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27/01/2011 - New Phuket property development unveiled by Amari Estates, Thailand

27/01/2011 - New Phuket property development unveiled by Amari Estates, Thailand

Phuket, Thailand: Leading Thailand property developer, Amari Estates, has announced the launch of a new residential property development just south of Patong Beach in Phuket.

The new property development will be made up of one hundred and ninety condominiums and ten pool villas at the existing Amari Coral Beach Resort in Patong, which is managed by Amari Estates’ newly formed Onyx Hospitality brand.

The project is one of four new property developments in Thailand, currently being developed by Amari Estates which include; Amari Residences, Bangkok, which launched last year and consists of one hundred and twenty eight apartments; Amari Residences in Hua Hin where two hundred and ten properties will be completed by next year; and The Oriental Residence in Bangkok.

“Consumers have a wide range of choices in the capital [Bangkok] and the price of residential projects is relatively similar. In contrast, there are significant growth opportunities for real estate markets in tourist’s areas [of Thailand].” commented Khun Yuthachai Charanachitta, the President and CEO of Amari Estates.

The new Phuket condominiums at Amari Coral Beach Resort will be promoted to both Thai and overseas investors, and form part of Onyx Hospitality’s mixed-use development strategy.

Amari Estates say that their goal is to manage fifty-one properties by 2018, with plans to expand their overseas property in China, Hong Kong, India, Sri Lanka, Australia, the Middle East and Vietnam.

Prices of the new Phuket condominiums will start at 7 million THB (US$228,000), with villas on sale for up to 50 million THB (US$977,000).

“Our Patong Beach development offers an excellent opportunity as this kind of project is rarely seen in Phuket,” concluded Khun Yuthachai Charanachitta.

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