Jan 24, 2011 | Comments 2
By Jules Kay
The Phuket residence is one of four projects currently developed by Amari Estates in Thailand. Other residential options include Amari Residences Bangkok, which launched last year and features 128 studios, one- and two- bedroom apartments; Amari Residences Hua Hin, where 210 exclusive, private units are scheduled for completion next year; and the Oriental Residence Bangkok, with an investment of THB1.6 billion on Wireless road.
The decision to balance the brand’s presence in Thailand’s capital with more resort projects, comes at a time when the market in Bangkok is facing oversupply. “Consumers have a wide range of choices in the capital and the price of residential projects is relatively similar, ” said Khun Yuthachai Charanachitta, CEO and President of Amari Estates. “In contrast, there are significant growth opportunities for real estate markets in tourists areas.”
In terms of target markets, the new Phuket condominiums will be marketed to both Thai and foreign investors as part of Onyx Hospitality’s ongoing mixed-use strategy. The group plans to manage 51 properties in the region by 2018, including both hotels and residential developments. The recent addition of a 273-villa resort on Addu Atoll in the Maldives, to be branded Amari in late 2011, marks the group’s first international property, with further expansion planned into China, Hong Kong, India, Sri Lanka, Australia, the Middle East and Vietnam.
The sea view condos at the Phuket property will start from around THB 7 million (US$228,000) with the villas selling for up to THB 50 million (US$977,000), with access to all the services and amenities offered by the Coral Beach Resort. “Our Patong beach development offers an excellent opportunity as this kind of project is rarely seen in Phuket, said Khun Yuthachai.