Numerous investors from Singapore, Hong Kong and Mainland China have shown interest in purchasing The West Sands Resort and Villas in Phuket after it was put up for sale earlier this month, according to JLL. The hallmark of the resort is the on-site waterpark which is the only such attraction on the entire island.
“The strongest interest to date has been from Singapore, Hong Kong and Mainland China as well as domestic Thai groups who know better than anyone the scarcity of West Coast beachfront real estate in Phuket,” Mike Batchelor, managing director of JLL’s Hotels and Hospitality Group said in a press release. “The potential to secure a Thailand Board of Investment (BOI) privilege, which would allow 100 percent foreign ownership of the hotel and the land, was also of great appeal to the foreign investors reviewing the opportunity.”
The West Sands Resort and Villas sits on a 113 rai prime freehold beachfront site in Mai Khao. The property is also near the newly expanded Phuket International Airport. JLL also pointed out that there are numerous expansion opportunities at the resort for both the existing hotel and waterpark. The hotel currently has 575 keys but it could be increased to 1,000 keys. In addition to this, there is the potential to include condominiums and villas, fractional or vacation ownership or a senior living component at the site as well.
Batchelor stated that the completion of the new airport terminal in June will drive even more visitors to the island. Phuket currently has direct flights to 14 countries and 43 cities around the world, including 19 cities in China and has been operating over capacity for some time. The new terminal is expected to be able to handle five million additional passengers annually and help reduce the current congestion at the facility. The airport currently handles 6.5 million passengers per year but that is twice the number which it was designed for.
“The Tourism Authority of Thailand aims to further grow arrivals to Phuket by targeting first time visitors from established European markets as well as emerging Eastern European countries,” Batchelor said. “We expect visitor arrivals to increase, facilitated by the expansion of the airport.”
