Phuket-based property company Kamala Beach Resort & Hotel Management Co, a joint venture of investors from Thailand, Hong Kong and Singapore, plans to open 13 villas on Kamala Beach worth 4 billion baht in the second half of the year.
Jainchai Limvattanakul, managing director of property developer Narai Property Co, the Thai partner in the joint-venture firm, said real estate remained attractive for investment as there was surplus cash in the upper-end market.
"Thai buyers of high-priced property are active in Phuket as it is a world-famous destination," he said. "Factors such as the expansion of Phuket airport and renovations of its highway bolster its reputation as a stable investment proposition."
The 13 new villas will be built on a new hillside phase at MontAzure -- a mixed-use, high-end, 454-rai residential development project on Kamala Beach. Unit prices will range from US$8-10 million (280-350 million baht).
MontAzure, set to be completed in the next seven years, will have a total development value of 15 billion baht.
With construction recently getting under way, Twinpalms Residences MontAzure is located on a nine-rai site and worth 2 billion baht. Half of the 75 condo units, priced between 10.9-93 million baht, have already been sold.
Thai nationals accounted for 44% of buyers.
Setthaphol Boottho, Kamala Beach Resort's executive director, said the company would seek new partners or investors for future developmental phases of the remaining plots, sized around 100 rai.
"All of the plots, totalling 450 rai, have title deeds. We will reserve 200 rai of hillside plots as a green area that could see spas or camping grounds in the future," he added.
Kamala Beach Resort & Hotel Management is a joint-venture property development firm between Narai Property, Hong-Kong based Arch Capital Management Co and Singaporean investor Philean Capital.
Mr Setthaphol, also Arch's associate director of project management, said Arch would continue investing in Bangkok's condo market through a joint venture with Narai Group.
Both plan to launch a large-scale condo project in the Thai capital by year-end near a mass transit line. In recent years, the developers have co-invested in five condo projects in Bangkok, worth 2-3 billion baht each, under the Parkland brand.