MontAzure has already made headlines since being first announced, but it is now officially breaking records. It will be home to Phuket’s most expensive villa with two specially constructed units going for THB 380 million at a new project on the site, according to local media reports. The project is being developed through a joint venture between Thai, Hong Kong and Singaporean investors.
Kamala Beach Resort & Hotel Management is teaming up with Arch Capital Management and other companies to build what is expected to be the most expensive villa project in Thailand. The project has a total sales value of THB 4 billion and is expected to be completed early next year.
The villas will be located on a 75 rai plot of land located on a hillside. It will be within MontAzure a mixed-use development project that can be found on Kamala Beach. The most expensive villa at MontAzure will set on a 6.5 rai plot and the smallest unit will be three or four rai, a local newspaper reports.
The two THB 380 million villas will have a selling price of nearly double than the current most expensive villa being built by Charn Issara and also expected to be launched next year.
“Thai property has good value,” says Richard Yue, chief executive and chief investment officer of Arch Capital Management. “In Hong Kong where I live, the most expensive house sold recently is priced USD 40 million for a 450 square metre unit.”
And there will be a lot more than just villas at MontAzure. Proud Real Estate is building an InterContinental Hotel that will have more than 200 rooms while a Cafe del Mar beach club will also be found at the development. There is also talk that a lifestyle mall could be built at the project and Bangkok Hospital is expected to have a presence as well.
