PHUKET: Developers from the Middle East are planning a US$60 million villa project on Phuket's east coast, Phuket Governor Tri Augkaradacha was told today.
Members of the joint venture explained that the project had been announced earlier this month.
Construction of 134 units including suite villas ranging up to three bedrooms is to begin along cliffs facing Ao Po as soon as environmental permits have been approved.
Asset Allocation Advisors and Tasweek Real Estate Development and Marketing are the companies heading the plan. Both are members of the Al Hamed Group of His Excellency Shjeikh Khalid bin Ahmed Al Hamed.
Thai Ambassador to the United Arab Emirates, Somchai Charanasomboon, was a guest at the launch of the project on December 12.
Among neighbors once the project is complete will be the Jumeirah Private Island Resort, a four-minute ride from Phuket to Raet Island where the Dubai-funded resort features 65 lavishly appointed deluxe pool villas and 12 three-bedroom luxury residential villas.
According to a media release, Ambassador Somchai told the investors that Thailand was now politically and economically stable.
The area for the planned development is beautiful and Phuket is ''renowned by foreign tourists from throughout the world.''
In an earlier media release, it was reported that an opening tranche of $20 million in equity capital will be directed to the resort's development, with the partners to seed the equity while also allocating a portion for a select group of investors to join in.
''Tasweek and AAA's inaugural development in the island will feature a 134 all-pool apartment and villa spa retreat,'' the initial release enthused.
''Investors are expected to be drawn to its spacious units surrounded by lush tropical forests and beautiful overlooking views of the Andaman Sea. [Er, well not quite. Try Phang Nga Bay.]
''The resort will appeal to second-home buyers from the local and expat communities of the GCC and Asia.''
The early release continued: ''Our partnership with AAA is off to a strong start with our Phuket resort, which will introduce visitors from our region to Thailand's famous hospitality as well as its renowned culinary delights. The developer has shown a tasteful eye for detail which discriminating investors will surely appreciate.
''Our joint venture is a perfect reflection of the 'Union' values that we treasure as we celebrate the Emirates' 40th anniversary,'' said Masood Al Awar, CEO, Tasweek Real Estate Marketing and Development.
''Tasweek is also growing a $250 million investment portfolio covering strategic locations in the UAE, Malaysia and Morocco.''
Members of the joint venture explained that the project had been announced earlier this month.
Construction of 134 units including suite villas ranging up to three bedrooms is to begin along cliffs facing Ao Po as soon as environmental permits have been approved.
Asset Allocation Advisors and Tasweek Real Estate Development and Marketing are the companies heading the plan. Both are members of the Al Hamed Group of His Excellency Shjeikh Khalid bin Ahmed Al Hamed.
Thai Ambassador to the United Arab Emirates, Somchai Charanasomboon, was a guest at the launch of the project on December 12.
Among neighbors once the project is complete will be the Jumeirah Private Island Resort, a four-minute ride from Phuket to Raet Island where the Dubai-funded resort features 65 lavishly appointed deluxe pool villas and 12 three-bedroom luxury residential villas.
According to a media release, Ambassador Somchai told the investors that Thailand was now politically and economically stable.
The area for the planned development is beautiful and Phuket is ''renowned by foreign tourists from throughout the world.''
In an earlier media release, it was reported that an opening tranche of $20 million in equity capital will be directed to the resort's development, with the partners to seed the equity while also allocating a portion for a select group of investors to join in.
''Tasweek and AAA's inaugural development in the island will feature a 134 all-pool apartment and villa spa retreat,'' the initial release enthused.
''Investors are expected to be drawn to its spacious units surrounded by lush tropical forests and beautiful overlooking views of the Andaman Sea. [Er, well not quite. Try Phang Nga Bay.]
''The resort will appeal to second-home buyers from the local and expat communities of the GCC and Asia.''
The early release continued: ''Our partnership with AAA is off to a strong start with our Phuket resort, which will introduce visitors from our region to Thailand's famous hospitality as well as its renowned culinary delights. The developer has shown a tasteful eye for detail which discriminating investors will surely appreciate.
''Our joint venture is a perfect reflection of the 'Union' values that we treasure as we celebrate the Emirates' 40th anniversary,'' said Masood Al Awar, CEO, Tasweek Real Estate Marketing and Development.
''Tasweek is also growing a $250 million investment portfolio covering strategic locations in the UAE, Malaysia and Morocco.''
"Thailand was now politically and economically stable."
Ha! Ha! Wait till Thaksin comes back.
Posted by Eric on December 26, 2011 19:13