Phuket News / Island’s Latest Updates

Formula 1 world champion Kimi Raikkonen joined real estate agents, investors and fellow purchasers of Phuket villas at Outrigger Serenity Terraces Resort Phuket in Thailand on October 4 to celebrate completion of phase I of the property. Raikkonen has purchased an absolute beach front pool villa at Serenity Terraces, which is on Rawai beach in the quiet southeast corner of the island. Attending the Outrigger Serenity Terrace function on October 4, Raikkonen said: “I’d forgotten how beautiful Phuket was. I’m also very impressed with the whole progress of the Serenity project. After living here for a week, I’m convinced I’ve made the right choice. The beachfront location is fantastic. I have enjoyed a great holiday in Phuket, which is a magnificent place.”

Over 65% of the development, which features 52 resort properties, including freehold condominiums, has been sold already. Property sales have continued despite political infighting in Bangkok and global financial disruption.

“These have had little or no impact on sales and inquiries,” said Serenity Terraces’ Project Manager, Mr Izzy Ben Natan. “Investors have made their decision based on the medium and long term, both of which remain very bright.”

Mr Ramesh K Hamal, CEO of Green Heritage Group, which handles the development management, marketing and sales for the property said: “Because of Phuket’s natural beauty, climate, affordable cost of living, easy access, superb tourism services and infrastructure such as schools, hospitals and department stores, the island is relatively immune to political and economic setbacks.”

When the Outrigger Serenity Terraces Phuket opens, it will start earning a guaranteed 6% annual return for investors who have entered its rental program. In addition, buyers may benefit from capital gains, which have been over 20% a year in Phuket for the last five or so years.

The 52-unit US$26 million mixed residential-resort beachfront property, with spectacular ocean and island views, offers a variety of freehold condominiums and absolute beachfront pool villas. Prices range from US$300,000 to US$1.1 million. The property is scheduled to open in April 2009.

The completed Phase One includes the communal areas, fitness suite, clubhouse, villas and duplexes, as well as the condominium apartment show suite. To date, 32 units have been sold or reserved, only 20 remain.

Residents started moving-in in September. “They will soon be able to enjoy superb 5-star resort-style personalized services,” said Mr Hamal. “Our philosophy is that luxury without service is meaningless. That’s why award winning luxury resort operator, Outrigger Enterprises Group, has been brought in to provide the service and maintenance element for our buyers.”

Phase Two is due to be completed early next year, with the project’s soft launch planned for March 2009.

The majority of investment buying Phuket villas in Outrigger Serenity Terraces Resort has come from overseas, with 70% of buyers coming from the UK, Scandinavia and America. Thailand has one of the strongest capitalized banking systems in the region, according to Fitch (Thailand), a ratings agency. Local banks’ dependence on domestic deposits have also helped insulate them from the current economic downturn in America and Europe, bolstering the Thai property market.

News by e-Travel Blackboard Asia - etravelblackboardasia.com