via Khmer NZ News Media
Andrew Batt | Jul 05, 2010
Property developers in Thailand are starting to look at overseas markets for new opportunities because of the intense competition in the Thai market, according to international property consultants CB Richard Ellis.
Initial target markets are Vietnam and Cambodia because of their proximity, level of development and the local competition is not as well developed as the more mature markets such as Malaysia. There are a wide range of opportunities in the Vietnamese and Cambodian markets – from city centre office, retail, residential and hotel developments – through to the growing resort markets in these countries as well as industrial estate opportunities.
Entering new markets is always a challenge, said CB Richard Ellis. Rules and regulations governing property development and ownership are different. The dynamics of each of the property sectors in these countries is also different to Thailand. Accurate information on regulations, supply, demand, pricing, competitors and prospects for each property sector is essential for a Thai developer to succeed in a new market.
“There is very little publicly available information on the Vietnamese or Cambodian markets. CB Richard Ellis sells and leases properties in these countries everyday, which is why we have the best market data on actual transactions and future supply. This enables us to provide our clients with the best market data, giving them the best knowledge to enable them to succeed,” said James Pitchon, Head of Research and Consulting for CB Richard Ellis Thailand.
There are opportunities for Thai developers to acquire or build properties in both Cambodia and Vietnam but accurate market research will be critical in order to succeed.
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