Beachfront condo on Phuket set to make waves at overseas launch
Beachfront condo on Phuket set to make waves at overseas launch
Phuket continues to be the premier destination for high-end investors
Phuket is poised for some major changes with an ambitious mixed-use development that will stretch from beachfront to mountainside across the island’s ritzy central west coast.
One of the outstanding developments on the island is MontAzure, which spans 73 hectares in Phuket’s chic Kamala District and feature beach condominiums, plus an InterContinental resort.
A consortium of real estate and hotel investment groups, namely Thailand’s Narai Group, China’s Arch Capital Management, and Singapore’s Philean Capital, will pour more than THB15 billion (USD494 million) into the project.
The high-end MontAzure project comes at a time when entry-level condominiums have experienced brisker sales than villas on Phuket, according to a recent CBRE quarterly report.
More: Asians in, Europeans out – the changing dynamics of Phuket’s villa market
Rebecca Shum, executive director of CBRE, noted that MontAzure sits on an “absolute beachfront location which is a rare find in the Phuket market today.”
By 2018, the area will be lined with 75 beachfront units, ranging from 753 sqft to 4,305 sqft, under the prestigious TwinPalms Residences MontAzure luxury brand. Residents will enjoy 99 metres of absolute beach frontage, plus such amenities as a private rooftop and pool, residents’ lobby, beachfront restaurant and bar, gym, yoga studio, spa pavilions, and library, among others.
As part of MontAzure’s second phase, the InterContinental Phuket Resort will open next to the condo complex by 2019.
Eventually, the project will scale the hills. Villas named The Estates at MontAzure, in addition to a retail space and a 32-hectare rainforest reserve, are reportedly in the offing.
Pile-driving works for the TwinPalms units in the middle of this month, when the project will be showcased to investors in Hong Kong at a sales event on 18-19 June, from 11:00 to 19:00, at the Tian & Di Room of the Landmark Mandarin Oriental Hong Hong.
More: Chinese investors flock to Phuket to hunt for real estate
“It is very rare to find beach condominiums in Phuket and we believe Hong Kong buyers will appreciate the location, the very high standards of the development and the holiday lifestyle that the destination provides,” said Arch’s CEO Richard Yue in a statement.
Previously launched in Bangkok in the first half of 2016, MontAzure is located in the neighbourhood of famous Thai resorts as Andara and Amanpuri. The project is also located 35 minutes away from the Phuket airport, which will be increasing capacity to 12.5 million passengers once it completes expansion by the end of 2016.
“From a macro-economic perspective, Phuket has all the right fundamentals in place for continued and sustained growth – the increase air lift capacity with the opening of the new airport terminal in June 2016, the announcement of the the private jet terminal, charter licenses for foreign registered super yachts, six marinas, 13 international schools, international hospitals, and continued improvements with public transportation and road infrastructure,” MontAzure’s managing director, Roland Bleszynski, told Property Report earlier this year.
“Other than tourism, there has been a noticeable and steady increase in the local expatriate community,” he added, citing the availability of facilities and infrastructure that support families (international schools and hospitals), Phuket’s international airport becoming a regional transportation hub, and the low cost of living as some of the contributing factors.
Read next: Why buyers are eyeing Phuket’s beachfront and inland opportunities
Source: Property Report