Considering the massive increase in the number of expats living in Thailand, many branded residences in Phuket have been developed, including condominiums and villas. Most of them are managed by well-known hotel chains that offer buyers access to many hotels’ amenities.
These residences are competing with the hotels as they also have hotel licenses and are therefore allowed to offer daily rates. This new trend has raised the demand for more number of rooms and single-owner hotels, pressuring on the hotels’ occupancy and room rates until the arrivals increase at the same or a greater rate.
How branded residences are different?
They are different because they have hotel licenses. Buildings that do not have hotel licenses are not allowed to rent out units for lesser periods.
With branded residences managing the rental program, the buyers get more increase to buy a property as the brand underwrites both the management and project quality.
However, the branded residences in Phuket have been there for many years, almost over 30 years. To name a few of the recent ones it includes The Residence at Sheraton Phuket Grand Bay Resort and The Wyndham Naiharn Beach Phuket.
As mentioned earlier, the sales of the branded condominiums in Phuket are increasing. The units are being sold individually to an owner and popular branded units, which are expected to be rented out in the majority part of the year. Just that the owner can use this unit for only a limited duration, which is usually 60 days or lesser in a year.
In-and-out about branded residences
These properties are fully furnished and equipped with all the necessities. Hence, the buyers need not worry about fitting and furnishing that often becomes difficult for the foreign buyers and Thais who are the residents of Phuket. In fact, the day-to-day necessities like housekeeping, and room services are also taken care of as these branded residences in Phuket also offer full hospitability services.
Seeing the trend amongst the property buyers of Phuket most of them now want investment returns and the best way to achieve is via branded residences.
