Kamala Senior Living Co Ltd, a partnership between Thai property firm Nye Estate Co Ltd (28.5%), Chewathai Public Co Ltd (25%), LPN Development Plc (25%) and CH Karnchang Plc (20%), with two private shareholders attributed the remaining 1.5% of shares, is part of a joint-venture company that will develop the village within the larger MontAzure mixed-use community.
Upscale residences are planned for the project, which will occupy a hillside location offering buyers a natural setting with exceptional sea and sunset views. The development will also provide a range of dedicated facilities and amenities for mature residents, and will be managed by a leading international senior living brand.
Setthaphol Boottho, Executive Director, MontAzure believes the time is right to launch a high-quality residential option for mature investors on Phuket, especially one with international standard facilities and services.
“Senior living communities have long been popular in Europe, Australia and the USA, but we are now seeing more of these upmarket villages in Asia, as affluent buyers look for safe, comfortable residential options in the region’s most appealing locations,” he said.
According to the latest senior living research reports, China is a fast growing source of investment into retirement communities across Asia. A recent study of HNWI by Hurun Report revealed that 28% of them saw medium- to high-end senior living developments as their personal post-retirement plan, a jump of 87% compared with 2015. This trend is reflected in other parts of Asia, where the baby-boomer generation no longer considers close family support an essential requirement in their later years.
“MontAzure is at the forefront of a wider trend on Phuket that has seen luxury resort property come back into the investment spotlight, particularly along the island’s central west coast beaches. Being part of a mixed-use development makes MontAzure the ideal choice for mature buyers looking to escape the city without missing out on sophisticated lifestyle options,” added Mr. Boottho.
The first phase of the MontAzure development, Twinpalms Residences MontAzure, features 75 upscale branded condominium units right by Kamala Beach which is already substantially sold out ahead of its completion next year. Meanwhile, two popular venues – Café Del Mar and HQ Beach Lounge – are already in operation on the MontAzure beachfront.
The development’s anchor hotel, InterContinental Phuket Resort, broke ground in mid-July and will open in 2019 to offer guests a combination of luxurious rooms, suites and villas supported by the high service standards expected from InterContinental Hotels and Resorts. The resort will be and the 19th IHG property in Thailand.