WORD ON PHUKET PROPERTY: Stalled luxury Phuket villa development The Yamu has been given a financial boost with local and foreign investment for the New Year, allowing construction of the resort development to continue.
Investors with funding from Singapore-based Hotel Properties Limited (HPL), operated by Ong Beng Seng, and KS Group, Thailand, have jointly put up enough capital to complete The Yamu by 2012, it was reported.
With Philippe Starck designs and architecture by Jean-Michelle Gathy, The Yamu developer Campbell Kane touted the villa and hotel development as a ’7-star’ resort, but suspended construction last year, due to the global financial crisis.
When complete, The Yamu will offer 13 one- and two-bedroom pool villas for sale and rent, plus nine four- to seven-bedroom ‘villa estates’.
The HPL Group already has interests in The Metropolitan in Bangkok, Le Meridien Phuket, and the Hard Rock Hotel in Pataya — as well as interests in about 40 hotels in 14 countries, including Singapoer, Bali and the Maldives.
Relative newcomer to the hospitality industry, the KS Group, has only recently invested in managed properties in Thailand, the Maldives and Cambodia. KS Group has traditionally exported auto parts for Honda.