Long popular among travellers on a budget, the tropical island of Phuket, Thailand, has a reputation for affordability.
But for those with cash in abundance, the destination now offers a new residence at the top end of the luxury scale.
Spectacularly positioned high up on one of Phuket’s most desirable hillside settings, the villa residence offers panoramic views of the ocean and sky.
The property is just minutes from Phuket’s pristine Surin and Bangtao beaches, while the island’s premium entertainment and leisure facilities are all within easy reach.
For those with deep pockets, US$7.3 million gets you 3,000 square metres across four floors of living and entertainment space.
The villa features eight bedrooms, all of which have ocean views, ensuite bathrooms and integrated air conditioning. The master bedroom comes complete with a steam sauna.
There is a contemporary western-style kitchen area alongside a luxury Thai.
There is also a private driving range and putting green and two gyms, a pool table area and full-size bowling alley.
Additional amenities include a home cinema with nine electronically controlled seats; a substantial living room and a cellar. There are also 12 bathrooms, a laundry area and separate maids’ quarters.
To really let your guests know you are in with the in crowd, there is a glass elevator, an underground car park, state-of-the-art CCTV cameras and a security alarm system.
Outside is 42-metre freshwater infinity pool overlooking the the Andaman Sea that features a built-in Jacuzzi and integrated children’s pool.
The garden is overlooked by an expansive roof terrace that includes a well-equipped entertainment area, barbecue and outdoor dining area for up to 16 people as well as another Jacuzzi and a cascading waterfall.
It is certainly a cut above the average Phuket beachside hostel.
chnelson@thenational.ae
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Mercer, the investment consulting arm of US services company Marsh & McLennan, expects its wealth division to at least double its assets under management (AUM) in the Middle East as wealth in the region continues to grow despite economic headwinds, a company official said.
Mercer Wealth, which globally has $160 billion in AUM, plans to boost its AUM in the region to $2-$3bn in the next 2-3 years from the present $1bn, said Yasir AbuShaban, a Dubai-based principal with Mercer Wealth.
“Within the next two to three years, we are looking at reaching $2 to $3 billion as a conservative estimate and we do see an opportunity to do so,” said Mr AbuShaban.
Mercer does not directly make investments, but allocates clients’ money they have discretion to, to professional asset managers. They also provide advice to clients.
“We have buying power. We can negotiate on their (client’s) behalf with asset managers to provide them lower fees than they otherwise would have to get on their own,” he added.
Mercer Wealth’s clients include sovereign wealth funds, family offices, and insurance companies among others.
From its office in Dubai, Mercer also looks after Africa, India and Turkey, where they also see opportunity for growth.
Wealth creation in Middle East and Africa (MEA) grew 8.5 per cent to $8.1 trillion last year from $7.5tn in 2015, higher than last year’s global average of 6 per cent and the second-highest growth in a region after Asia-Pacific which grew 9.9 per cent, according to consultancy Boston Consulting Group (BCG). In the region, where wealth grew just 1.9 per cent in 2015 compared with 2014, a pickup in oil prices has helped in wealth generation.
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“What we have seen is a desire for higher returns in what has been a low-return environment specifically in various fixed income or bonds,” he said.
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