MontAzure, the upscale mixed-use residential resort community set on 454 rai (178 acres or 72 hectares) of mountainside to beachfront land in Kamala, has launched 3 new on-site beachfront show suites at the award-winning beach condominium development, Twinpalms Residences MontAzure.
Considered by real estate experts to be one of the most compelling lifestyle investment opportunities on Phuket, the development will be managed and operated by Twinpalms Group. Investors and visitors will be able to tour and experience all three of the units to really get a feel for the unique luxury island lifestyle on offer.
“Recent luxury investment trends on Phuket have seen a move away from private villas toward upscale condos, especially penthouse units with outdoor facilities. Buyers appreciate the opportunity to own these luxury properties on a freehold basis,” says MontAzure Executive Director Setthaphol Boottho.
“Properties managed by reputable brands also attract savvy investors, as the condos can be rented out to international visitors and therefore generate income when owners are not using them,” he added.
Andreas Savvides of Haveli Design, whose pedigree includes several landmark residential developments in Bangkok including 185 Rajadamri and The River, designed the interiors for two of the new show units at Twinpalms Residences MontAzure, one of which is a stunning penthouse with a rooftop pool and ocean view sun deck.
As the first phase of the expansive MontAzure master-planned mixed-use development, the luxury beachfront condominiums have already attracted lifestyle-driven investors looking for a combination of hotel-based yields and usage time, along with strong capital appreciation due to the rare beachfront location. Owners enjoy privacy and world-class facilities without having to employ their own staff as they would at a private villa.
The development is sensitively designed as a series of low-rise clusters orchestrated around generous communal swimming pools with intimate views of the beautifully landscaped grounds. One-bedroom units are sized from 70 to 250sqm while the two-bedroom units range from 154 to 400sqm. The developers also recently added super penthouses measuring an impressive 799sqm and offering stunning views of Phuket’s idyllic sunset coast. Prices for entry-level investment units start from 15.5 Million baht.
Part of the development’s beachfront zone, Twinpalms Residences MontAzure is just a short stroll along the beach from HQ Beach Lounge, which has become an island favourite for its chic, contemporary oceanfront dining and entertainment. The sea view restaurant at HQ serves delicious light fare, signature cocktails, fine wines and an eclectic music selection to match the casual surroundings.
Right next door to HQ Beach Lounge, lifestyle aficionados can enjoy causal fine dining, world class drinks and entertainment at Café Del Mar, Phuket’s hippest waterfront venue with 40 metres of beach frontage and chic tropical design. A rolling schedule of events includes weekly pool parties, international guest DJs, and tempting food and drinks promotions to attract a stylish global clientele.
Enhancing the unique choice of word-class beachfront facilities, MontAzure’s anchor hotel, InterContinental Phuket Resort, will open this year to offer visitors and residents of Kamala even more options for dining and entertainment, complementing the breathtaking sea views and tropical surroundings.
“Twinpalms Residences MontAzure offers buyers a rare opportunity to own a property within an integrated beachfront resort and residential community just steps from the pristine sands at Kamala beach and within walking distance of the island’s most popular beachfront venues,” says Henri Young, Director of Marketing at MontAzure.
To mark the launch of the new show suites and MontAzure is offering buyers a guaranteed return on investment for 3 years on selected units, as well as free furniture packages valued up to 2 Million baht.
For more information or to make an appointment to view the show units call +66 93 624 8800 or email [email protected]
The rise of the mixed use retail development
As our lifeststyles continue to change and morph along with technological and social evolution, so too our living spaces and the locations we choose to live. Behavioural changes among urbanites have led to the rise of mixed-use projects in Southeast Asian countries, according to property experts.
Christian Olofsson, shopping centre & mixed-use director of IKEA/Southeast Asia, told The Nation that the competitive environment in the retail industry precipitated the new format of incorporating non-traditional elements into a retail complex. Development of mixed-use retail properties is growing with the inclusion of residential units, entertainment revenues and healthcare facilities in a single site.
