MontAzure preps mixed-use project in Phuket
MontAzure, a joint venture mixed-use project with Thai, Singaporean and Hong Kong-based investors, plans to develop branded residences and wellness facilities on the remaining 30% of a 454-rai plot in Phuket.
Setthaphol Boottho, MontAzure's executive director, said three sub-plots of land on the Kamala Beach plot are allocated for two branded residence projects and wellness facilities.
The residence projects are villas and lagoon-view condos, while wellness facilities will have a partner for co-investment, said Mr Setthaphol. All projects will be located on the hillside.
"Branded residences are an emerging trend that attracts both wealthy buyers and investment buyers," he said.
"We launched two residential projects for sale on this plot with branded and hotel management, recording healthy sales," he said.
The branded residence projects are in different segments. Rosewood Residences Kamala, a new luxury residential project on a 50-rai beachfront plot, will be developed by Raimon Land Plc, said Mr Setthaphol.
Both Raimon Land and MontAzure have the same shareholder, Pontiac Land Group, a real estate developer and hotel owner based in Singapore.
The most recent project at MontAzure is MGallery Residences MontAzure, managed by hotel chain Accor. It is located on a 21-rai plot comprising 236 condo units worth 2 billion baht.
Roughly 40% have been sold, with foreign buyers accounting for 80% of sales, he said.
Mr Setthaphol said the remaining units measuring between 47 and 70 square metres and priced from 9 to 15 million baht were expected to be sold out by 2024.
"Phuket condos priced between 3 and 5 million baht a unit and small in size were very popular among Chinese buyers in the pre-pandemic period," he said.
"Now buyers have shifted to larger sizes as they need more space."
Mr Setthaphol said land prices in Phuket have never dropped, growing steadily by roughly 10% per year.
The average price of no-beachfront land was around 20-30 million baht per rai while beachfront land commanded up to 100 million baht per rai.
Jonathan Umali, managing director of Hong Kong-based private fund Arch Capital, one of the three investors at MontAzure, said the opportunity to do marketing for property projects in Thailand had potential after the Covid-19 situation improved.
"We have invested in Thailand for 16 years with Narai Property, experiencing the market's ups and downs," he said.
"Real estate remains a safe haven for investors."