Orasirin, or ORN, a major real estate developer based in Chiang Mai, was listed on the stock exchange in 2023. With over 25 successful projects in Chiang Mai, the company is now ready to enter Thailand's key tourist market, Phuket. They are starting with a 16-rai plot of land priced at 30,000 baht per wah, located along Sri Sutthra Road, adjacent to Thep Sunthorn Soi, near the monument of Thao Thepkasattri and Thao Sisunthorn, Robinson Thalang, and just 15 minutes from Bang Tao. The development is divided into three phases, with the first phase launching the Arise Vibe (Phuket-Thalang) project, which is ORN's 26th project. This low-rise condominium consists of three buildings, complete with a clubhouse and large common areas designed by A49.

ORN recognizes the importance of foreign purchasing power. From their experience in Chiang Mai, they successfully sold 200 units to foreign customers within a 49% quota in just four months, while Thai customers typically take over three years to sell out a project. However, the Bangkok market is a Red Ocean, and Pattaya still has a significant stock from foreign developers. In contrast, Phuket presents opportunities for both Thai and foreign developers, and the market is performing well.

Additionally, the appeal of down payments in leasehold agreements with foreign customers in the Phuket market is notable. Customers can book with a 5% down payment and 30% upon signing the contract. Once construction reaches the agreed-upon floor, they pay another 30%, with the final 40% due upon completion of the building. This allows developers to utilize some funds from customers for construction. Importantly, the leasehold market here moves quickly, with good returns and prices slightly lower than freehold, enabling faster sales without the need to wait another 3-4 years to sell to Thai buyers. This concept has been adapted for projects in Chiang Mai.

Furthermore, the leasehold agreement of 30+30 years does not require financial disclosure to the land department on the transfer date (legally compliant) like freehold agreements.

ORN aims to purchase land in Phuket to develop horizontal projects (not pool villas) and to create more than just residential spaces, including a community mall under the Backyard brand (the same brand used in Chiang Mai). They are also exploring the establishment of a Millhill International School in Phuket.

Arise Vibe Phuket-Thalang, located in Thalang, is positioned between urban communities and tourist zones like Laguna Phuket and Royal Phuket Marina, not far from Phuket International Airport. The project opened for reservations 1.5 months ago and has already sold over 100 units (out of a total of 400), with a customer ratio of 70% foreign to 30% Thai. The best-selling units are the 1-bedroom and 1-bedroom Plus, with the 1-bedroom Plus offering an excellent layout.

The units range from 25.85 to 91.62 square meters:
-STUDIO sizes: 25.85-26.29 square meters
-1B sizes: 31.55-34.59 square meters
-1B PLUS sizes: 38.81-42.90 square meters
-2B sizes: 58.38-73.03 square meters
-2B PLUS sizes: 77.56-91.62 square meters, with a few corner units available.
The highlights include extensive common areas, a swimming pool, and a large garden.



Arise Vibe Phuket-Thalang starts at 2.2 million baht or 85,000 baht per square meter.
For more information, register at https://ornsirin.co.th/property-item/arise-vibe/?utm_source=Review&utm_medium=KOL&utm_campaign=TerraBKK

Learn more about Arise Vibe's potential in the heart of Phuket at https://www.terrabkk.com/articles/207191