Catering to the needs of today’s consumers and staying relevant is the goal of the re-think among major players, Olofsson said. The new strategy could bring higher return on investment if the developer optimises the opportunity and is able to better meet the needs of modern consumers than are single-use developers.
The concept is less risky as it comes with a greater variety of revenue sources. It can also help average out the land costs by integrating a mix of components with different types of incomes.
Given the positives, IKEA decided to develop a mixed-use project – Mega City – next to Mega Bangna, Olofsson said.
According to a report by the Council of Tall Buildings and Urban Habitat, 451 tall building are listed as under construction globally until 2025, of which a third are mixed-use projects combining hotels, residential units, offices, service apartments and retail outlets. In Southeast Asia, excluding Thailand, 16 mixed-use projects are currently under construction – eight in Malaysia, five locate in Indonesia, and one each in Singapore, Vietnam and the Philippines.
The Council on Tall Buildings and Urban Habitat is the world’s leading institute on the inception, design, construction and operation of tall buildings and future cities around the globe. Founded in 1969 and headquartered at Chicago’s historic Monroe Building, the council is a non-profit organisation with its Asia headquarters at Tongji University in Shanghai, a research office at Iuav University in Venice and an academic office at the Illinois Institute of Technology in Chicago. It facilitates exchanges of the latest technologies for tall buildings through publications, research, events, working groups, web platforms, and an extensive network of international representatives.
James Pitchon, head of Research and Consulting at CBRE Thailand, said it is not possible to develop a single-use project on a large site, citing the likelihood of oversupply in the local market, be it an office or residential project. Developers of large sites need a range of diversified incomes, he added.
Consumers like the convenience of having a range of facilities in one place that are easily accessible in a climate control environment. Having easy-to-reach retail outlets and a hotel in the same complex appeal to office tenants, especially for the convenience of foreign clients and visitors.
Thais are also open to the idea of staying in a condo next to where they work and play, provided it comes with privacy and exclusivity along with the convenience, Pitchon said.
A JLL research said that the growth of mixed-use projects in ASEAN (the Association of Southeast Asian Nations) began to take off amid infrastructure development and changes to consumer behaviours in the region. The association marked its 50th anniversary last year and the region is gearing up for greater growth and investment.
Already powerhouses in the wider region, Southeast Asia’s economies are projected to grow at an annual average of 5 per cent until 2020. The real estate industry stands to benefit as demographics and market size draw further investments, given the manufacturing and logistics advantages. The upgrade in ASEAN infrastructure, especially the advancement of high-speed rail networks, will attract development of mixed-use projects connected to the train stations, as is the case in Japan and Hong Kong, the research said.
Find more than 30,000 properties for sale in Thailand at property.thethaiger.com
SOURCE: The Nation
Buying off plan? A few things to consider.
Many developers offer units and condo “off-plan” for sale at an early stage of the project development, even before the first brick has been laid. The lure is usually a lower price and getting the pick of the best location in the development.
Some of us may not be familiar with the term “off-plan”. Generally speaking, buying off-plan means buying units which exist only on the drawing table, construction of the project may not even have started. Off-plan sales are offered by developers as they often need to sell their product fast by pricing units extremely low in order to achieve fast and valuable finance to proceed with constructing their development.
Purchasing an off-plan unit may have considerable advantages compared to an investment in a completed project. Early birds may benefit from a significantly reduced price, which makes such off-plan purchases extremely interesting from an investment perspective as such units may rise in value during construction, even prior to completion.
Smart payment plans, typically a minor deposit payment, followed by a 30% first installment and a high final payment upon title transfer, allow buyers to effectively secure a high-value asset for a relatively low initial capital outlay. Furthermore, purchase at an early stage of a project ensures that a buyer can choose the best located units in order to satisfy his individual requirements as well as a future buyer in regard to a resale.
Buying off-plan also offers the chance to “flip” a unit prior to title transfer by way of assignment of the buyer’s rights under his/her sale and purchase agreement, which allows investors to save on transfer fees and taxes that occur from title transfer.
