Bangkok Luxury & upper ScaLe HoteL Market report - Colliers
Bangkok Luxury & upper ScaLe HoteL Market report - Colliers
Bangkok Luxury & upper ScaLe HoteL Market report - Colliers
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Q1 2011 | HOTEL<br />
thailand<br />
<strong>Bangkok</strong> <strong>Luxury</strong> & Upper Scale<br />
Hotel <strong>Market</strong> REPORT<br />
<strong>Bangkok</strong> <strong>Luxury</strong> & Upper Scale<br />
Hotel <strong>Market</strong><br />
Executive Summary<br />
Hotels showed signs of recovery after a very problematic 2010 with occupancy rates higher in Q1<br />
2011 than the previous quarter. Rates in Q1 2011 are comparable to those registered in Q1 2010.<br />
market indicators<br />
The trend is still for hotels, especially in <strong>Luxury</strong> segment, to drive rates down in order to compete<br />
and this looks set to continue. A “risk discount” seems to be being applied in the case of hotels in<br />
areas deemed prone to further political strife.<br />
new Supply<br />
RATES<br />
Occupancy<br />
RevPAR<br />
Q4 2010/Q1 2011<br />
Middle Eastern, Indian and Chinese visitors continue to be a growing presence in the <strong>Bangkok</strong><br />
tourism industry especially during the low season. However traditional tourist markets, the<br />
mainstay of the Upper/<strong>Luxury</strong> segment (ULS), have begun to return to the city. The effect of the<br />
reduction in long term bookings after events last April and May appears to be abating.<br />
Future supply in 2011 and 2012 will further test hotels’ ability to fill their rooms. Only continued<br />
strong growth in tourism can mitigate this situation. There will be no respite for the industry for<br />
some time to come.<br />
Note<br />
For the purposes of this <strong>report</strong> the use of the word “hotel”<br />
shall refer to the Upper Scale and <strong>Luxury</strong> hotel ratings<br />
that are the subject of this <strong>report</strong>. Hotels with ratings<br />
below these will be mentioned by their particular category.<br />
Please refer to the appendix for hotel category definitions.<br />
Additional Supply by Quarter in Upper/<strong>Luxury</strong> segments<br />
Source: <strong>Colliers</strong> International Thailand Research<br />
In Q1 2011 a total of around 75 rooms were added to supply in <strong>Bangkok</strong> in the ULS with the<br />
opening of just one hotel, The Sivatel <strong>Bangkok</strong>, in the Northern CBD area. The total number of<br />
rooms at the end of Q1 2011 was more than 15,100 in the ULS.<br />
www.colliers.co.th
<strong>Bangkok</strong> <strong>Luxury</strong> & Upper Scale Hotel <strong>Market</strong> REPORT | Q1 2011<br />
Supply by Location, as of Q1 2011<br />
Source : <strong>Colliers</strong> International Thailand Research<br />
While in every area Upper scale hotel rooms are in greater supply, their<br />
proportion in relation to <strong>Luxury</strong> hotels reflects the nature of each area.<br />
The Northern CBD contains the high-end shopping malls, comparable to<br />
what “The Magnificent Mile” is to Chicago, or Nevski Prospekt to St<br />
Petersburg. As such, many <strong>Luxury</strong> scale hotels are located there. The<br />
Riverside is also known as a prestigious area, due to its scenic location,<br />
and again <strong>Luxury</strong> hotels make up a large slice of the hotel market. The<br />
Southern CBD is split between the eastern part of Sathorn road and<br />
Rama IV, containing more <strong>Luxury</strong> hotels, whilst the older CBD area of<br />
Silom contains a much greater share of Upper scale hotels.<br />
The Sukhumvit area contains a greater proportion of Upper Scale rooms<br />
compared to <strong>Luxury</strong> ones. The more down-to-earth nature of this area<br />
means that fewer <strong>Luxury</strong> hotels are located here. The distance of the<br />
Eastern area and Northern area from the centre explains why no <strong>Luxury</strong><br />
hotels are located in these areas and only a limited number of Upper<br />
scale rooms. Also, these areas have a limited concentration of tourist<br />
facilities.<br />
COLLIERS INTERNATIONAL | P. 2
<strong>Bangkok</strong> <strong>Luxury</strong> & Upper Scale Hotel <strong>Market</strong> REPORT | Q1 2011<br />
Comparable Supply between <strong>Luxury</strong> & Upper Scale Hotel and Mid Scale Hotel<br />
Source: <strong>Colliers</strong> International Thailand Research<br />
