THE Privilege Residences Patong is the sister project of
successful luxury condominium project The Bay Cliff. After the first project
sold out, The Bay Cliff Development decided to lunch another condominium
project and take the definition of ‘luxury living’ to the next level.
“Since we lunched The Privilege Residences Patong in October
last year, we have sold about 30 percent of out unit. Although this figure may
seem low compared with other condominium projects in Phuket, this is really
quite a positive percentage relative to other sales in the high-end market,”
said Mr Theeraphan Choprasertchok, Chairman of The Bay Cliff Development.
“Our project has four different buildings: Two buildings are
situated on elevated ground,while the other two are situated on the lower level
and it is these that have sold the most,” Mr Theeraphan said.
“We have five types of unit:one, two and three-bedroom
units, duplex, and penthouse. Prices start at six million and go up to 55mn
baht,” he added.
The Bay Cliff Development is scheduled to complete the
project by early next year and the overall construction is nearly finalized.
“The project was first launched in October 2010 and is
expected to be complete and ready to move into by May 2012,” said Mr
Theeraphan.
“So far, construction is 70 percent complete. We now have
some architecture and interior work to do. We will get the lower buildings completed first, since it is easier
to work on the lower land,” he added.
The Bay Cliff Development set their target on the foreign
market. However, the economic crisis in Europe has made it difficult for
investors to commit during this time of instability.
“We Europeans, since they were our main customers from our
previous project. Surprisingly, most of the buyers who bought unit from The
Privileges are Thai. Even the only penthouse
of our project was sold to a Thai buyer. Most of them have bought units
as an investment, since we offer a six per cent net guaranteed rate return
program on the buying price of all units,” said Mr Theeraphan.
The Bay Cliff Development have a contingency plan in order
to solve this problem.
“I came up with the back up plan in order to solve the
problem. We see a very good potential in the Chinese and Australian markets and
will now focus our strategies there,” he added.
“I believe the projects’ location is correct. Timing is the
only is sure. We measured our success from our previous project. Everyone who
bought from us previously said that this is a prime location. I know the
economic crisis has affected our sales and currently this is a difficult time
to market to Europeans,” said Mr Theeraphan.
The Bay Cliff Development hopes the completion of the lower
buildings will attract a lot more people to come and buy from them.
“Once the first two building are complete, more people will
buy. There are a lot of customers from our previous project who will make
purchases when they see the finished units and not just computer graphic images.
We expect to sell another 20 per cent of our rooms before May 2012,” he added.
The completion of the building is not the only incentive to
attract more people to buy as The Bay Cliff Development also intend to offer
promotions to those who wish to purchase units.
“We may offer discounts, but we will still use high quality
products for all our units. Since our condominiums are positioned in the luxury
market, it is important we offer high end quality materials to our customers,”
said Me Theeraphan.
The Privilege Residences Patong also have a plan for unsold
units once all the buildings have been completed.
“We plan to make part of our condominium available for
monthly or yearly rental. We will target foreigners who work in Phuket,
especially hotel executives. We won’t rent out a lot though, because we know
all of our customers are willing to pay for their privacy. We will try to keep
it that way,” said Mr Theeraphan.
Pleased to know that privileged residences Patong is selling out homes. Recently bought a beautiful one in Dove mountain and very happy with it as it just awesome. I just love to sit in balcony as it has fantastic view there.
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