Summarised, such off-plan investment may create a “win-win” situation for both buyer and seller: buyers obtain a low price for a quality product with high resale value and sellers are able to receive fast project finance.
However, in order to secure your investment, due diligence should be ALWAYS be carried out to minimise risks and to prevent you from a worst-case scenario – a total loss of your invested funds. Basically, such due diligence should be conducted by a reliable and reputable law firm, whereby appointment of additional experts, such as a surveyor, might be recommended depending on individual requirements.
The importance of such due diligence, particularly when buying off-plan, in part arises from the fact that extremely important points – such as secured access, lawful title to the project’s land, as well as an
accurate application for the required construction permit or licenses – may not have been accomplished, completed or sufficiently verified by a developer.
Additionally, the financial stability of a developer offering such off-plan sales should always be of concern. In this context, the fullest attention should be paid to the reliability and track record of the developer. A professional real estate agent, representing only well reputed developers and ideally having the financial backing of big investors, can be the first credentials to look for to separate the wheat from the chaff.
Simply put, off-plan buying can be an interesting and promising investment, but extensive market research, awareness for potential risks, comprehensive due diligence as well as consideration of generally accepted risk management is mandatory to find the right product, which seems not only to be a bargain, but also fits with your personal requirements on a safe investment.
Select from over 7,000 properties in Phuket at property.thethaiger.com
This article was written by International Law Office Patong Beach. For any questions you can contact ([email protected]) or call ILO’s office 07 6222 1915.
Buying property in Thailand – the basics
by Kevin Hodges
There are many, MANY properties for sale in Phuket and around Thailand. In a market that has peaks and troughs it’s best to buy in partnership with respected sales agents who know the current market and can help you avoid some of the common pitfalls.
Buying property in Thailand is not straight forward, so you will need sound, professional advice which acts in your best interest. It can be a confusing experience due to laws, regulations, the language barrier and the many choices.
Real estate brokers in Phuket have the largest selection of property, land and long-term rentals – they have sales teams that are both foreign and Thai and can speak a variety of languages. property.thethaiger.com has over 30,000 properties listed in Thailand, over 7,000 in Phuket alone.
With a vast array of properties available, it is important to short list to maximise the use of your time and avoid viewing unsuitable properties by narrowing down choices.
Brokers act as a liaison between the buyer and seller, and the good news is that the buyer pays no broker fee – it is paid by the seller in Thailand. Here’s how it works.
Brokers will work closely with buyers to compile a focused and realistic brief, which takes into account a buyer’s requirements and preferences relating to the budget, style, condition, size and location of the property. They can advise on the different locations and options available.
A broker will preview and shortlist suitable properties – this saves a buyer valuable time as the broker will only show properties that he or she has first previewed and that meet the buyer’s requirements.
Brokers accompany buyers on viewings to show the shortlisted properties. Once a suitable property has been identified, they provide an objective overview so that you are equipped with the knowledge to make an informed decision.
When the right property is found, the broker will assist both buyer and seller in negotiating a favorable price and terms.
A reservation agreement and nonrefundable reservation deposit of usually 2 per cent to 5 per cent is placed with the broker in the client’s account. This removes the property from the market, so no one else can buy it prior to the signing of the Sale & Purchase Agreement (SPA). Upon signing the SPA, 30-50 per cent of the price is usually required with the outstanding amount to be paid upon transfer of ownership.
The buyer should, at this time, ask how the seller wishes to receive payment – inside or outside of Thailand – to avoid bringing in funds when payment is required elsewhere. If funds are required in Thailand, a TT3 form must be completed for the amount required.
Once the price is agreed and the reservation deposit is put down, the broker will introduce you to a reputable lawyer who has experience in property conveyance. The lawyer will use that expertise to ensure that the process runs as smoothly and quickly as possible.
Kevin Hodges – originally printed in Phuket Gazette.
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