The CBD and Riverside are seen as the more high end locations due to<br />
either being in the centre of the city or by the attractive riverfront. This<br />
is reflected in the greater supply of rooms in the ULS. The Northern area<br />
is the main player in the Mid scale end of the market as it is located away<br />
from the centre but access to the BTS makes it a popular location for<br />
businessmen and tourists seeking no-frills but still comfortable<br />
accommodation.<br />
COLLIERS INTERNATIONAL | P. 3
<strong>Bangkok</strong> <strong>Luxury</strong> & Upper Scale Hotel <strong>Market</strong> REPORT | Q1 2011<br />
Future Supply<br />
Cumulative future supply of hotel rooms by grade and year, 2011 – 2013<br />
Source: <strong>Colliers</strong> International Thailand Research<br />
Nearly 1,400 rooms in the ULS are scheduled to be completed in 2011<br />
and more than 6,000 rooms in the next two years in the ULS are<br />
scheduled to be added to the market.<br />
Due to the political protests during April and May 2010 a number of<br />
construction projects in the Northern CBD area postponed their opening<br />
date to 2011.<br />
It is interesting to note the significant amount of Upper/<strong>Luxury</strong> scale<br />
hotel rooms that are due to be supplied compared to those in the Mid<br />
Scale category. Normally is would be expected that Mid Scale trumps<br />
the combined supply of the ULS. This would seem to go against the<br />
trend for a greater demand from clientele for no-frills affordable<br />
accommodation as a consequence of the changing dynamics of the<br />
tourism market in the city. Many developers are still keen on the higher<br />
end hotel categories in <strong>Bangkok</strong>.<br />
COLLIERS INTERNATIONAL | P. 4
<strong>Bangkok</strong> <strong>Luxury</strong> & Upper Scale Hotel <strong>Market</strong> REPORT | Q1 2011<br />
Cumulative future supply of hotel by location, 2011– 2013<br />
Source: <strong>Colliers</strong> International Thailand Research<br />
Sukhumvit is the most popular area for developments in the future,<br />
representing 34% of all future supply for <strong>Bangkok</strong>. Many developers<br />
have selected to develop hotels in this area due to the convenience to the<br />
BTS provided along Sukhumvit road which is suitable for tourists and<br />
business people alike as well as the vibrant nature of the road. The<br />
eclectic nature of Sukhumvit has meant that it has attracted a significant<br />
number of boutique style hotels that challenge and innovate within the<br />
higher end segments. Many in the area are independent, non-branded<br />
hotels. This represents an interesting investment niche for the foreseeable<br />
future. However the Northern CBD continues to be the main focus for<br />
<strong>Luxury</strong> scale projects due to its location amongst the most prestigious<br />
retail area, offices, embassies and BTS connections.<br />
Although Thailand has been afflicted with a myriad of problems during<br />
the past three years, <strong>Bangkok</strong> still remains a popular destination for<br />
foreign tourists and business people so there still remains a strong<br />
interest in developing hotels in <strong>Bangkok</strong> both from domestic and<br />
international investors.<br />
COLLIERS INTERNATIONAL | P. 5
<strong>Bangkok</strong> <strong>Luxury</strong> & Upper Scale Hotel <strong>Market</strong> REPORT | Q1 2011<br />
Demand – Occupancy Rate<br />
Average Occupancy Rate of <strong>Luxury</strong> & Upper Scale Hotel during the years Q1<br />
2009–Q1 201<br />
Source: <strong>Colliers</strong> International Thailand Research<br />
Average occupancy rates have been rising since Q2 2010 although Q4<br />
2010 and Q1 2011 represent the traditional high season for the city. A<br />
better comparison is between the same quarter for different years which<br />
reflects seasonality. For the <strong>Luxury</strong> scale segment occupancy increased<br />
significantly in Q1 2011 compared to Q1 2010 from the mid sixties to the<br />
high seventies. However a small decrease was recorded in the Upper<br />
Scale segment with a few percentage points drop.<br />
Although lower room rates are a key factor for the positive numbers in<br />
the <strong>Luxury</strong> end market, another factor is likely to be the effect of last<br />
years events in April and May had on long term bookings that more<br />
directly impacted the high end hotels that cater for this traditional market.<br />
