Pricing starts from B150,000 per square meter and a 15-year guaranteed return promoted with the first five years at 7% per annum, Mr Barnett noted in his repot today. (See here.)
The project is a joint venture between the Chinese group Delsk and Nusasiri (PLC), he added.
“Completion or Phase 1 is expected in first quarter of 2021. A second phase of the project is currently under planning which will reportedly be larger than the first,” Mr Barnett noted.
Although the Wyndham Hotel Group has yet to post its own news release on its main or corporate portals (see here and here), the Group is one of the largest in the world and includes the Ramada and Days Inn brands, already with a marked presence on the island.
The Laya Resort Phuket originated as a development by SET-listed Nusasiri Plc announced as to be completed in 2017 as part of the company’s strategy to fend off intense competition and risks from high mortgage-rejection rates.
The firm planned to launch 10 new sites worth a combined B13 billion in 2017, Chief Executive Visanu Thepcharoen said at the time.
“The new business model will target upper-end buyers who are much more concerned about health and wellness," he said. "These people have high purchasing power and no problem with mortgage loan rejections,” he added.
Phuket was to see three projects launched, including Nusa Pakok Hotel worth B1.3 billion located on a 60.5-rai site in Pa Khlok, and comprising 120 hotel rooms and 71 villas.
In Cherng Talay, there were be two projects – the Nusa Laya Hotel with 300 rooms worth B1.65bn and the Nusa Laya Condominium with three low-rise buildings and a total of 170 units worth B1.6bn, Mr Visanu explained. (See story here.)