JLL Appointed To Handle Sale Of Royal Phuket Marina
Published: Friday, 08 July 2016
Royal Phuket Marina appointed JLL Hotels & Hospitality Group to offer the property for sale.
(Photos: Royal Phuket Marina)
Following serious interest from an international buyer, Royal Phuket Marina Chairman Gulu Lalvani decided to officially put the development on the market. As exclusive advisor, JLL will handle the sale through an expression of interest campaign closing in September 2016.
“Royal Phuket Marina is my passion and since opening over 10 years ago, I have worked tirelessly to promote yachting in Thailand and make Royal Phuket Marina a leading waterfront destination in the region. With still so much untapped potential, I am keen to find a buyer who can take Royal Phuket Marina to the next level and realise my dream of making this property a world-class integrated lifestyle destination,” says Lalvani.
Strategically located on the east coast of Phuket with access to the island’s main arterial road, the property is less than 30 minutes’ drive from the airport as well as the island’s key spots and major tourism demand generators. Built in 2005, Royal Phuket Marina is an award-winning mixed-use development project that comprises of luxury residential, a world-class marina, a waterfront promenade with restaurants & bars, the island’s largest conference and exhibition facility with high-end retail and office space.
“The property offers a number of value enhancement opportunities including the development of hotels, additional residential and entertainment facilities including a proposed world-class water park. The offering also has the potential for Board of Investment (BOI) privilege allowing for 100 per cent foreign ownership,” says JLL Investment Sales Asia Executive Vice President Aaron Desange.
With a total land area of approximately 200 rai (320,000 square metres), one third has been developed so far. An ambitious and innovative master plan was created to develop one of the most desirable resort destinations in Thailand.
“We have worked with a leading international architect to prepare a master plan that shows the huge potential of Royal Phuket Marina. Established on the sound fundamentals of Phuket's tourism industry, the master plan offers interested buyers an option in how they can develop and enhance the current Royal Phuket Marina offering to become a world-class lifestyle destination for families,” adds Lalvani. “Nothing has changed on-the-ground and it remains business as usual at Royal Phuket Marina for all our team, residents, clients and stakeholders.”
“The Phuket hospitality market continues to be a focus of investors globally and we are anticipating very strong interest in this asset, particularly given the significant future development angle that it offers. Rarely does such a large land holding with extensive master planning and existing infrastructure come to market in such a prominent location and sought-after investment destination,” comments JLL Investment Sales Asia Managing Director Mike Batchelor.