Phuket's Condo Mania Continues With 1027 Patong Units On Offer

PHUKET: Another huge condo development is planned that will add 1027 units to Patong. Resort managements are concerned that the number of condos now planned for Phuket will inevitably cut into occupancy rates.

The latest announcement comes from Phanason, a developer with a good record on Phuket. The formal launch of the project has yet to happen, but sources say orders have been placed for 50 units already.

The Park Condominiums are to be built over 17 rai on Patong's Nanai Road, with seven buildings each of seven storeys envisaged.

Phanason is seeking Environmental Impact Assessment and other approvals from Bangkok, where large projects on Phuket now have to meet all regulatory conditions.

The Park will contain six different types of units, beginning at 1.9 million baht for an apartment of 40 square metres. The development will incldue a swimming pool, a fitness centre and a dining area.

Once the project is approved, construction will be finished in two years - hopefully by 2014, Phanason believes.

Many of the most recent large condo projects on Phuket have been snapped up by investors hoping to make a profit but there are now so many projects that concerns are increasing about a condo ''bubble.''

Resort managements are also alarmed because the condo owners are likely to offer rents that will be competitive with three-star and four-star resorts. The three-star market on Phuket is already under pressure.