ThirdHome targets branded residences for growth in Thailand
Giles Adams, the company's director, said the branded residence market in Thailand presents significant opportunities for ThirdHome as the country has a large number of branded residences for sale -- the largest market share among active pipelines in Asia.
"Our global membership numbers more than 20,000, including many potential buyers whose second homes are valued at US$750,000 and above," he said.
According to hospitality and real estate consultancy C9 Hotelworks, the active pipeline of branded residences for sale in Asia has reached a historic high of $30.7 billion, comprising 38,893 units across 178 projects.
Thailand accounts for 18% of the market, with 14,389 units from 63 projects worth a combined $5.6 billion, followed by the Philippines at 12% and South Korea at 11%.
"Southeast Asia, particularly Thailand, is a major focus for us this year and next, as it remains highly popular among our members," said Mr Adams.
"Nearly 50 properties in Thailand have joined our network organically. However, demand from our members for this country and the region far exceeds the available supply."
He said the current market situation, marked by a sluggish economy, resembles the period in 2011 following the 2008 financial crisis, when the global economy was still reeling from the collapse of Lehman Brothers.
"We had a number of developers who had built beautiful resorts but were unable to sell them due to the economic environment," he said. "By partnering with us, developers can tap into this customer segment by making their branded residences available for stays by our members."
With the concept that your second home can be someone else's third, ThirdHome allows members to trade unused time in their second homes for access to properties in popular destinations around the world.
To join, applicants must list a qualifying property valued at $500,000 or above. Each property is reviewed by ThirdHome to ensure it meets the club's standards before being approved for membership.
When a member's property is booked, they receive Keys -- ThirdHome's internal currency -- which can be used to reserve stays at other members' homes.
ThirdHome charges a booking fee for each reservation, ranging from $495 to $1,900, depending on the property and length of stay. The number of Keys a member earns depends on the value of their property.
At present, more than 20,000 properties valued at roughly $40 billion in more than 100 countries are available worldwide through the platform. About half are branded residences.
Of these, 50 are located in Thailand, including 16 in Samui, 12 in Phuket, seven in Krabi, and one each in resort destinations such as Koh Kood, Phangnga, and Hua Hin.
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