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Asia’s next boutique destination
Property Report Thailand
by Stephen Small - October 2008
According to research conducted by CB Richard
Ellis, prices in the Samui condominium market are
beginning to catch up with Phuket, although there remain a
number of important differences between the two resort
destinations. Ms. Prakaipeth Meechoosarn, Manager of CB
Richard Ellis Samui, explains, “Samui’s development pace,
when compared to Phuket, allows the island to be
positioned as Asia’s boutique island destination.
Developments are limited, although more local and foreign
players are now starting to get involved. Overall,
however, Samui remains an exclusive destination for
tourists looking for a quieter, more secluded retreat.”
There are a limited number of condominium projects in
Samui, and a recent survey of the island’s condominium
sector reveals that 70 percent of the total existing and
future supply of approximately 500 units are still under
construction, which reflects the recent pace of
development. The North East area of the island (Choeng Mon
Beach) accounts for 38 percent of total existing and
future supply, followed by the North (28 percent) and East
regions (25 percent). 59 percent of units were sold as of
Q2 2008.
Prices for condominium units in Samui range between
Bt1.8-48.7 million per unit, with an average of Bt10.4
million. The highest average prices were in the South (Laem
Set Beach), at Bt20 million per unit. Casavela in Laem Set
was priced at Bt`88,000 per sq.m. at launch (Q1 2006), and
resale units have now achieved prices of Bt100,000 per
sq.m. The project is now completed and sold out.
As in Phuket, developments in Samui are sometimes
registered as apartment buildings instead of condominiums
and then are leased out on long-term leases (30+30+30
years). Most buyers of high-end and luxury Samui
properties are foreigners.
The two projects with the highest price points in Samui
are The Estates (adjacent to Four Seasons Resort Koh Samui)
and W Koh Samui Retreat & Residences, where prices range
from Bt65 to 205 million. The island’s south has the
highest average price per unit, at Bt68.4 million. The
Conrad Koh Samui Residences, a luxury development of 32
villas, is located in this area.
Ms. Prakaipeth goes on to state, “As with any resort
destination, the property market in Samui is dependent on
repeat high-end tourism. As such, deteriorating global
economic conditions and weaker tourist activity could
adversely affect this market in the short run.”
“In the long-run, we expect the high-end and luxury
segments of the Samui property market to outperform.
Coastal land prices in Samui have been on the rise and
prime land plots are becoming rare. Land price movements
will play a significant role in the pattern of development
on Samui, as will the continued development of
infrastructure and other support services,” she concludes.
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