CBRE Thailand to open branches in Pattaya and Koh Samui this year

CB Richard Ellis (Thailand), a leading international property consulting firm, plans to add two more branches in Pattaya and Koh Samui in the second half of this year.

Aliwassa Pathnadabutr, managing director for Thailand, said the company continued to be the market leader in leasing office space in Bangkok in the first quarter of the year, commanding a share of almost 70%.

The latest office projects CBRE is representing are Athenee Tower on Wireless Road, with 40,000 square metres of total lettable area, and Jamjuree Square at the Sam Yan intersection on Rama IV Road with 90,000 sq m.

The company says it is seeing continued interest from both local and overseas investors since the Thai property market has strong fundamentals. These include strong demand, low interest, inflation, and unemployment rates, as well as high occupancy levels in both residential and commercial buildings.

In the first five months of 2007, CBRE served as a consultant and broker in four major investment transactions worth around three billion baht: a 400-room hotel in Phuket, a nine-rai land plot on Sukhumvit Road, and two prime sites close to the MRT line on Rama IV Road.

CBRE concluded more than 1,600 transactions worth more than 20 billion baht last year. Its Thai operation was established in 1988 with a focus on high-end residential and office space, consulting, valuation and management.

''Even though there has been a slowdown in the past few months, CBRE managed to sell more than 250 high-end residential properties, including condominiums and villas, worth a combined 3.6 billion baht,'' Ms Aliwassa added.