Thai eco-development The Village Coconut Island, located a three-minute boat ride from Phuket, is moving on apace. The phase 1A beachfront villas have been completed, and hillside sea view villas and luxury one- and two-bedroom apartments have been released for sale. Prices start from 22m baht (£337,500) for a two-bedroom villa, and from 11m baht (£168,500) for a one-bedroom, fully furnished apartment.
Developed by Chris Gordon, the man who set up and later sold Sunsail, The Village Coconut Island has been conceived as a watersports resort of 132 villas, each with water frontage, with strong environmental credentials. The small island is only accessible by boat and no cars or motor vehicle are permitted on site. Construction methods utilise local and indigenous materials, techniques and labour.
In particular all concrete used for the buildings’ foundations is made on the island; wood for the timber-framed houses is forested locally and fashioned by on-site carpenters. Other eco-initiatives include solar panel installation that will generate some water heating, which will be supplemented by a heat exchanger in all air-conditioning units. Rainwater is harvested and grey water cleaned and recycled.
In an area of great natural beauty, Coconut Island lies off Phuket’s east c oast and south of the Phang Nga national park. The group of lush peaked islands with sheer limestone cliff faces, that loom out of the sea and dot the horizon, are a sight to behold and visit. Amongst them is the island simply known as James Bond Island having appeared in the film, The Man with the Golden Gun.
Jay Walker, sales manager for the resort, says: “We may buy in a few motor boats that the owners will be permitted to take out on the water on their own. The idea has worked well on other resorts I have worked at around the world. You can imagine here where the water is so perfect for sailing and there are so many islands to sail around in Phang Nga Bay and visit it would work very well.”
The company’s progressive approach is reflected in the attractive rental income being offered. A 6% rental return on all hillside sea view and apartments over four years is offered should owners wish to take it up – there’s no obligation to do so. Further incentives include a 5% reduction on the villa purchase price for any buyers who have signed and completed contacts, and paid a full down payment by 15 December 2007.
Prospective buyers will be interested to learn that purchase fees and taxes are approximately only 3% of the purchase price. Relatively attractive finance is available too. Mortgages with a 70% loan-to-value over 10 years are available to foreigners through Bangkok Bank. HSBC also offer finance against the purchase of a property in Thailand. The Village offers a deferred payment plan over five years.
Payment terms in Thailand vary. At The Village once a reservation agreement has been signed, the purchaser pays a refundable deposit of 150,000 Baht (£2,300) and 25% of the property purchase price. Subsequent stage payments occur at the four main build stages in the following percentages: foundations complete (25%), superstructure complete (25%), finishing work completion (15%) and then finally the handover (10%).
Freehold ownership for foreigners is not permissible. Instead, the two main ways to purchase property are through a company, or under a leasehold agreement. For the latter, one registers for a standard leasehold, which is extended by 30 years at a time, for a cost of approximately 100,000 Baht (£1,560) on each occasion. Setting up a company is said to be a formality and costs around £1,000 to do so.
The Village is reached by a 24/7 private water taxi. Only 35 minuets away, Phuket international airport has frequent daily flights to the Thai capital, Bangkok, 90 minutes flying time distant. From the UK, the journey time to Bangkok is approximately 11 hours. International airlines flying London-Heathrow to Bangkok include British Airways; Eva Air; Singapore Airlines; and Thai Airways.
