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High Life: Interview: The luxury of patience
Apr 25, 2012
Vorasit Isarra, better known as Wan, is the managing director and creative mind behind Phuket’s celebrated Sri Panwa Resort and Residences. Having sold out Phase 1 and 2, he recently launched a third phase of villas that will set a new benchmark for Phuket luxury property.
Have you had to adjust your prices to match global economic woes?
We’re not dropping the price or rushing to build. The new villas are actually more expensive, 6 to 15 million US, because they are bigger, but in general the price per square metre is about the same. We understand the wider market may be slow, but whenever some people are losing money others are making it. The most recent valuation for the resort was around THB 6 billion (US$195 million) excluding the sold residences, so it’s still a value proposition. One of our clients resold their villa to friends at double the price, but the buyer was still more than happy.