Amari Estates receives strong residential demand

Amari Estates targets to sell THB2 to THB3 billion worth of residential properties over the next 12 months, banking on the strong demand from Thai buyers, according to media reports.

Company President and CEO Yuthachai Charanachitta said this demand is buoyed by the willingness of many buyers to lease homes for additional income. “Like other Asian buyers, Thai are becoming more interested in buying a residential unit as an investment. It’s an upward trend.”

Amari, the property unit of Italthai Group, said their recent projects have received strong response from buyers.

For instance, the 148-unit Amari Residences Phuket has already sold 17 condo units since its launch four months ago. Thais accounted for the 14 units sold while the ither three units were sold during a roadshow in Hong Kong.

The project features condo units ranging from 44 sq m to 102 sq m, priced from THB7 million to THB24 million, as well as 12 pool villas priced from THB60 million to THB74 million.

Meanwhile, another property Amari Coral Beach Phuket hotel will be renovated by its manager Onyx Hospitality Group, Italthai’s hospitality unit. The 200-room hotel will temporarily be closed in August as the THB200million revamp is conducted. Once re-opened in October, the hotel will be rebranded as the Amari Phuket Resort, which will have a 10 percent increase in room rates.

Currently, Amari has a landbank of 100 rai in Patong – 25 rai of which has been earmarked for the hotel and another 18 rai for the residential project. Plans are yet to be announced for the rest of the land.

Italthai has two other land plots in Phuket — a 30 rai land on Nai Harn beach and 100 rai on Kata beach leased to Club Med.