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Amari unsure of launches in Phuket, Phang Nga

AMARI ESTATE Co, a property arm of Ital-Thai Group, is targeting at both local and foreign buyers two residential projects worth at least Bt4 billion to be developed from 2015-16 in Phuket and Phang Nga's Kho Lak.

"We may launch both projects or maybe only one, depending on the market and the economy at that time," chief executive officer Yuthachai Charanachitta said yesterday.

Over the next three years, the company plans to introduce one or two projects annually.

Amari Residences Phuket worth Bt2.3 billion premiered last year. The project is under construction and is expected to be completed by year-end and sold out next year, so the company will start studying the next two projects next year.

The company has succeeded in selling 60 per cent of the first phase, worth Bt300 million, of Amari Residences Phuket. It also aims to boost its sales this year and sell out the project next year by appointing Knight Frank Chartered (Thailand) Co as its project consultant and sales agent for this project.

Phanom Kanjanathiemthao, managing director of the Thai Knight Frank unit, said it planned to take the project on an overseas roadshow to Singapore, Hong Kong, Malaysia and Beijing, China.

The main customer target is investors who want to buy a vacation home and also want investment income, because this project is being developed under the new concept of "hotel-branded residence".

Amari has revamped all procedures and service standards with assistance from Onyx Hospitality, which has been in the hotel and housing management business for more than 20 years. Buyers will be guaranteed a return on investment of 6 per cent for the first three years, then will receive a share of the profit from operating the business.

Buyers of the third and four phases can choose to occupy their unit or put it in the hotel pool.

"After beginning to introduce the project to customers abroad and getting positive feedback from the market, we believe that the project will sell out next year," Phanom said.

Yuthachai said the company aimed to double its revenue to between Bt1 billion and Bt1.5 billion next year, while this year it aims for only Bt300 million from its condominium project in Hua Hin, as the Phuket units will start to be transferred to customers next year.


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