High quality, interesting and attractive residential projects popping up regularly in Phuket is nothing new. Investment in these properties is usually worth consideration, particularly with Thailand’s predicted continued economic growth. Mai Khao Beach Condotel, built on the Phuket Mai Khao Beach, stands out as one of the most accessible and attractive investments to-date.
Mai Khao Beach Condotel is an eight-storey apartment complex with 320 apartments surrounded by rich infrastructure. This includes nine swimming pools, a restaurant, café and bar, fitness centre, kids club and parking for 160 cars.
Condotel is surrounded by five star hotels such as the JW Marriot, Renaissance, Centara Grad West Sands, Holiday Inn and Anantara. Just five minutes away there is also a water park – Splash Jungle, and just a little further you’ll find the golf course at Blue Canyon Country Club. As for the beach, this is just 500m from the front door.
The developer, Thai Business Development Company Group (TBD) plans to brand the complex as a Ramada (4/5 stars). The management company behind the operation is the international giant Wyndham. According to the developer, they have also been involved with complex French designers and European experts and the use of certain modern materials are the first to be used here in Phuket (the company invites you to evaluate them in their showroom).
Housing Fund Condotel will consist of apartments with one and two bedrooms, with the majority being one bedroom (288 units in total). The area of the apartments ranges from 36-85 square meters and the majority of the housing will have a small yardage. Currently, the prices for these places are as follows: for 36 square meters. – 1.5 million baht, 53 square meters. m. – 2.2 million baht, 72 square meters. m. – 3 million baht.
Sales director, Igor Protasov has a few words regarding the prices of the apartments, he said recently, “having studied the real estate market in the area of the Mai Khao Beach, we can ensure that in the course of construction, prices will rise by at least 100%, and the apartments are in great demand among investors for rent through management companies”. To back this up, the developer offers a guarantee of return of up to 12% for five years.”We confidently assure that it is the lowest price for the best location in Phuket,” – he adds.
When evaluating your options for investing in real estate in Phuket, experts suggest it is the developers track record that is most important. With TBD, no problem at all. Previous projects of the company, such as Nai Harn Beach Condominium (NBC), Naiharn Condominium (NC) or Palm Oasis Hotel have been handed over in time and with great success. “The pride of our company is to complete projects on time without delay and in accordance with contracts, while at the same time preserving the quality of the design and the European level. In previous projects we are always on time when transferring the right of ownership to the customers” says sales director, Igor Protasov.
The second most important aspect – legal issues. Thai law provides two options for foreign investors: total long-term lease 90 years (Leasehold) and full ownership (Freehold). Since Mai Khao Beach Condotel is a condominium, either option is possible. Leasehold is currently represented by up to 90 years. The current scheme is as follows: the original contract is for 30 years, with two extensions possible, but the country’s authorities are considering the possibility to start the contracts off at 90 years.
“The first option – Leasehold 90 years with the right of inheritance, resale and rental comes with the full registration in the Registration Chamber of the Land Department and all other privileges. Plus, a lease for 90 years does not require a declaration in the Russian property abroad. It also does not exclude the same rights as full ownership “- states Protasov. In the case of the second option, Freehold, the apartment can also be used as bank collateral.
Another point, of which few are aware, is that when buying real estate for 10 million baht, the buyer is entitled to a permanent investment visa for them and their families. TBD in particular are experienced in developing properties with this in mind – “our company guarantees the buyer, and all family members, open and free registration for a continuous investment visa allowing for permanent residence in Thailand” – sums up Protasov.
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