PHUKET-BASED property firm Kamala Beach Resort & Hotel has attracted investors from Singapore and Hong Kong to build the most expensive villa project in Thailand valued at 700 million baht (about US$19.7 million).
According to The Bangkok Post, MontAzure will have 13 villas priced from US$10 million, and the most expensive property on the plot will have a selling price nearly double those of two new villas developer Charn Issara Plc plans to launch next year.
Richard Yue, chief executive and chief investment officer of Arch Capital Management, the Hong Kong partner in the joint venture, said, “Thai property has good value. In Hong Kong where I live, the most expensive house sold recently is priced US$40 million for a 450-square-meter unit.”
On top of the villas, the project will also see an InterContinental with over 200 rooms, and the introduction of Café Del Mar, a popular nightclub from Ibiza.
Some of the architects and designers involved in the project are Lek Mathar Bunnag, Jaya Ibrahim, and Martin Palleros, all three of whom are attached to impressive portfolios.
The MontAzure website described the estate as a “new benchmark for luxury resort living in Asia”.