CBRE Thailand Marks 19th Anniversary with Confidence in Property Market

CB Richard Ellis (Thailand) Co. Ltd., the leading international property consultant, marks the 19^th anniversary of its operations in Thailand. Ms. Aliwassa Pathnadabutr, Managing Director, confirms that the Company continues to seek to develop new service platforms and maintain its high standards. The Company is also confident about the promising property market in Thailand.

CB Richard Ellis is the largest firm of property consultants in the world, with revenue four billion US dollars in 2006 and more than 300 offices in over 50 countries.

CB Richard Ellis Thailand was established in 1988 and now has 628 employees based in its Bangkok and Phuket offices. The Company will expand by opening two new branches in Pattaya and Koh Samui in the third and fourth quarters of this year.

Thailand is one of the most important CB Richard Ellis offices in South-east Asia. Last year, more than 1,600 transactions, worth over Baht 20 billion, were concluded by CB Richard Ellis Thailand. The core businesses of CB Richard Ellis Thailand include high-end residential, office, and investment markets, research & consulting, valuation, and property management.

In the first quarter of 2007, CB Richard Ellis continued to be the market leader in leasing office space in Bangkok, representing almost 70% share of the market. The latest office projects that CB Richard Ellis is representing are Athenee Tower on Wireless Road, with 40,000 square metres of total lettable area, and Chamchuree Square at the Samyarn Intersection, occupying 90,000 square metres.

CB Richard Ellis continues to see both local and overseas investors wanting to invest in the Thai property market. In the first five months of 2007, CB Richard Ellis has been involved as a consultant and broker in four major investment property transaction including a 400-room hotel in Phuket, a 9-rai land plot on Sukhumvit Road, and two prime sites close to the MRT line on Rama IV Road. The transactions totalled over Baht 3 billion.

CB Richard Ellis will continue to concentrate on the high-end residential. Ms. Aliwassa added, “Most clients are aware of our brand as the high-end market expert. We will continue to target this market as developer consultant, marketing and sales. I believe that there is a continuing stream of luxury property buyers entering the Thai market both Thais and foreigners, especially those who look to buy top class products.” Even though there was a slowdown in the past months, CB Richard Ellis managed to sell more than 250 high-end residential properties including condominiums and villas, worth Baht 3.6 billion.

Currently, CB Richard Ellis represents 21 luxury residential developments located in various areas of Thailand: Bangkok, Pattaya, Phuket, Krabi, Koh Samui and Phang Nga. New CB Richard Ellis sole agency projects in 2007 include The Sukhothai Residences, a top-end condominium development on Sathorn Road; Shangri-La Phuket Resort and Spa, an exclusive branded villa project; and the latest project, W Residences Koh Samui, a premium villa development.

“Despite a slowdown in some property sectors as a result of political and economic instability in, CB Richard Ellis believes that the Thai property market will become promising, especially when the political direction is clearer. Thailand’s property market has strong fundamentals as seen from strong demand, low interest, inflation, and unemployment rates, as well as high occupancy levels in both residential and commercial buildings.” Ms. Aliwassa reported.

Source: CBRE Thailand Website