SISSA Group reveals that the Phuket Sandbox has not directly benefited the real estate sector. They recommend that the government invest heavily to elevate Phuket to a world-class tourist destination, adapt bureaucratic systems to be more international, eliminate corrupt practices, and open opportunities for public-private partnerships. This includes amending land lease laws to 90 years, allowing foreigners to own 100% of condominiums, and providing visas longer than 30 years for investments over 30 million baht. Recently, they introduced the project “Wyndham Grand Nai Harn Beach Phuket” with the promotion Pay Less Get TRIPLE, offering enticing deals for investors.

Mr. Attanop Panthukhamneid, CEO of SISSA Group Co., Ltd., a property developer focused on Investment Property (IP), stated that after the government launched the Phuket Sandbox on July 1, 2021, it remains unclear how much this model has helped Phuket's operators, as there has been no government assessment. However, it is known that the tourism sector sees about 1,000 tourists daily, from nearly 500,000 hotel rooms, all of which must meet SHA Plus standards, which is a minimal benefit.


Mr. Attanop Panthukhamneid, CEO of SISSA Group Co., Ltd.

In the real estate sector, there has been little benefit as foreigners are primarily interested in tourism, not investment. Some foreigners who previously purchased second homes in Phuket cannot stay due to mandatory 14-day quarantine in government-designated hotels, which discourages travel to Thailand at this time. It appears the government lacks readiness and a solid plan.

The opening of the Phuket Sandbox has its advantages in testing the waters; however, if the negative impacts outweigh the benefits, the general business sector does not gain, and tourists are still limited in activities. This does not yield positive results for Phuket as a whole. It is believed that the focus should be on minimizing infections first. If quality vaccines can be introduced, all activities can be reopened for tourists. The government must address issues and evaluate pros and cons to ensure a more robust approach.

“When tourists arrive in Thailand and hear negative information, as there are still infections in Phuket, it creates an unsafe atmosphere, leading tourists to feel anxious and rush back home. Those planning to visit Phuket are waiting to see how things unfold. This model is not a failure; it is a starting point to identify issues that need addressing. However, it is uncertain how much the government is addressing these issues. If the country cannot fully reopen, Phuket should still welcome foreign visitors during the high season. The government should solve the vaccination issue for locals in Phuket and ease regulations for tourists, while also promoting globally that Phuket has a low infection rate. The government may have a different perspective than operators,” Mr. Attanop stated.

Mr. Attanop further mentioned that real estate operators in Phuket vary significantly, as not everyone is a member of the Phuket Real Estate Association. There are both Thai and foreign developers involved in building and investing. Therefore, he urges the government to support the real estate and tourism sectors. If there is a campaign to promote Phuket, some budget should be allocated to genuinely make it a world-class tourist destination. Tourists should feel impressed upon arrival, and the bureaucratic system needs to be more international. Additionally, corrupt practices should be eliminated, and funding should be allocated for maintaining key tourist sites. For the sustainability of Phuket, opportunities for investors to partner with the government should be opened to attract more tourists.

“To attract foreign investment in Phuket, the government should amend various laws, such as:
1. Extend land lease rights from 30 years to 90 years to attract real estate investors.
2. Allow foreigners to own 100% of condominiums instead of the current 49%.
3. Investment in Phuket should not incur income tax measures for foreigners, allowing them to repatriate funds, which would stimulate economic circulation and business growth.
4. Foreign investors contributing over 30 million baht should be granted visas exceeding 30 years. If these regulations are lifted, land prices in Phuket will surely triple and create jobs. This is a common practice in Europe and America, and the government should understand and develop this seriously.

Mr. Attanop added that during the COVID-19 crisis, SISSA Group has worked hard to sustain its business in both property development for sale and hotel operations, while also seeking to increase revenue through various campaigns and discounts to boost sales. They are also exploring new business avenues, such as partnering with allies to launch the “Natai Medical Center & Resort” project, which will offer packages to investors.

Recently, to stimulate sales in the third quarter of 2021, the company has launched the Wyndham Grand Nai Harn Beach Phuket project with the Pay Less Get TRIPLE promotion, offering buy 1 get 3 benefits that exceed all conditions with Unit Ownership investment:
1st benefit: Guaranteed returns of up to 8%* per year.
2nd benefit: Guaranteed buyback of up to 105%*.
3rd benefit: Early Exit option for special investor choices.*

Customers can choose their investment duration from 3 packages:
Package 1: Short-term investment of 3 years.
• Guaranteed returns of 8% per year.
• Guaranteed buyback of 103%.
Package 2: Medium-term investment of 5 years.
• Guaranteed returns of 8% per year.
• Guaranteed buyback of 105%.
Package 3: Long-term investment of 15 years.
• Years 1-2: 7% returns per year.
• Years 3-15: 100% returns (after all expenses) paid quarterly.
Additionally, enjoy exclusive privileges:
• 30 free nights per year at Wyndham Grand Nai Harn Beach Phuket.
• 30% discount on accommodation and a special 15% discount member card for other services.
• Eligibility to join the RCI exchange program for accommodations worldwide.*
• Property Tour for 3 days and 2 nights, 2 rights per room.
• Co-ownership of a premium 5-star hotel.
• Just 800 meters from Nai Harn Beach.
• Managed by the world-renowned Wyndham Hotel Group.
• Located in a prime area of Phuket.
• Ownership rights available.
• Built and decorated to 5-star premium hotel standards.
• 10 freeform swimming pools throughout the project.
• Free monthly electricity and water bills.
• Free maintenance and repair costs.
• Special Plus Early Exit option.*

This campaign runs from today until October 31, 2021 (*conditions apply as specified by the company). For more details, call 062-245-8656 / 062-245-9288.