This probably accounted for the poor figures for Q4 2010 but the<br />
resumption of long term bookings later in 2010 had a beneficial effect on<br />
the occupancy in Q1 2011.<br />
COLLIERS INTERNATIONAL | P. 6
<strong>Bangkok</strong> <strong>Luxury</strong> & Upper Scale Hotel <strong>Market</strong> REPORT | Q1 2011<br />
Demand Drivers Focus<br />
International Tourists Arrivals to Thailand at Suvarnabhumi International Airport by Quarter<br />
Source: Department of Tourism<br />
The figures relate to arrivals to the main airport in Thailand and many<br />
arrivals may depart for other resorts and cities rather than visiting<br />
<strong>Bangkok</strong>. However the numbers provide some indication as to <strong>Bangkok</strong><br />
as a destination.<br />
Tourism numbers in Q1 2011 were strong compared to the previous<br />
quarter and the figures in Q1 2011 are the highest in the last 3 years. The<br />
total number of tourist arrivals to Suvarnabhumi in Q1 of 2011 was more<br />
than 3.4 million, an increase of approximately 9% from Q1 2010 and 13%<br />
from the previous quarter, This is despite the disaster in Japan, unrest<br />
in the Middle East and North Africa; and the severe floods and mudslides<br />
in 10 southern provinces of Thailand in March, which inversely impacted<br />
the tourism market to a degree.<br />
The disaster in Japan will have affected Japanese tourists, to judge from<br />
the number of foreign tourists arriving in Thailand at Suvarnabhumi<br />
international airport by Immigration Bureau. Although Japanese arrivals<br />
increased by 5.8% in March compared to the same month last year, this<br />
was less than the 10% increase recorded for February. As the disaster<br />
occurred at the end of March the real effect will be noticed in Q2 2011.<br />
The Japanese are an especially strong market in <strong>Bangkok</strong> as well as<br />
Chiang Mai.<br />
Regional situation<br />
Thailand’s neighbours such as Cambodia, Vietnam, Laos and Myanmar<br />
are recording very robust growth rates in tourism arrivals. Although the<br />
numbers from these four countries together amount to about 60% of the<br />
total figures for Thailand, the continued growth which is far outpacing<br />
Thailand, will likely lead to further competition in the region as tourist<br />
infrastructure is upgraded in these emerging economies. Vietnam<br />
recorded a nearly 35% increase y/y in 2010 and now has 5 million<br />
visitors compared to Thailand’s 15.8 million. Further afield many other<br />
countries are showing better tourism growth numbers than Thailand for<br />
2010. Singapore, Taiwan, Maldives, Philippines all grew at a much<br />
greater rate than Thailand. The new player for 2010<br />
was Sri Lanka, which after years of bloody conflict is now gaining a<br />
peace dividend with a 45% increase in arrivals in 2010 with over<br />
650,000 visitors in 2010. While Thailand is benefiting from the surge in<br />
Asian tourism, it remains one of the laggards.<br />
COLLIERS INTERNATIONAL | P. 7
<strong>Bangkok</strong> <strong>Luxury</strong> & Upper Scale Hotel <strong>Market</strong> REPORT | Q1 2011<br />
Rates<br />
Average daily rate by grade for Q1 2010–Q1 2011<br />
Source: <strong>Colliers</strong> International Thailand Research<br />
Average daily rate (ADR) for <strong>Luxury</strong> scale hotels in Q1 2011 fell from the<br />
previous quarter by around 16%, due to the competition from Upper<br />
scale hotels and in a bid to drive up occupancy with, in all likelihood,<br />
corresponding pressure for a more competitive pricing in the long term<br />
booking sector. This could be termed as a form of ‘risk discount’ in<br />
which rates tend to be reduced due to the risk of political conflict<br />
reoccurring.<br />
The concern now is that the industry may be in the beginning of a rate<br />
reduction spiral especially with the expected future growth in supply in<br />
the <strong>Luxury</strong> sector. Hotels in this sector already are highly competitive<br />
when compared to other cities in the region.<br />
COLLIERS INTERNATIONAL | P. 8
<strong>Bangkok</strong> <strong>Luxury</strong> & Upper Scale Hotel <strong>Market</strong> REPORT | Q1 2011<br />
Average Daily Rate of <strong>Luxury</strong> Hotel by Location, Q1 2010 – Q1 2011<br />
Source: <strong>Colliers</strong> International Thailand Research<br />
The ADR based on location shows mixed signals and is probably a<br />
