Phuket’s USD24 Million Record Breaking Villa Sale

This one is kiss and not tell but no one’s giving up too many details on the highest individual luxury villa transaction purportedly ever to hit Greater Phuket.

Andrew Batt at the leading industry periodical Property Report has given us permission to re-publish his account of a deal for the ages -

‘What is widely regarded as Asia’s most luxurious home has been sold, Property Report understands.

Beyond Villa, located Natai Beach in Thailand’s southern Phang Nga province, has been sold for around US$24 million, according to a number of industry watchers who declined to be named. The 6,500 sqm property, which was previously owned by California Fitness founder Eric Levine, has been purchased by an unidentified Russian buyer, according to several sources familiar with the transaction.

The ocean-front property has been on the market for several years and was initially listed at around US$27.5 million.

Located on a 10-rai (4 acre) beach front estate on quiet Natai Beach in Phang Nga, the four-bedroom villa has one of the best home gyms in the world, thanks to its former owner. It incorporates glass, steel and granite into its uber-modern and light-filled design which was created by Hong Kong architect Branko Pahor.

Outside its doors Villa Beyond has a two-hole golf course, 37-metre infinity swimming pool, barbecue terrace and covered outdoor massage and dining areas. Notable inside amenities include a 24-seat cinema, hidden kitchen, meditation room and a spa. The master bedroom is 500 sqm in size and boasts its own private swimming pool.

The home gym – with more than 80 pieces of equipment – is located in a separate pavilion on the property, as is a 750 sqm games room complete with bowling alley and karaoke room.

The property was being marketed extensively by local and international agents, and had been featured in the pages of global newspapers and magazines, including The New York Times.’

For now expect more than a few upscale villas to start work on posting their ‘For Sale’ signs on the island.

As for beleaguered brokers, clients will no doubt start raising their expectations just somewhere short of Jupiter and Mars. Indeed awesome Phuket never fails to amaze.

Phang Nga’s Beach Front Land Surge Stunned By New Zoning Act

One of Greater Phuket’s most dynamic property markets of the past eight years has suffered a setback with the introduction of a new Ministerial Regulation which came into effect July 3.

Thailand’s Ministry of the Interior has taken steps to cool off skyrocketing land prices and development of luxury villas and hotels in an area often referred to as ‘over the bridge.’ In this case the new Act is directed at the west coast area of southern Phang Nga province from Kok Kloy, Natai, Tah Sai, Bo Dan and Thai Muang.

With its close 15-20 minute driving distance from Phuket International Airport on wide roads and an expanding four lane Sarasin Bridge the prime area has been driven by property buyers who want absolute ocean front land, which is for the most part unavailable in Phuket.

Some of the area’s most expensive luxury villas are located in the Natai strip including Jivana, Sava, California WOW fitness entrepreneur Eric Levine’s mega residence. Boutique upscale resort Aleenta was an early arrival and high profile ongoing developments such as Similan Beach, A Ritz-Carlton Retreat and Richard Li’s 1000 rai destination mixed use resort in Thai Muang have added glitter to the offering.

Under the new regulations a reduction in plot ratio’s, restrictions on subdivisions and designations of large forest preservation areas and protected agricultural parcels looks set to impact large scale land speculation.

The Act has an effective period of 5 years and there remains speculation over whether Phuket itself could see new similar guidelines. In the short term in all likelihood the area will continue to attract million dollar villas and become more of a bedroom community for Phuket but certainly a critical mass of hotels and larger residential estates who are keen to enter the market will face challenges. Some sites such as Thai Muang who have substantial green areas will be able to cope with plot ratio issues more then small sized parcels.

Area’s north of Thai Muang including Tap Lamu, Khao Lak, and Takuapa are not covered in the guidelines and may seen new land transactions as speculators move to other areas which have west coast ocean front land.

Sino-Thai railway talks

Thailand’s Deputy Prime Minister Suthep Thaugsuban last week reported to the Thai Cabinet that China is interested in providing investment, technology and management support for a new 240-kilometre railway line from Bangkok to Rayong.

The news follows an official July 16-23 visit by Suthep to China.

Suthep also disclosed that the two countries may additionally cooperate in railway projects at the Thai-Lao border in Thailand’s Nong Khai province, in connection with a possible new rail line to Laos and China.

Similar cooperation may also occur with a possible new rail link from southern Thailand into Malaysia.

New incentives for US firms

Bangkok Post
Deputy Finance Minister Pradit Phataraprasit has encouraged leading US companies to set up their regional operating headquarters (ROH) in Thailand.

Representatives of nearly 50 giant US firms on Friday morning met with Mr Pradit to discuss business and investment obstacles.

“The Ministry of Finance will propose new incentives for foreign firms to the cabinet for consideration next Tuesday,” Mr Pradit said.

The new offers include zero per cent corporate tax for 15 years and a 10 per cent corporate income tax on income in Thailand, the deputy minister said.

For foreigners working at a regional head office in Thailand, personal income tax would be only 15 per cent for 15 years, he added.

Phuket to stay green up top

– A daily digest of news from around the world compiled by Gazette editors for Phuket’s international community.

PHUKET: Phuket’s Natural Resources and Environment department head Ong-art Chanachanmongkol has announced that the 80-metre height limit on new construction will remain in place, according to Property Report magazine.

Some had speculated that the limit might be dropped on September 30 after a review that occurs every two years.

Increased regulations will also take effect September 30, requiring consultants to register and pass a test before they can perform environmental impact evaluations.

“The law will remain unchanged from October 1 in regard to the 80-metre limit,” Khun Ong-art said. “If anything, there will be more protection for Phuket’s natural environment.”

He added that he didn’t think the height limit would ever be removed.