PHUKET: Annual returns of up to 10 per cent are being promised to those who invest in the condotel portion of The Light Suan Luang condominium project in Phuket Town.
Backed by Phuket Living Co Ltd, a former partner in the Royal Place Condominium project on the bypass road, The Light Suan Luang is a 447 million baht, 15-storey complex with a total built-up area of about 12,000 square meters.
Currently under construction on a 3,100 sqm plot off Chao Fa East Road, southeast of Rama IX (Suan Luang) Park, structural work is now half complete and should be finished by February. Interior work will require another several months to complete. Project completion is scheduled for June next year.
Upon completion, The Light Suan Luang will be one of Phuket Town’s highest residential complexes. The other, the 15-storey Supalai Park@Downtown on Suthat Road, is also set for completion by the middle of next year.
Parichat Sena-norit, Marketing Manager of development firm Phuket Living Co Ltd, said, “The Light Suan Luang offers spectacular city, garden, and sea views with a total of 186 units including studios, one and two bedroom units and penthouses.”
Rooms on floors six, 11, 12 and 12a (13) have been designated for the project’s condotel scheme.
“We will manage a total of 40 freehold units like hotel rooms for at least two years. We can guarantee returns of 6 to 10 % to the owners,” she said.
“New contracts, to be considered at the end of the initial two-year period, will depend on how successful the business is going. The owners will not be obligated to sign new contracts and can choose to manage their unit independently if they wish,” she said.
Foreign nationals are a prime target market and currently make up about 20 per cent of the project’s confirmed tenants. About 75% of all units were sold off-plan, she said.
“We have about 20 units remaining [for the condotel portion],” she said. Units range in price from 1.7mn to 4.6mn baht.
For more information contact Phuket Living Sales Office (T:076-223344, W:TheLightCondo.Com).
— Steven Layne