Prime Phuket land sold to mystery buyer for B1.64bn

PHUKET: An unknown buyer has acquired 455 rai of land on Phuket’s west coast from the Bangkok Mass Transit System Public Company for 1.64 billion baht, reports Phuket Gazette Property columnist Bill Barnett.

Bangkok Mass Transit System Public Company’s largest shareholder, BTS, had planned to develop the site north of Kamala Beach under the entity Kamala Beach Resort Company before deciding to sell out to the unnamed Thai company, Mr Barnett reported on his Property Insider website.

The purchased area takes in prime beachfront land near to an almost completed Novotel, and a hinterland parcel of land adjoining the Swissotel grounds, previously under the ownership of the Courtyard by Marriott Phuket.

Estimates put the sale of land at about 3.6 million baht per rai.

With the potential to build luxury hotels and residences in the area, industry experts are monitoring the lucrative deal closely.