SEA PEARL Villas, perched on Patong Hill alongside the descent to the sea, is designed and priced to attract Thai buyers, says the project's Managing Director Sitthikorn Soontornnont.
Speaking with Phuketwan at the villas' soft opening party, Khun Sitthikorn said that two of the six villas already sold have gone to Thais.
He expects that Thai families will buy about 30 percent of the project, located on 42 rai off the Kathu-Patong road.
The project's first phase of 48 villas and restaurant is 80 percent complete. The entire development consists of 96 villas, a clubhouse, fitness centre and other facilities that will be developed in six phases.
Budget totals one billion baht, which is fully financed by the owner, Sumit Soontornnont.
Each villa is 148 square meters with two bedrooms on two levels, and clusters of 12 villas are set around a common swimming pool.
Half of the project will be finished in the fourth quarter of this year.
A total of 36 units to be developed later will be operated like a hotel.
A promotional price offered for a 30+30-year leasehold is 15.9 million baht.
Aside from the Thai market, Khun Sitthikorn says expects buyers to mainly come from Europe, particularly Scandinavian countries.
This is the third hotel/residential project developed by Khun Sumit.
His first property, the Sea Pearl Beach Resort was built in 1988. It was leased to Absolute Group to operate as a timeshare in late 2004. The beachfront resort was severely damaged in the tsunami but reopened after extensive renovations.
A second property, Sea Pearl Residence, is a serviced apartment in Patong.
Absolute Group has purchased some villas in the Sea Pearl Villa project, but will not be a sales agent, Khun Sitthikorn says.
Harrison Public Company Limited will be in charge of the project's sales. The company specialises in marketing properties to Thai buyers.
Khun Sitthikorn says he is confident that Sea Pearl is reasonably priced compared to others of comparable quality and location in Phuket.
Speaking with Phuketwan at the villas' soft opening party, Khun Sitthikorn said that two of the six villas already sold have gone to Thais.
He expects that Thai families will buy about 30 percent of the project, located on 42 rai off the Kathu-Patong road.
The project's first phase of 48 villas and restaurant is 80 percent complete. The entire development consists of 96 villas, a clubhouse, fitness centre and other facilities that will be developed in six phases.
Budget totals one billion baht, which is fully financed by the owner, Sumit Soontornnont.
Each villa is 148 square meters with two bedrooms on two levels, and clusters of 12 villas are set around a common swimming pool.
Half of the project will be finished in the fourth quarter of this year.
A total of 36 units to be developed later will be operated like a hotel.
A promotional price offered for a 30+30-year leasehold is 15.9 million baht.
Aside from the Thai market, Khun Sitthikorn says expects buyers to mainly come from Europe, particularly Scandinavian countries.
This is the third hotel/residential project developed by Khun Sumit.
His first property, the Sea Pearl Beach Resort was built in 1988. It was leased to Absolute Group to operate as a timeshare in late 2004. The beachfront resort was severely damaged in the tsunami but reopened after extensive renovations.
A second property, Sea Pearl Residence, is a serviced apartment in Patong.
Absolute Group has purchased some villas in the Sea Pearl Villa project, but will not be a sales agent, Khun Sitthikorn says.
Harrison Public Company Limited will be in charge of the project's sales. The company specialises in marketing properties to Thai buyers.
Khun Sitthikorn says he is confident that Sea Pearl is reasonably priced compared to others of comparable quality and location in Phuket.