throwback from the events of April/May 2010. Most of the disruptions<br />
last year occurred in the Northern and Southern CBD areas. As the<br />
<strong>Luxury</strong> end market relies on long term booking for a significant proportion<br />
of guests, travel operators have mitigated the risk of making such<br />
bookings in these areas with a corresponding reduction in rates. Tourists<br />
are increasingly sophisticated in their perceptions of a country and<br />
particular areas within that country and even within the cities itself.<br />
Through experience of travelling to <strong>Bangkok</strong>, talking to friends and the<br />
information provided by the internet, future tourists can assume that the<br />
CBD is more riskier while Sukhumvit less so and this is reflected in the<br />
current rates.<br />
In light of this if current political tensions dissipate then this pricing<br />
effect will wither. However any ratcheting up of the political situation is<br />
likely to manifest itself in the CBD area and this will lead to a continued<br />
drag on rates due to the ‘risk discount’ factor.<br />
Average daily rate of Upper scale hotel by location, Q1 2010 – Q1 2011<br />
Source: <strong>Colliers</strong> International Thailand Research<br />
The Upper scale hotels are increasingly in competition with Mid Range<br />
hotels for the emerging growth markets and, as a result, rates have<br />
remained on the low side. In contrast to <strong>Luxury</strong> hotels, this sector in<br />
some locations actually reduced prices for the peak season, in anticipation<br />
of the fierce battle for visitors seeking more affordable accommodation.<br />
COLLIERS INTERNATIONAL | P. 9
<strong>Bangkok</strong> <strong>Luxury</strong> & Upper Scale Hotel <strong>Market</strong> REPORT | Q1 2011<br />
RevPAR<br />
RevPAR is the ADR multiplied by the occupancy rate, and is arguably the most important metric for analyzing the current health of the hotel<br />
industry.<br />
RevPAR by grade for Q1 2010 – Q1 2011<br />
Source: <strong>Colliers</strong> International Thailand Research<br />
The big drop in occupancy and room rates in Q2 of 2010 led to a<br />
subsequent dramatic fall in RevPAR in that quarter. After the situation<br />
returned to normal in Q3 and Q4, RevPAR also increased, quarter-toquarter<br />
until Q4 2010. The increase in RevPAR for the Upper scale<br />
market for Q1 2011 is on the back of an increase in occupancy while for<br />
the <strong>Luxury</strong> scale segment showed a slight decrease due to higher<br />
occupancy being more than cancelled out by lower room rates. On a<br />
comparison between Q1 y/y RevPAR fell dramatically due to lower rates<br />
in the <strong>Luxury</strong> segment but was stable for the Upper scale hotels.<br />
However while RevPAR is probably the most important statistic, any<br />
detailed analysis of the profitability of the hotel industry must also factor<br />
in non room revenue especially in the form of food and beverages (F&B).<br />
In some cases in the <strong>Luxury</strong> scale segment this can provide a very<br />
significant source of revenue. As many functions take place that bring in<br />
revenue not based on room occupancy there can be some disconnect<br />
between the F&B and room revenue components. Also the increase in<br />
occupancy will also positively reflect on F&B revenue as it is expected<br />
that the more guests the more F&B revenue is accrued. Although this<br />
relates to the ULS more than the lower scale segments.<br />
COLLIERS INTERNATIONAL | P. 10
<strong>Bangkok</strong> <strong>Luxury</strong> & Upper Scale Hotel <strong>Market</strong> REPORT | Q1 2011<br />
RevPAR of <strong>Luxury</strong> hotels by quarter & location, Q1 2010 – Q1 2011<br />
Source: <strong>Colliers</strong> International Thailand Research<br />
A small recovery in RevPAR was recorded in every area except the<br />
Northern CBD which showed a steep drop for Q1 2011 compared with<br />
the same quarter in 2010. This was due to daily rates being reduced and<br />
a corresponding fall in occupancy. The fact that the Northern CBD was<br />
the main area where the April/May protests took place is probably the<br />
main factor for this.<br />
RevPAR of Upper scale hotels by quarter & location, Q1 2010 – Q1 2011<br />
Source: <strong>Colliers</strong> International Thailand Research<br />
RevPAR of hotel in all locations except the Riverside increased Q1 y/y<br />
