The Phuket News Premier League predictions The Phuket News Kata Rocks The Phuket News Outrigger Koh Samui Beach Resort
The Phuket News Business News
The Phuket News Phuket | Thailand | World | Business | Q&A | Weird World XML, RSS, Feed
The Phuket News The Phuket News
The Phuket News

Rise of the condotel: Phuket’s Mai Khao Beach Condotel developers solve Hotel Act conundrum

PHUKET: A new condo development at Mai Khao, on Phuket’s northwest coast, is among the first to make a major breakthrough for potential owners wanting to rent out their properties for periods of 30 days or less since the recent crackdown on condo projects across the island under the Hotel Act.

construction, property, land,

The Phuket News

Sunday 3 September 2017, 11:00AM

Mai Khao Beach Condotel, freehold and legally available for rent at daily rates
Mai Khao Beach Condotel, freehold and legally available for rent at daily rates

Mai Khao Beach Condotel has had its building permit as well as its essential Environmental Impact Assessment (EIA) both approved, giving the developer Mai Khao Beach Condotel Co Ltd, which is part of Thai Business Development (TBD) Company Group, the green light to go full steam ahead in delivering the units.

The condotel, located just 450 metres from Mai Khao Beach, is surrounded by five-star resorts and is only 10 minutes’ drive to the airport. But sales off-plan have been swift, with only about 160 units of the 320 units still available, confirmed TBD Company Group CEO Igor Protasov.

Other major drawcards are the 10% guaranteed rental return for five years program, and with unit prices from B1.999 to B6 million, the option of freehold ownership has had incredible appeal,” Mr Protasov told The Phuket News.

Further, the completed project will be “hotel managed”, he said.

“We are in negotiations with three different Western hotel chain companies to get a four- to five-star hotel brand of one of those companies to manage the Mai Khao Beach Condotel,” Mr Protasov added.

Yet the major attraction is that foreigners can own their units freehold and can rent them out at daily rates as the entire project has been designed to comply with the Hotel Act and the required building standards and the project will be managed by a hotel operator, explained Mr Protasov.

KMM Services

The move to ensure dual compliance was done to appeal to buyers in the market for their full confidence.

“The decision to ensure the project complies with both the Condominium Act and the Hotel Act was made before we launched into the design and planing of the project,” Mr Protasov explained.

The main factor was to create project that is interesting for buyers as an investment. Owners can legally rent out of their units on a daily basis allows to guaranty to the customers 10+% return on investment per year from rentals,” he pointed out.

“As well, because it is a commercial property, its value after construction is finished will be at least 25% higher compared with market prices of standard residential condominiums.”

Regarding the hotel operator to be brought in to manage the daily operations of the development, Mr Protasov noted that TBD Company Group already has experience with hotel operations.

We have been operating the Palm Oasis Boutique Hotel, which is a part of TBD Company Group, over the past five years,” he said.



The Phuket News
The Phuket News
Comment on this story
* Please login to comment. If you do not have an account please register below by simply entering a username, password and email address. You can still leave your comment below at the same time.
Comments Here:

Comments Left: Characters
E-mail: (No Hotmail, Live, MSN and Outlook accepted at this time)
   => Forget password?

Andy | 03 September 2017 - 14:34:23

Post construction value 25% above market and 10% return guaranteed for five years. If something sounds too good to be true it probably is.

The worldwide property bubble will end like all bubbles in "pop" and a lot of tears.

The Phuket News

Discover Thainess | 03 September 2017 - 12:02:18

Is that an advert or an article? How is this different from every other "condotel" that's been built over the last few years ?

The Phuket News
Matches 2 result(s)
The Phuket News
The Phuket News
The Phuket News
The Phuket News The Phuket News The Phuket News
The Phuket News
Share this
The Phuket News
Have a news tip-off? Click here
The Phuket News
Related stories
The Phuket News
Phuket community

Recent Comments

Phuket police investigate speedboat explosion that left two crew members injured

Why was the speedboat, after dropping tourists at Chalong Pier, sailing out 200 meters and than intend to return? Where they dropping waste/debris th...(Read More)

Zebra shark, Bull shark alleged to be on menu at Phuket restaurant

And with the change in demographic from Western tourists to Chinese, expect to see much more of this....(Read More)

Police learn how to investigate, in Phuket

But they still will not investigate unless you pay them. ...(Read More)

One dead, one injured in wicked pickup accident

Does idiot high speed ( see outcome of it on the photos) need any further investigation? As a insurance company I would requests a alcohol + drugs te...(Read More)

20 Uighur escapees at large after Songkhla prison break

Just saw the 'escape' on BBC World tv. After breaking out of their cell, they were on a by high wall surrounded compound. Cams showed clearl...(Read More)

Police learn how to investigate, in Phuket

Is this just another attempt of RTP to deviate public attention away from all the Phuket RTP corruption matters? May I laugh to read about Detectiv...(Read More)

Phuket airport ‘Fast Track Service’ companies suspended amid ‘illegal activity’ investigation

If I am reading this correctly it must be illegal, as someone is getting their palms "greased" and leads to corruption by immigration staff ...(Read More)

Phuket airport ‘Fast Track Service’ companies suspended amid ‘illegal activity’ investigation

I many times have experienced fast track service on Phuket airport. Departing and arriving. Any illegal activity is impossible. You 'fast track...(Read More)

Nigerian shooting suspect still denies charges, case file with Phuket prosecutor

So,Thai woman would do everything for money,even such highly immoral things like "Eskimo nose kissing".What a biased shameful comment!Instea...(Read More)

Free ISLA professional lifeguard training gains ground in Phuket

All said about what the Phuket Government has to think, realize and stand for is so very true. Invest in those people, to maintain them, to pay them ...(Read More)

The Phuket News
Bangkok Hospital Phuket
Weird World
The Phuket News PHUKET LIFE
Phuket Arts
Phuket Community
Phuket Culture
Phuket Dining
Phuket Education
Phuket Entertainment
Phuket Environment
Phuket Health
Phuket People
Phuket Technology
Phuket Travel
World Entertainment
Photo Galleries
The Phuket News PHUKET SPORT
Phuket Buy and Sell
Phuket Jobs
Phuket Property
Phuket Cars and Boats
Phuket Community
Phuket Services
The Phuket News The Phuket News PHUKET EVENTS
Phuket Event listings
Phuket Event calendar
Buy Tickets
Phuket Bars, pubs and clubs
Phuket Hotels and villas
Phuket Restaurants
Phuket Yellow Pages
The Phuket News BARGAINS
The Phuket News ABOUT US
The Company
Distribution points
Advertise with us
Pay for advert
Contact us
Content Google Map
Site map
Australian Visa Services
Currency - The Phuket News   Weather Report - The Phuket News   Surf Report - The Phuket News
LinkedIn - The Phuket News   Twitter - The Phuket News   YouTube - The Phuket News   Facebook - The Phuket News
Copyright © 2017 Class Act Media. All rights reserved. | Website usage terms and conditions | Privacy and Confidentiality Statement.