Luxury Kata Villa Project Converting To Resort
Conversions are always an indication that all things are not good in the broad island residential property market.
News just in as that the developer of the luxury estate The Hermitage in Kata is opting to convert part of the project to a 70 key pool villa resort.
Original plans called for 12 upscale properties which will now only see 5 large homes retained and the remainder of the land shifted to a hospitality project.
According to the developer a local management firm will operate the resort, which is targeted to within 2012.
For resort grade real estate a continuing storyline of resales versus offplan sales continue to dominate the trading space.