Some big players in the real-estate world are coming together to develop a large-scale MontAzure project in Phuket. Developers from Thailand, Hong Kong and Singapore will be working on this project, worth somewhere in the region of 18 billion THB.
The project will include the development of a luxury hotel, residences, retail outlets and lavish villas. The investment groups involved in the new development include Arch Capital Management of Hong Kong and Shanghai, Narai Group of Thailand and Philean Capital of Singapore. This will all take place on a 72-hectare plot purchased four years ago by the investors.
The groups are taking advantage of the development of Phuket into a upper-level destination accommodating luxury tourism. The island is only gaining further traction as a tourism spot, developing in medical and wellness travel and marine based excursions. Recent expansions on the island include an expansion of the airport, new roads, malls and shops.
This specific new development is on the way with the completion of the fancy new hotel expected in 2018. The new lavish villas may be finalised in a similar timeframe and will be located on a hill overlooking Kamala Beach. Depending on how this goes, it’s expected that the investors will take on a second-phase of the project and develop even more villas, a retirement centre, a wellness centre and more.