PHUKET: With land prices surging and many new condominium projects sprouting up across the island, competition to penetrate new market segments is heating up.
Up to this point, much of the focus has been on Phuket’s working and high-end groups. Meanwhile, lingering demand among other niche segments has been largely overlooked, if not ignored by developers.
Seeing and seizing an opportunity, JL Development Group Co Ltd is positioning its Le’U Condominium as Phuket’s first 100 per cent freehold residence to be built right next to a university.
Representing an investment of more than 600 million baht, the condominium will be built on a prime 3.5 rai (5,600 square meters) plot of land in Kathu, conveniently situated in front of the main entrance to Prince of Songkhla University (PSU) – just a few minutes from Makro and Central Festival. Click here for map.
Indeed, the project’s concept and slogan, “The Best Location Ever!! … a long-life return for investors and the only learning-support condominium in Phuket”, effectively differentiates the development from most of the other projects on the island that offer studio residences for under a million baht.
In addition to the entrance near PSU’s main gate, the condominium can also be reached via a new access road from Chao Fa West Rd, and is also convenient for travel to and from Patong.
All in, the project will offer 448 units, with a total built up space of around 20,000 square meters. Standard type units start from 24sqm, and the developer says that such units are fit for investors seeking rental income from students.
The project will also have units sized 33sqm to 54sqm, which are ideal for parents who would like to stay with their kids who are studying at PSU.
“Each unit type was designed to serve students’ living and investors’ life-time return goals,” says Miss Hirunya Wiwat-dechakul, the GM of both Le’ U and another up-and-coming condo in Phuket Town, the WIDE.
Asked about the project’s Unique Selling Points, Miss Hirunya said “Le’ U is a wise investment as a property in the perfect location that can support learning. Each room type was designed to serve the needs of students and investors.”
Facilities include a full security system, fitness center, swimming pool and learning corner.
The project’s sales schedule has been divided into two phases: the pre-sale phase, or what is being referred to as the ‘investors’ round’, which is open from now until May 24, and the ‘retail round’ for other buyers on May 25 and 26.
Construction is set to break ground in the final quarter of this year, while the transfer period is expected to take place by the second quarter of 2015. With only 448 units, and a direct-demand pool of over 3,500 students, investors are not likely to hesitate to make an inquiry, the company says.
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