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Thailand leads hotel residence boom in SEA
Leading the regional push is the marriage between international hospitality brands and Thai property developers, who are sitting at the head of the table with $3.5 billion in inventory for sale.
According to new research by Thai-based hospitality consulting group C9 Hotelworks, there are currently over 28,000 hotel-branded residential units for sale across the region, representing nearly 120 projects.
Southeast Asia’s property escalation has created a foothold in both traditional resort locations and a growing number of cities alike for hotel affiliated real estate.
While Asia domesticated its real estate sector after the global financial crisis, the latest progression has attracted an increasingly high volume of top tier developers putting up large scale projects.
The average price per square metre for urban properties in Thailand is $6,772sqm, while in resort destinations it is $3,731sqm.
Thailand, Indonesia, and Vietnam are sitting atop of the numbers game
followed by Malaysia and Philippines, with the latter taking a decidedly urban approach to properties.
Thailand is the leading market in hotel residences, accounting for 37% of total projects, followed by Indonesia with 22%, Vietnam at 18%, Malaysia and Philippines both with 9%, 3% for Singapore and Cambodia rounding out the list with 2%.
“One key factor pushing city projects is land prices. Our forecast calls for an increasing number of developers seeking international hotel group affiliations given the demonstrated brand premium in selling prices between 20-30% and the connection with associated hospitality assets.”
says Bill Barnett, Managing Director, C9 Hotelworks.
In Thailand, there are 44 developments on the market, representing 4,775 units. The top three locations in the country for hotel residences are Phuket, Bangkok and Pattaya.
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