The agreement between MontAzure, a joint venture of three of the most notable property and hotel investment groups in Asia – ARCH Capital Management (Hong Kong & Shanghai), The Narai Group (Thailand), and Philean Capital (Singapore) part of Pontiac Land Group – and renowned Thailand contractors SEAFCO follows the recent Environmental Impact Assessment (EIA) approval of the project.
PHUKET, Thailand – MontAzure Phuket has awarded the piling foundation contract of its upscale beachfront condominium project Twinpalms Residences MontAzure to SEAFCO PLC as the development of an Asia’s resort residential project located in the prestigious Kamala district of Phuket gathers pace.
The agreement between MontAzure, a joint venture of three of the most notable property and hotel investment groups in Asia – ARCH Capital Management (Hong Kong & Shanghai), The Narai Group (Thailand), and Philean Capital (Singapore) part of Pontiac Land Group – and renowned Thailand contractors SEAFCO follows the recent Environmental Impact Assessment (EIA) approval of the project.
MontAzure Executive Director Setthaphol Boottho, said: “We are delighted to be working with SEAFCO. They have a long and successful track record and were selected based on their knowledge, ability, principals and experience. All our partners in this project are of the highest international standards, and we are again proving our commitment to excellence and uncompromising standards with their appointment.”
SEAFCO CEO Narong Thasnanipan said: “We are honoured to win this contract and become such an important and integral part of the MontAzure project. I am confident our four decades of experience and expertise will ensure we are another high quality addition to their impressive team.”
Bored foundation piling will start in mid June.
Twinpalms Residences MontAzure is a collaboration with a Thailand’s independent luxury resort brand, Twinpalms, and MontAzure, a development covering 454 rai(180 acres, 73 hectares) stretching from the mountainside to the beachfront site, valued at THB15 billion.
Launched in February 2016, Twinpalms Residences MontAzure comprises 75 upscale branded freehold condominiums located on 100 metres of absolute beach frontage and is situated between Millionaire’s Mile and the Amanpuri headland in Kamala, 35-minutes from Phuket International Airport. It will be operated and managed by Twinpalms when completed in 2018.
The project offers one and two-bedroom units with penthouses having access to a private roof top and pool and prices ranging from THB8 million to THB93 million. Pre-construction sales have been brisk with 50% of units already sold with strong interest from Bangkok investors attracted by the prospect of better performing yields outside the capital markets in well managed prime real estate developments offering a higher return on investment than the Bangkok residential market.
Favourable payment terms and financing is available to local buyers in the prime beachfront project which has strong prospects for capital appreciation and offers 45 days’ usage for family and friends.
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 hotel, four beach clubs, a medical and wellness centre, retail and a 200 rai nature reserve.
Other partners in the project include global hospitality leaders InterContinental Hotel Group who will open the InterContinental Phuket Resort in 2019.
Photo caption (left to right): MontAzure Director of Finance and Business Development, Voranon Asavakittimetin; MontAzure Director of Project Management, Thanachit Chinagorn; MontAzure Executive Director, Setthaphol Boottho; SEAFCO CEO and President, Narong Thasnanipan; SEAFCO Executive Vice President, Kamol Singtogaw and SEAFCO Executive Vice President, Nutthapan Thasnanipan.
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