Some real estate agents see interesting opportunities for property investors in the Mandalay real estate market in the coming year. “We believe 2021 has good prospects for real estate because more people will move to Mandalay compared to 2020,” said U Tin Maung, chair of the Myanmar Real Property Development Association. In 2020, property sales in downtown Mandalay rose as more decided to move out to the suburbs as a result of COVID-19 and the subsequent decline in business, U Tin Maung said. “Consequently, property prices in the downtown areas dropped,” he said. As such, it could be time for investors to start looking for potential bargains in that area in anticipation of better business prospects next year. Meanwhile, U Tin Maung said there were more transactions in suburban areas, where people were able to buy land at a low price this year. “If the price of a 40x60 sqft plot of land in the suburbs is K1 billion on 80th Street in downtown Mandalay, it would only cost … [Read more...] about Prospects emerge in the Mandalay property market
Kennebec land trust properties
PHUKET: For those not so active in the online community, Airbnb may sound completely alien, and you may well ask what they are selling. According to San Francisco-based Airbnb, it is a trusted community marketplace for people to go online and list, discover, and book unique accommodation around the world, using a computer, mobile phone, or tablet. And, whether you own an apartment, villa, or castle, you can also use Airbnb to rent it out for a night, a week, or any length of time. The listing of a property is free, although Airbnb takes three per cent commission off every booking from the property owner or host (as defined by Airbnb), and between six and 12 per cent from the guests. The host can then promote their property on the website by uploading as many photographs with detailed descriptions as they wish. The site also allows the potential guests to get to know their host by asking them questions directly online and via Skype. Guests are able to access a calendar of the property … [Read more...] about Across the land: Is Airbnb taking a slice of Phuket hotels’ profits?
PHUKET: A typical ‘high season’ in Phuket is usually from November to April every year, with the ‘peak season’ being December and January. However, this has not been the case for 2015/2016, where the high season and peak season has passed by hitting a large speed bump. Almost all businesses on the island – tour companies, sailboat hires, hair & nail salons, massage shops and restaurants – have complained of a slow and quiet season. Traditionally, most businesses here make enough money in the high season to cover overheads and expenses during the low season, until the next high season is upon them again. With a poor high season gone past, most business owners have very little to tide themselves over the low season. Dependency on high season business alone is no longer sufficient to sustain any business throughout the year. New strategies and new markets for the low season and diversification for both seasons throughout the year should be sought. Even marketing strategies have to … [Read more...] about Across the land: Unusual times in Phuket tourism
PHUKET: Leasehold versus freehold has been a livewire in Phuket and continues to be so. Over 14 years ago when I arrived in Phuket, I saw my first lease offered by a developer to a ‘buyer’ written in English and was shocked. I had been practicing as a commercial property lawyer in London for two years, looking at long leases of prime CBD offices and sometimes Europe-wide real estate linked to institutionally backed and leveraged real estate. I was used to documents that were acceptable to banks. The environment I entered here was completely different and not even close to what was institutionally acceptable. The first lease I saw contained a right for the lessor to terminate the lease for ‘any breach’ on failure to remedy a breach within 30 days of receiving a notice. I was amazed because the lessee was described by the sales agent as a ‘buyer’ and was paying around, at that time, 20 million baht for this ‘lease’. I commented strongly at the time that this didn’t sound safe for the … [Read more...] about Property Watch: Leasehold vs freehold – revisited
NEW DELHI: Ascendas Property Fund Trustee , the trustee-manager of Ascendas India Trust ( a-iTrust ), has entered into a forward purchase agreement with Casa Grande Group to acquire its first industrial facility located at Mahindra World City , Chennai , the company said in a media release. The project is an industrial facility with a net leasable area of approximately 0.42 million square feet. It is fully pre-leased to Pegatron Technology India , a wholly owned subsidiary of Pegatron Corporation, with a 7-year lock-in period and annual escalations. a-iTrust will also provide funding for the development of the project as part of the forward purchase arrangement. It proposes to fund the balance development of the project and upon completion and fulfilment of other key conditions, it will purchase 100% of the shares of the entity developing the project. It also has the option to provide additional funding to develop industrial facilities of approximately 0.37 … [Read more...] about Ascendas India Trust to acquire industrial project in Chennai