Issue 12 | Feature brought to you by Himalai Oceanfront Condominiums
Snap up a slice of Millionaire’s Mile
Phuket is one of the most popular and desirable destinations in South East Asia, but no place on the island is more prestigious than the strip of road along the North West coast universally referred to as ‘Millionaire’s Mile’.
This is the location of the brand new Himalai Oceanfront Condominiums, which means anyone purchasing one of these units can expect to find themselves rubbing shoulders with the island’s wealthy and elite on a daily basis.
Matteo Capellino is the sales director of Blue Horizon Developments, the team behind the project, and he feels that there is no better area in Phuket to be based out of;
“The location of our project is surely the most attractive and appealing in Phuket at the moment. The project is located on the Millionaire Mile coast road where only top end luxury developments and VIP villas are located. For example our neighbours include the Andara Resort, which consists of multi-million dollar luxury villas, and the world renowned Hyatt Hotel.”
Himalai Oceanfront Condominiums is situated just 300 metres away from Kamala Beach and the majority of the units come complete with a panoramic ocean view. Already home to some of Phuket’s most luxurious and prestigious developments, the area is also emerging as a fashionable entertainment district.
The iconic Catch Beach Club restaurant and bar is being relocated from Surin to Kamala while the area will get its first ever six star hotel when the Intercontinental opens its doors. It makes Kamala a place to see and be seen, and according to Capellino, this is reflected in rising property prices;
“Kamala offers greater potential than any other part of Phuket as an investment, both in terms of capital appreciation and return on rentals. The area is developing at a remarkable rate and is moving in a distinctively high end direction with an international hospital and a six star hotel both opening soon.”
In keeping with the upmarket tone of the surrounding area, Himalai Oceanfront Condominiums has hired one of the most reputable hotel groups in the world to take care of the maintenance and upkeep of the project.
The day-to-day management of Himalai Oceanfront Condominiums is the responsibility of Best Western, an iconic brand which boasts numerous industry awards. Capellino thinks this is another factor which will help to drive up the value of the units;
“Best Western will manage the condominium with their bespoke high end brand, Best Western Premier. Having proper professional management with established industry credentials makes our project unique in the market and will help ensure that, as an investment, Himalai Oceanfront Condominiums performs well.”
Thai law makes it very straightforward for foreigners to own a condominium outright. It’s easy to purchase a property and register it in your name without getting buried in piles of paperwork, which would explain why this segment of the market is red hot right now.
Capellino says that this clarity makes condominiums by far the most attractive investment for non Thai purchasers;
“Thai law regarding condominium projects is very clear in that foreigners can own an apartment in ‘Foreigner Freehold’, which guarantees them total ownership of the property registered on the title deed with the right to vote yearly at the owner’s committee meeting. Property ownership for foreigners in Thailand is guaranteed by the government which means a condominium is a safe investment.”
Living in Millionaire’s Mile might sound like an option that is only available to top end investors and high net worth individuals, but Himalai Oceanfront Condominiums has helped to make the most prestigious strip of land on the island accessible to everyone.
“The affordable prices mean that our buyers spread across several different economic segments but one common denominator is that they want to see a return on their investment. We believe that the location, the management team and the quality of construction at Himalai Oceanfront Condominiums, as well as the favourable laws for foreign condominium owners, this is absolutely guaranteed.”
Personal tastes might govern people’s approach to purchasing property but financial considerations are much more universal. A particular design or location is not going to appeal to absolutely everyone but an investment that is guaranteed to appreciate in value while generating regular rental returns is attractive to any buyer.
That would explain why 70 per cent of the units at Himalai Oceanfront Condominiums have already sold in the first five months. The project is well on its way to being completely sold out and Capellino believes this is because buyers have been quick to recognise the exciting potential of this investment;
“I believe this is the best investment on the market in Phuket for its location, view, price and professional management assuring the highest return on rentals and capital appreciation on the market.”