with DFDL Mekong Legal and Tax Advisers.
To go by transactions that have passed through his law office, a lot of people are making good money on their investments in Phuket even though global economic conditions are far from rosy.
"You would expect that properties would be offered at discounts, but sellers are still making at least 50% on their original investments and in some cases a lot more than that," he said in an interview last week.
"In the transactions I have seen cross my desk and in my office, there is not a single investment where people have lost money. In every case in which we have represented either the buyer or the seller, the seller has made very good money. This leads me to believe that in Phuket, Samui and Thailand in general, good properties are still a very good investment."
Mr Collins added that "higher end" does not just mean super luxury properties in excess of $US1 million (33,180,000 baht), but includes many condominiums and mid-market houses. One seller sold a condominium he had bought for 12 million baht for 20 million baht.
He added that he has also seen people who bought properties for more than one million dollars and all of them have also made money when they wanted to sell.
Mr Collins said this means that the situation is not as bad as is perceived. Yet it has to be understood that people are more cautious about spending money now. This leads to potential buyers looking for really well managed and well designed properties, and of course properties that are completed or are being built so that they can see what they are buying.
"Selling off-plan is no longer an option in most cases, I believe.
"A lot of people are looking for properties that are linked to a hotel or a well-known company."
Mr Collins has seen a fair bit of activity in the condominium market in Phuket, mainly because there actually are not that many condominiums on the island. The other reason is that foreigners can own 49% of the units in a building freehold and this type of a residence is less of a headache for them in terms of absentee ownership.
"But having said that, we have had clients who are very successful selling villas on a leasehold basis and I think people are getting more educated about leasehold structures."
The past repeats itself, with most foreign buyers in the Thai market again coming from Hong Kong and Singapore, as was the case in the past. These two islands have recovered a lot faster than many other places, and there is a lot of money. These buyers are both foreign expats and natives.
"There are also a lot of Chinese buyers in the market and a lot of Russian buyers. We see expats from the region, living in places like Indonesia and Vietnam, who want to have a second home in Thailand. Some of these expats are from the Middle East," Mr Collins added.
As he sees it, Thailand remains one of the top destinations and one of the most attractive places to have a second home.
"We also see a lot of expats who are moving to Thailand and basing themselves here. They may not necessarily work in Thailand but they want to base themselves and their families here," said Mr Collins.
"Expats who used to own properties in places such as Brisbane are selling these properties and moving to Thailand because it's cheaper for them and Thailand has such good infrastructure. It's easier for them to travel anywhere in the world."
While transactions are taking place at the higher end of resort markets, Mr Collins has not seen that many new developments coming onstream.
Although there are a lot being built and being completed, it is unlikely that there will be a lot of investment in new projects.
However, some successful developers who have sold out or who have at least got their money back are now looking around. They believe they can pick up land a bit cheaper because the market is not as crazy as it used to be.
"So they are picky and they are trying to find the best possible locations. There are developers who have done well who are looking to start new developments."
When it comes to lingering Thai political problems, Mr Collins believes a lot of people have become immune to all the bad news.
"There has been so much bad news, there has been the Bali bombing, there has been the bird flu, there has been the trouble in the South, there have been bombs in Jakarta, there has been financial crisis worldwide ... I think people are just shrugging their shoulders, and saying 'disasters happen and life goes on'.
"As for Thai politics, people are probably so tired of everything already and kind of saying, 'Maybe there is going to be another political crisis, but it will blow over too'.
"Politics is politics - I don't think that will change much. There will be continued bickering between the yellow shirts and the red shirts - that is not going to go away very quickly. That is probably a process that will last for years."
DFDL Mekong Legal and Tax Advisers has offices in Vientiane, Phnom Penh, Ho Chi Min City and Hanoi. Mr Collins said the regional firm has seen that a lot of clients buying and developing properties in Cambodia.
"Cambodia has a very attractive beach region and very attractive islands, much like Thailand. We see that there is quite a lot of development going on and the regional airport in Sihanoukville is being expanded particularly with a view to expanding local industry and tourism.
"There has been a lot of investment in properties there and there will be more I believe.
"Vietnam is the same. The Vietnamese coastal area is very long and there is quite a lot of development going on there. Our offices are quite busy," said Mr Collins.
He added that Thailand remains the biggest regional market in terms of resort developments. This is mainly because it has a very mature hotel market.
WIN-WIN: Marcus Collins says profits are high in recent property sales. |
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Category : Thailand
| Posted By : admin |
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| 26 May 2009 06:44:47 am |
| Condo Association suggests extending leasehold term to 90 yrs to favor foreign investment |
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May 22, 2009
The Thai Condominium Association proposed the Treasury Department to extend the leasehold terms to 90 years to attract more foreign investors
Atip Bijanonda, president of the Thai Condominium Association, said during the seminar under the topic “the State Property and the Country’s Development” that he has seen the potential for the Treasury Department to expand its state properties into the commercial projects like hotels, department stores and apartments. However, the government should consider allowing greater foreign ownership in property firms and extending leasehold periods from the current 30 years to 90 years as in other countries in order to stimulate foreign investment and increasing the purchasing demand for property in local market.
The amendment is seen as a way to help stimulate market segments while the government could still set conditions and limitations under the zoning rules. For example, the government could continue protecting land by stipulating zoning in certain areas like the urban area or the tourism area, Mr Atip said.
“Thirty years for leasehold is considered not very long term, especially the last 4-5 years of the lease contract is kind of meaningless,” Mr Atip said.
Meanwhile, Thewon Wichitakul, director-general of the Treasury Department, said he agreed with the idea of the leasehold extension; however, the government still needs to conduct a feasibility study on its benefits. He said the issue should certainly be brought to the consideration of the Finance Ministry and the Cabinet.
He added that he had also assigned the Fiscal Policy Research Institute to conduct research on the possibility of rental and fee adjustments for the commercial state properties to stay in line with the current economic and social conditions.
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22 May 2009 |
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Category : Thailand
| Posted By : admin |
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