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Patong Bay Hill investors offered a 7% return

Legacy Phuket Gazette

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PHUKET: Patong Bay Group’s 20 years of experience developing hotel and entertainment business in Patong adds credence to the Group’s offer to investors in Patong Bay Hill apartments-hotel that they could enjoy a 7 percent return over 15 years, according to the group’s chief marketing officer.

Kriangkrai Keesin said the Patong Bay Group is not reliant on rental income from the new four-and-a-half star apartments-hotel for survival because of income from its existing five hotels, two discotheques, four nightclubs, an entertainment complex, two seaside restaurants and a shopping plaza.

Mr Kriangkrai said that because guests would find it worthwhile to use Patong Bay Group’s other facilities, he could charge 4,000 baht to 5,000 baht per night while other hotels of similar class charge 5,000 baht to 6,000 baht a night.

“This strategy means a higher occupancy rate and income not solely generated from either
apartments-hotel or restaurant,” he explained. “A restaurant patron could become a hotel guest and a hotel guest a restaurant patron.”

The preview opening of Patong Bay Hill is scheduled for July 1, with the grand opening set for December 1. This enticing development covers a huge 30 rai of a 60 rai plot solely owned by the company. Situated high on a hill, it offers stupendous views of the Andaman Sea and Patong Beach.
Altogether, 13 buildings are being constructed to accommodate a total of 366 units. One hundred units are being set aside as a hotel and the remaining apartments-hotel units are for sale at a starting price of 3.9 million baht for the smallest, which is all of 60 square meters.

Buyers of these fully-furnished units are offered not only a 7 percent return over 15 years, but also something truly dreamlike on a popular Thailand resort island.

The developer is already going through the lengthy process of joining a top fidelity club with the aim of gaining full international recognition.

Mr Kriangkrai said foreigners have been more enthusiastic about Patong Bay Hill than Thais.

“Lots of foreigners have flocked in because initially we targeted the European market, but later shifted to Australia and after that to Singapore, Hong Kong and China,” he explained. “They are all here – Singaporeans, Malaysians, French and many others.”

Patong Bay Group is also shrewdly bracing for further global shifts by building up the American market just in case the Chinese one slides.

“Americans come and stay in our hotels practically every day, and looking back it is clearly evident that it was American soldiers who built up Patong’s fame because they came here to relax during Vietnam War breaks,” Mr Kriangkrai said.

While the company plans to build villas and a convention center on the remaining 30 rai of land at this beautiful site, it will not start right away because it still has to work out the details of the basic outline.

Patong Bay Group is also planning to buy another plot of land on Kamala Beach. Mr Kriangkrai confirmed that talks are well underway for the purchase of this key plot near Patong Beach.

 

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