due to the improved occupancy rate in every location. Sukhumvit<br />
recorded especially strong numbers due to its increasing popularity<br />
among various tourist markets.<br />
COLLIERS INTERNATIONAL | P. 11
<strong>Bangkok</strong> <strong>Luxury</strong> & Upper Scale Hotel <strong>Market</strong> REPORT | Q1 2011<br />
SWOT Analysis from hotel developers and operators perspective<br />
Strengths<br />
Facilities and services in <strong>Luxury</strong> and Upper scale hotels in <strong>Bangkok</strong> are<br />
very good value and quality compared with other countries in the<br />
region.<br />
The hotel market contains a significant number of strong brands in all<br />
pricing categories and this looks set to continue. This leads to better<br />
choice for visitors.<br />
A significant boutique hotel component adds flair and a further creative<br />
backdrop in the market.<br />
Weaknesses<br />
A significant number of hotels, especially in the <strong>Luxury</strong>/Upper scale<br />
segment are due to be completed over the coming few years and will<br />
exert even further pressure on a sector facing many difficulties. Such<br />
supply can only be absorbed if the tourism market in <strong>Bangkok</strong> shows<br />
continued growth, especially in its traditional markets.<br />
Hotels, especially in the <strong>Luxury</strong> sector, are under pressure to reduce<br />
prices in order to maintain occupancy. There is a danger that a price<br />
downward spiral is beginning to occur.<br />
Opportunities<br />
The growing intra-Asian tourism market looks set to benefit every area<br />
that caters to tourism and <strong>Bangkok</strong> is no exception.<br />
With the development of the ASEAN Economic Community and various<br />
free trade agreements between ASEAN and economic heavyweights<br />
such as China, the growth in business travel is set to continue. As<br />
<strong>Bangkok</strong> remains by far the centre of commercial activity in the country<br />
the city will attract a growing number of business visitors requiring hotel<br />
accommodation.<br />
Threats<br />
While the current political situation in the country has stabilized, tensions<br />
remain and while there remains a risk of an escalation of the situation<br />
then this is likely to affect the industry especially in the areas deemed<br />
most prone to flares ups.<br />
Other countries are becoming more appealing to tourists. Phnom Penh,<br />
Hanoi, Ho Chi Minh City, Vientiane and now Yangon offer the temptations<br />
of a frontier location that <strong>Bangkok</strong> has difficulty competing with due to<br />
its maturity as a tourism destination. On the other hand more tourism<br />
established cities such as Singapore, Hong Kong and Seoul are<br />
reinventing themselves to appeal to new markets. Singapore is especially<br />
effective in this regard with the development of integrated hotel<br />
complexes and sporting events such as the Grand Prix. <strong>Bangkok</strong> risks<br />
being squeezed between the two.<br />
COLLIERS INTERNATIONAL | P. 12
<strong>Bangkok</strong> <strong>Luxury</strong> & Upper Scale Hotel <strong>Market</strong> REPORT | Q1 2011<br />
APPENDIX<br />
COLLIERS INTERNATIONAL | P. 13
<strong>Bangkok</strong> <strong>Luxury</strong> & Upper Scale Hotel <strong>Market</strong> REPORT | Q1 2011<br />
Hotel classification<br />
While the Thailand Hotels Association (THA) categorizes hotels with a<br />
star rating, many hotels do not abide by star ratings. Therefore in this<br />
study, <strong>Colliers</strong> International Thailand have produced a classification<br />
based on the quality of the hotel as assessed by the hotel management<br />
companies and the British Hospitality Association classification.<br />
Basic overview of hotel classification<br />
Budget – hotels with limited or no facilities. Rooms are simple, with<br />
basic furnishings and sizes ranging from 12 to 18 sq m.<br />
Economy - comfortable, well equipped accommodation, with an ensuite<br />
bath/shower room. Reception and other staff aim for professional<br />
presentation that offers a wide range of straightforward services,<br />
including food and drink.<br />
Mid scale - hotels are usually of a size to support higher staffing levels,<br />
and a significantly greater quality and range of facilities. Reception the<br />
other public rooms will be more spacious, with a number of restaurants.<br />
