Colliers achieves fast growth into property consultancy market leader
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July 2012 ? Bangkok, Colliers International Thailand has firmly established itself as one of the leading players in Thailand?s highly competitive property consultancy arena. After just 5 years in business, Colliers expects to achieve record turnover this year based on strong growth in its core consultancy and transaction-based businesses.
?Since setting up in 2007, we have averaged a growth rate of some 44% per annum,? according to Executive Chairman Simon Landy.
Mr. Simon Landy, Executive Chairman, Colliers International Thailand
?This compares very well against the industry average of around 10% per year for the same period.? The company is on line to achieve over 40% growth again in 2012 after a stellar first half that included several significant transactions and major consultancy assignments.
?Our core strength is in consultancy and our core philosophy is to give honest, reliable advice to clients,? said Mr Landy. ?As a result, we benefit from a lot of repeat business.? The success of this strategy has led to Colliers achieving some major appointments in the advisory area, including major projects for the Stock Exchange of Thailand, the Port Authority of Thailand, MCOT and a wide range of private sector clients. Led by Ms Napatr Tienchutima, the advisory business is now considered a market leader. Colliers International Thailand won an award for its property consultancy at the Asia-Pacific International Property Awards held in Kuala Lumpur in May 2012. ?Our goal is to provide clear, actionable advice to landowners and occupiers, and we are pleased our efforts have been so recognised,? said Ms Napatr.
Other major growth areas for the business include investment sales, where the award-winning sale of the Embassy of Japan site in 2011 (winning Deal of the Year at the Thailand Property Awards) has led to a string of large land and building transactions in Bangkok and the major resort markets. Ms Nukarn Suwatikul, head of investment sales, noted that: ?The market
Ms. Nukarn Suwatikul, Head of Investment Sales
continues to be very active, with several major tenders in the works and the prospect of new SEC regulations on REITs in the coming months likely to further stimulate transactions.? In addition, the firm?s hospitality division, having already sold 2 hotels, has picked up several more key sales instructions, including most recently a golf course in Sri Racha, and has had success bringing several major brands to the country, including most recently the Waldorf Astoria to the Magnolia Ratchadamri project.
Since opening its doors in 2007, Colliers has grown to a staff of around 200 professionals and has opened satellite offices in Pattaya and Hua Hin. Both offices have secured major sole agency instructions in the residential market, with Hua Hin most recently achieving 70% sales on its agency at the luxury Baan Thew Talay project, a joint venture between Charn Issara and Sahapat groups.
Other key engines for growth have been residential projects sales, which sold out The Capital Ekamai ? Thonglor in one month and the traditional core activities of valuation, property management, office retail, industrial and residential agency. In addition, the firm has made significant inroads into the Myanmar market, being the first consultancy to produce a significant market report on the Yangon market and being appointed to undertake several major market entry, consultancy and valuation jobs.
?Myanmar constitutes a significant opportunity for Thai-based businesses,? said Mr Landy, ?And we plan to stay in the vanguard by giving good, solid advice to Thai and other international investors interested to expand there.?
Colliers International Thailand
Simon Landy
Executive Chairman
T: 0 2656 7000
E: simon.landy@colliers.com
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The new investment law in Myanmar
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July 2012 ? Bangkok, Myanmar?s new investment law, expected in the next couple of months, will likely start to open the country to foreign engagement in Myanmar. It will replace the 1988 Foreign Investment Law, which some still regard as a worthy piece of legislation that suffered in its implementation:? in the previous socialist regime even basic necessities such as soap needed approval from officials. This trend of micro involvement by the state has continued up to this day.
Tony Picon, Associate Director
?Myanmar ticks most boxes for businesses in most sectors,? according to Tony Picon, Associate Director of leading property consultancy Colliers International Thailand, adding:? ?It has a large population, strategic location, beautiful and abundant coastline and significant natural resources plus an affinity for its people.?
Procedures and bodies that will implement the law may take time to be established, but there are concerns that rather than a one-stop shop allowing easy facilitation of FDI, ministers will still be involved in the approval process that creates unnecessary delays. With governments raising the bar on graft, such as in the UK with its new anti-bribery legislation, companies that operate in countries with poor reputations for corruption will come under closer scrutiny.
?Companies have a special role to play in the development of Myanmar in the future,? according to Mr Picon.? Those wishing to invest should commit to the long-term development of the country.? This involves building capacity by training employees and supporting local business partners in best international practice in their industry. It also involves conducting business in an ethical manner.
?There are a lot of challenges to doing business in Myanmar but plenty of opportunities for those companies, big and small, to be part of the positive transformation of probably the last frontier in Asia,? said Mr Picon.
Colliers International Thailand
Tony Picon | Associate Director of Research
T: 0 2656 7000
E: antony.picon@colliers.com
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REITs set to change Thailand?s property investment market
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July 2012 ? Bangkok, The imminent introduction of REITs in Thailand will be a major development for Thailand?s property investment market.? The SEC is expected to soon issue regulations governing the establishment of Real Estate Investment Trusts (REITs) for the Thai market, expected to be greeted by keen investor interest.
?REITs will essentially offer investors the opportunity to invest in real estate with controlled management without the hassles of direct investment,? according to Ms Nukarn Suwanikul, Associate Director for Investment at Colliers International Thailand.? ?Although they look like the current Type 1 listed property funds, they are actually quite different.?
REITs are well established around the world, with Singapore, Australia, Japan and Hong Kong being major markets in the region.? Thailand has relied to date on Type 1 funds which tend to be small and illiquid, partly because of the difficulty of adding properties and the very limited borrowing allowance.
Thai REITs are expected to allow borrowing of up to 65% in some circumstances, compared to a maximum of 10% for Type 1 funds.? ?Another key difference is that property companies will be allowed to become managers of REITs, rather than having to rely on asset management companies,? said Ms Nukarn, adding that:? ?This is in line with international practice where REIT management is an important business line for property companies.?
Ms Nukarn believes that the introduction of a REIT regime in Thailand constitutes a major development for the country?s property investment market.? Apart from giving substantial benefits to both large and small investors and property owners, REITs will signaling Thailand?s entry onto the international stage as a more mature investment destination.? ?Due to improved transparency and liquidity, REITs should create more confidence for both local and foreign funds and investors,??she said.
Colliers International Thailand
Nukarn Suwatikul?
Associate Director | Investment Services
T: 0 2656 7000
E: nukarn.suwatikul@colliers.com
www.colliers.co.th
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