The Lai Thai Condominiums, offering family-style accommodation, officially opens following receipt of all operational permits
Thematic real estate investment company, Sniper Capital Limited, is pleased to announce the successful completion of its residential redevelopment project located in the heart of Ao Nang, Krabi, Thailand. The US$20 million project is a joint venture with locally-based Thai Treasures Company Limited.
Occupying a land area of 5,000 square metres, The Lai Thai Condominiums was developed to cater to the increasing demand for family-style accommodation in Krabi. It replaces the award-winning 20-year-old Lai Thai Resort, listed as one of the top 100 resorts of Thailand.
The redeveloped property comprises three four-storey blocks of 79 luxury apartments, of which 40 are operating as hotel accommodation and the other 39 are available for private ownership on a freehold or a 30-year leasehold tenure.
The response to the sale of the apartments has been strong, with 95 per cent of available units successfully selling out at prices ranging from US$130,000 to US$515,000.
Tom Ashworth, Principal of Sniper Capital Limited says, “Krabi is home to some of the most beautiful scenery in Asia and the province’s rapid growth prospects present immense investment potential at attractive values. The Lai Thai Condominiums fills a gap for high quality family accommodation in Krabi.
“We remain extremely positive on the long-term potential for tourism-driven real estate across Asia, as China’s rapidly expanding middle class seeks new leisure destinations. We are actively planning further projects in this segment,” adds Ashworth.
Property prices in Krabi remain at up to a 30 per cent discount to those in Bangkok and Phuket. Buyers have the flexibility of leasing out their apartment through The Lai Thai central reservation system that is well-utilised by tourists and travel agents. Rental yields are expected to be in the region of 10 per cent.
The development features four different types of units – 31 studio apartments, 30 one-bedroom apartments, 15 two-bedroom apartments and 3 two-bedroom penthouse units – with sizes ranging from 40 square metres to 154 square metres. All units are fully furnished and have a view of either the pool, the ocean or the magnificent limestone cliffs of Ao Nang.
The development is fully staffed and operational. Facilities include a 25-metre lap-pool, children’s pool, jacuzzi area, retail facilities, fitness centre, housekeeping, off-street car park and 24-hour security. There is also an Italian restaurant, “The BB Bistro” and a quaint wine and whisky bar, “The Grape Escape”.
With a magnificent view of the Andaman Sea and limestone cliffs, The Lai Thai Condominiums is only 700 metres to Ao Nang beach and is strategically located in the main commercial area of Ao Nang. It is in close proximity to various amenities, including restaurants, bars, shops, mini-marts, pharmacies and clinics.
For more information about The Lai Thai Condominiums, please refer to www.laithai-resort.com.
Krabi’s booming tourism industry
Krabi is rapidly transforming into a popular year-round holiday destination for families and leisure travellers seeking a peaceful retreat, away from more commercialised beach destinations.
The region offers a comprehensive tourist infrastructure, with an extensive choice of accommodation, shopping, dining and leisure activities and some of the most beautiful beaches in the world. This is driving a surge in visitor arrivals – mainly from Mainland China and Malaysia – with the province receiving almost 1 million overseas visitors in 2015, an increase of 45 per cent year-on-year.
The hospitality industry in Krabi will be further boosted by the completion of a four-lane highway by 2020, which connects Phuket, Phang Nga, Krabi, Trang and Satun, as well as the planned expansion of Krabi International Airport, which is targeted to increase passenger capacity to 5 million per annum by 2022.