Phuket Pavilions Estate launches apartments, penthouses and villas
The Pavilions Estate launched on Phuket this week; a high-end residential resort development that is already under construction and features nine luxury villas and 30 apartments with three penthouses, all adjacent to the eponymous, award-winning hotel.
Located on a private, forested hillside close to Layan beach on the island’s upscale west coast, The Pavilions resort has enjoyed consistently high occupancy since it first launched back in 2005.
Privately owned by Hong Kong based lawyer, businessman and philanthropist Gordon Oldham, it was always something of a personal project, and for The Pavillions Estate, the owner is once again supervising every aspect of the development.
“The idea is to take away the stress of owning a second home,” said Oldham. “The first and second phases of the resort also featured residential components and those villas still have their original owners. Phuket has reached a level where people see the island as a secure proposition, so with an established and successful resort behind the project, investor interest is already very high.”
The two-storey, three bedroom villas cover a total area of 684 sqm and feature open-plan interiors that slide open onto a sun terrace and 13-metre private pool. The addition of a study and dedicated AV room gives owners the option of a five bedroom configuration and prices range form USD1,425,000 to USD1,555,000.
The apartments are spread through three, 4-storey buildings, each with a penthouse occupying the top level. The standard units offer a total area of 75.8 sqm and feature sliding pocket walls that give owners the option of a one- or two-bedroom configuration. Slightly larger courtyard apartments cover 83.49 sqm, while the largest of the two-bedroom penthouses covers a generous 259.13 sqm and all three include a private pool.
Prices for the apartments range from USD287,000 for a standard ground floor unit up to USD985,000 for the largest penthouse. Financing and furniture packages are also available and second home owners looking for yields have the option of returning their property to the hotel rental pool by limiting their personal use to 60 days a year. Unusually for such a programme, there are no black-out stay periods for owners.
“Based on discussions with major travel agents that already work with he resort, investors into the apartments at The Pavillions Estate are being offered a guaranteed a return on investment of 4 percent per annum after management fees for the first three years,” said Nick Anthony of long established Phuket agent Indigo Real Estate, which is managing the project’s sales. “This guarantee is based on projections of 55 percent occupancy at a conservative rate of USD80, but with higher occupancy and rates both a real possibility, buyers also have the option of a 50:50 revenue share with the resort.”
The first villas are scheduled for completion in June 2014, with the apartments expected to complete by March 2015 and the entire development to be finished by June 2015.
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