Two billion baht slated for Layan condo-marina project
PHUKET: Phuket Governor Niran Kalayanamit on Wednesday met with Korean investor Wang Il Lee to discuss a planned 2 billion baht investment in a condominium, villa and marina project to be built at Layan Beach.
The project, at the north end of Bang Tao Beach in Cherng Talay, would contain the first marina on Phuket’s west coast.
The Korean initiative, by the Puvana Phuket company, is the second attempt to develop a marina at the 50-rai site, which in 2005 was earmarked to become Layan Marina before that project stalled and the land was acquired by Puvana Phuket.
If completed, the project would be the largest Korean investment in Phuket, Gov Niran said after the meeting.
“Puvana Phuket is a new company led by its president, Wang Il Lee, from Seoul. He came today to discuss his plans and ask for legal advice. The target group would be Korean retirees. I think this is a good chance for Phuket to draw investment from Korea; they already have the required foreign investment permit from the Korean government,” he said.
The old project name “Layan Marina” would be changed, but Mr Lee declined to say what the new name would be.
The project would also be redesigned to comprise eight condominium buildings with a total of 150 units, 45 villas and a marina with berths for 30 boats.
“The marina will not be very big because of the limited area. We want it to support only property buyers. The entire project will cost more than 2 billion baht,” Mr Lee said.
“We are currently completing the paperwork for construction permits. After we begin work, we expect the project will be completed and sold out within two years,” he added.
“We plan to build the condominiums and villas at the same time, then the marina. The condominiums will cost between US$600,000 and US$1 million, while villas will start at about US$1 million” K. Lee added.
“After Layan, future projects will be in Kata and in Krabi province. But for now I am taking it step by step,” he said.
Mr Lee is also looking at long-term developments in Phang Nga, he added.
“The expectation is that Phuket will be like Singapore in a few years because marketing in Phuket is very active. This is important in developing Korean investment. Korean investors know about this project; they are always asking me what projects and investments are going on in Phuket,” he said.
If the Layan project is a success, Mr Lee is “sure” that more Korean investment will follow.
“We want to serve as a bridge to Phuket for Korean investors,” he added.