All bedrooms will have fully en suite bathrooms and offer a good standard<br />
of comfort and equipment, such as a hair dryer, telephone and<br />
toiletries.<br />
Upper scale - a degree of luxury as well as quality in the furnishings,<br />
décor and equipment, in every area of the hotel. Bedrooms will also<br />
usually offer more space and be well designed, with co-ordinate<br />
furnishings and décor. The ensuite bathrooms will have both a bath and<br />
a fixed shower. It will employ sufficient staff to provide services like<br />
concierge and porter service, 24-hour room service, laundry and dry<br />
cleaning. The restaurants will provide high-quality cuisine.<br />
<strong>Luxury</strong> - spacious and luxurious accommodation throughout the hotel,<br />
matching the highest international standards. Interior design should<br />
impress, with its quality and attention to detail, comfort and sophistication.<br />
Furnishings should be immaculate. Services should be formal, well<br />
supervised and flawless in attention to guests’ needs, without being<br />
intrusive. The restaurant will demonstrate a high level of technical<br />
aptitude, creating dishes to the highest international standards. Staff will<br />
be knowledgeable, helpful, and experienced in all aspects of customer<br />
care, combining efficiency with courtesy.<br />
ZONING<br />
COLLIERS INTERNATIONAL | P. 14
<strong>Bangkok</strong> <strong>Luxury</strong> & Upper Scale Hotel <strong>Market</strong> REPORT | Q1 2011<br />
COLLIERS INTERNATIONAL | P. 15
<strong>Bangkok</strong> <strong>Luxury</strong> & Upper Scale Hotel <strong>Market</strong> REPORT | Q1 2011<br />
The centre of <strong>Bangkok</strong> contains the lion’s share of <strong>Luxury</strong> and Upper<br />
scale hotels in the city, being the heart of the city, for both business and<br />
tourism.<br />
Sukhumvit road up to Phrom Phong has its own distinct identity, its<br />
location being the main nightlife entertainment area in the city for<br />
foreigners. As these entertainment facilities extend some way into many<br />
of the sois, a large number of hotels are also located away from the main<br />
Sukhumvit road. Even within this road, many sois have there own microidentities,<br />
such as sois 4, 7, 8 11 and 22.<br />
The Northern CBD has its borders defined by Phetchaburi to the north<br />
to Chalermahanakorn Expressway down to Rama VI, but also including<br />
the area up to Ratchadapisek south of Sukhumvit. This area contains<br />
most of the large <strong>upper</strong> scale shopping malls as well as offices. The<br />
emphasis has a mix of business travelers and family tourists.<br />
primarily a location for offices with limited shopping facilities and<br />
reasonable entertainment areas that emulate Sukhumvit.<br />
The Riverside is the biggest player in the Upper scale and <strong>Luxury</strong><br />
segment due to its attractive location. However, supply is limited in this<br />
market and no Mid-scale hotels can be found in the area. The Thonburi<br />
side of the area is considered the same market, as the hotel shuttle boats<br />
that regularly ply between the two banks are an added attraction for<br />
most tourists.<br />
The Western area contains the old city, as well as the backpacker area<br />
located in Bamglampoo. Whilst this area is awash with hotel rooms,<br />
there are no Upper or <strong>Luxury</strong> scale hotels located here and as such is<br />
not considered in this <strong>report</strong> apart from the Mid Scale category.<br />
The Southern CBD includes the area bounded by Si Phraya, on the south<br />
side of Rama IV, Sathorn and the eastern side of Charoenkrung. It is<br />
COLLIERS INTERNATIONAL | P. 16
<strong>Bangkok</strong> <strong>Luxury</strong> & Upper Scale Hotel <strong>Market</strong> REPORT | Q1 2011<br />
COLLIERS INTERNATIONAL THAILAND<br />
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<strong>Bangkok</strong> Office<br />
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Mark Bowling | Senior Sales Manager<br />
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researcher:<br />
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email antony.picon@colliers.com<br />
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Thailand<br />
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Senior Manager | Research<br />
email surachet.kongcheep@colliers.com<br />
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