Construction of swanky Phuket project gets underway
EXCITEMENT is racing through Phuket as the construction of ultra-luxury project Twinpalms Residences MontAzure breaks ground with Seafco Plc inking the contract for piling foundation work.
Launched in February 2016, this project is being undertaken by MontAzure which is a joint venture of three major Asian groups, ARCH Capital Management based in Hong Kong and Shanghai, The Narai Group in Thailand and Philean Capital which is part of Singapore’s Pontiac Group.
It is collaborating with Twinpalms which will operate and manage the project when completed in 2018.
The 454 rai (180 acres, 73 hectares) MontAzure plot is located between the Millionaire’s Mile and Amanpuri headland at Phuket’s Kamala beach and is valued at 15 billion baht. Twinpalms Residences MontAzure itself occupies 9.38 rai (15,000sqm/161,000 sq.ft) with a 99-meter stretch of the beach.Of the 75 upscale branded freehold condominiums 56 are one-bedroom units, 19 two-bedroom units with buyers having the option of requesting three- or four-bedroom residences. The penthouses here have access to a private rooftop and pool while prices start from 8 million baht going up to 93 million baht.
The developers say that pre-construction sales have been brisk with 50% of the units already sold. Favorable payment terms and financing is available to local buyers who are offered 45 days of usage of their units.
Twinpalms Residences MontAzure is the first phase of MontAzure which also includes 13 ultra-luxury private hillside estate villas called The Estates, an international branded five-star resort hotel which will likely open in 2019, four beach clubs, a medical and wellness center, retail and a 200-rai nature reserve.
According to C9 Hotelworks it is Proud Real Estate Group which intends to invest in the new luxury resort hotel managed by the InterContinental Hotels Group within the MontAzure integrated community.
Proud owns the InterContinental Hua Hin, an upcoming Holiday Inn, Vana Nava water park and are partners in the mega Bluport Mall. In Bangkok it is developing Park 24 condominium in Sukhumvit Soi 24.
“Previously the former Evason Rawai had been earmarked for an InterContinental, but those plans have been put on hold after a change of ownership.
“MontAzure is quickly assembling an integrated resort (IR) footprint, no doubt inspired by the success of the longstanding Laguna Phuket in Bangtao,” C9 Hotelworks added.
By Thai Residents reporters
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