Capstone goes all in on Phuket
Property firm Capstone Asset Co is capitalising on momentum in Phuket and the emerging Phangnga market, with plans to develop a Marriott-branded residence and hotel in Phuket, a resort in Natai, and provide advisory services for a mixed-use project in Khao Lak.
Chief executive Titiwat Kuvijitsuwan said Phuket is not only a tourism destination, but also an attractive location for residential and rental investment, drawing short-stay travellers, long vacation tourists and working professionals.
“The Phuket residential market is substantial,” he said. “Long-term stays are rising, driven by executives, business owners, remote workers and those planning to spend their retirement in Phuket.”
While Phuket remains appealing for residential development, competition has intensified as the market has matured, requiring developers to offer unique and differentiated products rather than relying solely on prime locations, said Mr Titiwat.
Following the company’s development of Tonson One Residence in Bangkok, where the condo market has slowed, Capstone earlier this month signed an agreement with Marriott International to bring the Autograph Collection brand to its first project in Phuket.
Peylaa Phuket Autograph Collection Residences will be the first Autograph Collection Residences location in Asia-Pacific and the 15th worldwide, with Marriott managing long-stay rentals for investment buyers.
“Marriott is a global brand that helps us reach buyers worldwide,” he said. “Its standards, from design to construction, provide long-term confidence, assuring buyers and investors that the brand will enhance value and credibility.”
One of Marriott’s requirements, which sets it apart from typical condos, is the installation of sprinklers in every unit in addition to smoke detectors, as well as strategically placed WiFi routers to prevent signal dead zones.
“Marriott selecting us as a partner is a strong endorsement,” said Mr Titiwat. “They choose developers with a strong capital base, solid reputation and proven financial track record. We must maintain healthy cash flow and net worth at all times.”
The branded residence is to form part of Peylaa Phuket, a mixed-use development on a 12.6-rai plot in the Bang Tao area.
The branded residence component, worth 4 billion baht, occupies 10 rai and features 400 units.
Unit sizes range from one-bedroom units of 45 square metres to two-bedroom units of 83–86 sq m.
All units will be fully furnished, with prices starting from 7.2 million baht, averaging 170,000 baht per sq m.
The project will be launched next month, with the company expecting to sell 70-80% of the units before completion in 2027.
There will also be a 126-room hotel worth 1.5 billion baht operated by Marriott under the Autograph brand and four shophouses priced at 30 million baht each.
Capstone has begun construction of a 150-room hotel on a 23-rai beachfront plot on Natai Beach in Phangnga, with an investment of more than 2 billion baht. The project is scheduled for completion in 2027.
The company is also providing advisory services to a landlord owning 1,500 rai in Khao Lak, Phangnga, for the development of a mixed-use project named Matalay.
The project will feature six hotels, an international school, a convention and exhibition centre, a wellness centre, a camping area, and a surf village and school.
Source – Bangkok News
