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SG Distressed Phuket villas for sale

Property Here - Thursday, June 20, 2013

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A total of 21 Phuket pool villas in a “distressed pool villa project” are being touted for sale with a THB220 million (S$9.10 million) price tag.

Colliers Thailand is offering the villas at the Sujika Gardens gated community in Cherngthalay for sale at what it describes as being 35 percent below replacement costs.

Its marketing material described the freehold development concept as being “east meets west”. The entire 37-unit project comprises over 20 Rai and is located five minutes from the Laguna Resort complex. Retail prices for the pool villas are quoted as being from between THB16 million and THB26 million, while smaller one- or two-storey units range from THB7 million to THB9 million.”

Colliers says the 21 remaining units for sale are mostly complete and in a good state of repair, although some finishing works is needed at an estimated cost of around THB20 million.

The website for the development says: “Sujika Gardens’ quality and location has already attracted a cosmopolitan clientele and among the nationalities that have purchased homes are British, American, Canadian, Portuguese, Italian and Danish.

Phuket property market expert Bill Barnett of c9Hotelworks told PropertyGuru: ““What’s clear is that it is pretty frothy out there. Opportunistic investors guys need to park money so we’re seeing lots of re-marketing of projects on a third or fourth round”.

Andrew Batt, International Group Editor of PropertyGuru, wrote this story. To contact him about this or other stories email andrew@allproperty.com.sg