A month ago, the first phase of Phuket’s Twinpalms Residences MontAzure was launched at the Singapore Yacht Show in Sentosa. MontAzure is a joint venture between Hong Kong-based investment firm ARCH Capital Management, Thai-based The Narai Group and Philean Capital, an affiliate of Singapore’s Pontiac Land Group.
The $500 million MontAzure Phuket development, which will have a 100m beachfront, occupies a 180-acre freehold plot spanning the hillslope to the beachfront in Kamala, Phuket’s most upscale address, which includes the millionaires’ row as well as luxury resorts Trisara, Amanpuri and Anantara.
The first phase of the development is the Twinpalms Residences MontAzure, which has 75 one- and two-bedroom apartments as well as penthouses. They are designed by acclaimed architect Martin Palleros, founder of Singapore-based Tierra Design. It will be managed by Twinpalms, one of Thailand’s independent luxury resort brands, which will open a resort hotel there in 2019. A second resort hotel, the InterContinental Phuket Resort by InterContinental Hotel Group, will also open in three years.
Apartments at Twinpalms Residences MontAzure are priced from $400,000 to $3.6 million
Prices of the apartments at Twinpalms Residences MontAzure are said to range from $400,000 to $3.6 million. The apartments are scheduled for completion in 2018. Buyers who put their units into the rental pool to be managed by Twinpalms will be able to enjoy a guaranteed rental yield of 6% for three years. The units are offered for sale with a freehold tenure. “We’re offering a residential property, along with a hotel licence, with Twinpalms as the operator driving the rentals,” says MontAzure’s managing director, Roland Bleszynski.
Bleszynski: As a resort destination, Phuket offers some of the best returns
Pre-sales were 37% prior to the Singapore launch. At least 33 of the 75 units have been taken up, bringing the percentage of units sold to 44%. Interest among investors in Hong Kong and Singapore has been keen, says Bleszynski. He believes the property cooling measures in both markets have motivated investors to look abroad for opportunities. “As a resort destination, Phuket offers some of the best returns,” he says.
In addition to the apartments, there will also be 13 hillside villas called The Estates with interiors designed by Indonesian designer Jaya Ibrahim and Thai architect Lek Bunnag. The villas can be customised according to an owner’s needs and could range from a four-bedroom villa to a 4,000 sq m, 10-bedroom villa. Prices of the 13 villas are said to range from US$14 million ($19.2 million) to US$17 million.
The Estates has only 13 hillside villas, priced from US$14 million to US$17 million
There will be a future hillside development, an international beach club, a wellness centre, retail space and a 40-acre nature reserve. There are also plans to build an exclusive retirement village.
“Phuket has very strong fundamentals,” says Bleszynski. “The tourism industry will continue to boom, the infrastructure is well-planned and there is a new international aviation terminal opening in June.”
This article appeared in the City & Country, Issue 728 (May 16, 2016) of The Edge Singapore.