Foreign demand for Thailand’s property seems unaffected by the strong baht exchange rate, according to figures from real estate specialist, CB Richard Ellis.

In Bangkok, for example, foreign investor property purchases jumped by more than 25 per cent from 2010 to 2012. Some 15 per cent of the buyers are from China and Hong Kong, 15 per cent from Singapore and 10 per cent from Japan, CBRE said at a recent press conference.

Thailand, known equally for its bustling capital city as for its remote beach destinations, is expected to welcome 24 million tourists this year, further boosting the need for real estate to support visitor numbers.

Anticipating a spike in the property market, CBRE Thailand has teamed up with Onyx Hospitality Group, part of Thai conglomerate Italthai Group, to develop 160 luxury units in Phuket. The preview sale of the Amari Hotels Resorts and Spas-operated residences kick-started in Hong Kong last month.

“The response and sales achieved has exceeded our expectations. The project was very well received by the Hong Kong market. We generated a total of 12 sales, with over 10 potential buyers to follow up on who are planning site visits to Phuket,” Aliwassa Pathnadabutr, managing director, CBRE Thailand told WealthBriefingAsia.

CBRE believes this is a good time to buy into Phuket as the market is currently at the beginning of its rising cycle. “After several years where there has been a lack of new quality product on the market, Amari Residences Phuket is giving the market a fresh push it deserves,” Pathnadabutr added.

When complete at the end of next year, Amari Residences Phuket will comprise of 148 residences and 12 pool villas situated on a prime coastal site above Patong Bay - Phuket’s most expensive location where land prices average HK$20,000 (approximately $2,575) per square metre.  Architecturally designed as two and three-story low-rises, the residences boast panoramic 270 degree sea-views from every unit.

The views aren’t the only aspect that make this development unique, according to Italthai chief executive, Yuthachai Charanachitta. His firm has been able to secure a 90-year leasehold for foreign buyers, who in Thailand are usually only partial to 30-year leaseholds. The Italthai Group also includes a construction arm which will be building the residences, helping assure a timely completion date. Another clincher according to the CEO is the guaranteed 6 per cent rental income for the first two years. “We are probably the only one on the island to give this guarantee at the moment,” Charanachitta said.

Amari Residences Phuket, for which the starting price for a one bed is HK$1.9 million is mainly expected to attract buyers from China, Hong Kong, Singapore, Japan, Russia and India.

“[The development is] the only product in Phuket which offers an affordable luxury residence, managed by a branded international hotel chain. All other branded residences in Phuket are villa projects which are priced in excess of $1 million,” said Pathnadabutr.