Phuket to get new luxury mixed-use development

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Phuket to get new luxury mixed-use development
By SUCHAT SRITAMA 
THE NATION 
PHUKET

 

The mixed-use residential-resort development in Phuket, MontAzure, will be located on Kamala Beach and involves investors from Thailand, Singapore, and Hong Kong. 

 

THAI, HONG KONG, SINGAPORE FIRMS COLLABORATE ON PROJECT

 

BANGKOK: -- MAJOR REAL-ESTATE developers from Thailand, Hong Kong and Singapore have joined forces to develop the large-scale MontAzure project in Phuket, with the project worth between Bt15 billion and Bt18 billion to include a luxury hotel, residences, retail outlets, and tailor-made villas.

Three property and hotel investment groups – Arch Capital Management (Hong Kong and Shanghai), The Narai Group (Thailand), and Philean Capital (Singapore), part of Pontiac Land Group – are working together as joint-venture partners on the development.

Richard Yue, chief executive officer and chief investment officer of Arch Capital, said the three investors bought a 450-rai (72-hectare) plot four years ago from the Kanjanapas family – the operator of Bangkok’s BTS Skytrain.

 

Full story: http://www.nationmultimedia.com/news/business/property/30301477

 

-- © Copyright The Nation 2016-12-06

[Psimbo]

Ahhh, so that's where the 'quality' tourists will be headed!

 

Will trash the big area at the north end of Kamala behind Fantasea (a mini development can already be seen on the hill).

Very dangerous road bend there so fun and games ahead unless they access across the football pitch.

 

They have already ruined the Casurina grove next to the Muslim cemetery with the initial Beach Club and ongoing construction.

Edited December 6, 2016 by Psimbo

[Pinot]

I give this place the finger every time I drive by it. I hope investors are wise  enough to realize buying this environmental disaster is a terrible financial decision. 90 more condos being constructed in Phuket's property bubble where no one can sell anything, with 1000's more on the way. No one is going to buy them. The day you buy one of these units you lose 20% of what you paid and then you may never be able to unload it. 

 

There are already two developments in Kamala that have stopped building half way through construction. It would be crazy to buy a condo in this market. 

 

These developers are killing Phuket. Water, sewage and trash utilities are completely overwhelmed now, let's add 5000 more condos? Build more empty hotels. 

 

NEVER BUY PROPERTY IN THAILAND. It's always a terrible financial decision. RENT! Screw these developers. Starve the beast. 

[ChrisY1]

$US3 million + for a home on Phuket?......never for my money...!

 

[LivinginKata]

1 hour ago, ChrisY1 said:

$US3 million + for a home on Phuket?......never for my money...!

 

 

Lots of people have more money than sense.... and they can afford any losses.

 

Edit ... well maybe not loss of face ...

Edited December 7, 2016 by LivinginKata

[Pinot]

So much more value for existing property in this very high range. Property that has been sitting on the market for years, that's been discounted in price over and over again. 

 

Anyone who buys these new million dollar homes has more money than sense. 

 

I went into the sales office for a presentation and was horrified at how big this project is. It was probably halfway through  when I threw in the towel and walked out. The environmental impact, the crazy pricing, the sheer madness of this mess. They actually tout this bullshit as an investment. 

 

Here is the money line from the website:

"MontAzure offers an investment in the peace of mind which comes with caring for the environment and giving back to the surrounding local community."   

 

 

[GiantFan]

That area on the other side of the road is a semi-swamp when it rains.   The water coming off the hills settles there.  I'm sure the first step will be to fill it in with dirt.

So all the runoff will go where?  

[Psimbo]

33 minutes ago, GiantFan said:

That area on the other side of the road is a semi-swamp when it rains.   The water coming off the hills settles there.  I'm sure the first step will be to fill it in with dirt.

So all the runoff will go where?  

When the heavy rain was on the other week they were pumping sludge straight into the canal by the cemetery and just carried on piling. They may run a culvert between Novotel and the new construction but I wouldn't want to be there during rainy season.

[GiantFan]

If I was the Novotel, I wouldn't like that one bit.  Muddy ocean after rain.

[Pinot]

The Kamala Beach seawater has been very muddy for weeks. I attribute it to the construction run off. Today I saw it was better than it has been, still not very good. 

 

What they're doing to Kamala is an environmental disaster. All so unnecessary. The damn condo construction will be the death of this place. 

Edited December 10, 2016 by Pinot