The sale price is 18 million THB less than the minimum auction sale valuation assessed by the banks independent values, but auction has not yet been considered by the vendor.
TYPE & LOCATION: Villa & Resort Apartment Project Takeover Investment
OFFER TERMS: Freehold Chanote title and Nor Sor 3 Gor
SCOPE: 24 nr. Luxury terraced 3 bed apartments, 50M Pool, 3 luxury villas,
Plus further development scope.
LAND AREA: Over 17 Rai
VALUATION: 228.5 million THB
SALE PRICE: 140 million THB (Approx. 4.5 million USD)
Located on the tropical island of Koh Lanta, Krabi, South west Thailand, this project is a huge opportunity with clear potential for high returns on investment in a project which failed to reach completion due only to the personal circumstances of the foreign private developer who is sadly unable to continue due to health issues.
The project itself is sound, and demand in the current recovering market is high for luxury apartments of the type offered, as well as for the beautifully finished and individually styled houses of which there are three completed.
All properties within the project are constructed using the highest quality materials including sustainable hardwoods, Teak, marble or Terra cotta floors, as well as marble kitchen and bathroom surfaces. Burmese hardwood doors, windows and engraved paneling and fittings feature widely in all of the completed houses and apartments, and demonstrate a sense of the passion that the developer has put into this “labour of love” project.
A thorough PROPERTY APPRAISAL REPORT has just been carried out by one of Thailand’s leading property and commercial valuation specialists who are one of only three licensed by the government to carry out independent valuation surveys of this nature, and due to the scope and depth of this survey, the project has been approved by the major Thai banks who are prepared to lend 140 million THB against the project should it be required.
The first of two terraced apartment blocks comprising of 12nr. 3 bedroom luxury apartments has been assessed to be 81% complete by the surveyors study, and all infrastructure, including that for the entire project, is functional and complete including roads, access, and all services including 3 phase electricity and water supply.
The entire project comprises of just over 17 Rai of land (around 27,500 SqM) and is situated on the higher section of a gradually sloping hillside with panoramic views out toward the ocean and sunsets, as well as views across the surrounding jungle covered hills.
It is approximately 1 km from the rapidly developing beach lined west coast, and is sufficiently elevated to afford wide and spectacular panoramic views as well as a very peaceful aspect.
The first phase of 2 nr. Hotel/Apartment blocks of 12 nr. 3 bedroom luxurious apartments on 6 terraced levels is 81% complete, with a completed show unit on the upper tier/floor.
The addition of a rooftop terrace (with or without a bar/restaurant) is a viable and worthwhile option.
There are, so far, 3 completed luxury villas/houses on the property of varying styles and size, as well as a further partially built villa and a staff house.
All completed houses are of excellent quality, and the use of teak hardwood or terra cotta floors, quality hardwood doors, windows and furnishings are standard in every house, and a great deal of attention has been paid to detail and functionality.
The use of decorative carved hardwood is also prevalent, as well as many additional decorative features such as Thai and Burmese statues, stone and terra cotta wall panels and a number of Coy Ponds with water features.
Due to the size and lay of the land, there exists the option to build any number of further villas within the project, and these can be with or without swimming pools.
The project has allowed for a 50m Olympic sized swimming pool to service the community of villas and apartments.
Schedule of Built Structures:
- Phase 1: Hotel/Apartment Block (81% complete)
- 12 apartments on 6 floors (terraced) with 2 bathrooms, 3 bedrooms, entrance hall, living room, open plan fitted kitchen. 6th floor apartments have 4 bedrooms, 3 bathrooms. All have Terrace/balcony with Jacuzzi. Size 220 & 330 SqM. Rooftop terrace 660SqM.
- Phase 2: As above (not yet built, services infrastructure in place)
- House 1: (Completed) 2 floors total 216SqM plus 122 SqM terrace/balcony
- House 2: (partially built) 4 floors covering 420Sqm total plus 140 SqM rooftop swimming pool and balcony/terrace. 5 bedrooms, 6 bathrooms.
- House 3: (completed) 3 floors covering 125 Sqm plus 110 SqM of mostly covered balcony including a 16SqM rooftop grass roofed terrace.
- House 4: Currently used as building crew accommodation. Total area 318 SqM.
Overall, the project can be regarded as exceptional in terms of location, design concept, build quality and importantly, for its outstanding investment potential.
The most important matter to be considered here is the ability for a Developer/Investor to see the huge potential in completing this very unique and worthwhile venture, and to have the required vision to realize it.
Should you wish to view the project, as well as examining the Appraisal and Valuation Report and inspecting all the relevant title documents, building permits, company documentation etc., then please contact us in confidence at firstname.lastname@example.org +66 (0)8547 19395