Pacvest Property Services is offering a new residential development at Phuket in Thailand to investors in Hong Kong and Singapore. The Katamanda estate, at Kata beach on the southern coast, contained 47 villa lots, Pacvest media consultant Laurence Civil said. More than 40 per cent of the land and villa packages had already been sold, mainly to Europeans and Southeast Asian-based expatriates. The developer offers buyers a choice of three villa designs. Completed land and villa packages range from US$350,000 to $1 million. Katamanda's plots range from 340 square metres to 1,250 sq m and the villas from 330 to 355 sq m. Mr Civil said the project was on a hillside and the designs were intended to fit the contours of the landscape. Some buyers of large plots opted for a custom-built villa, but their design had to fit the project's concept, he said. Many Hong Kong residents already owned properties at Phuket, with Thailand's stable and secure political and social environment a drawcard. Pacvest said buyers could receive a return of at least 9 per cent on their investment per annum, based on 70 per cent occupancy. Management and rentals would be handled by an international company. Pacvest Property is part of the Pacvest Group, which was founded in Sydney in 1986. It has developed a number of luxury projects in Asia, including Saladaeng Colonnade and Somkid Gardens apartments in Bangkok, and tourism-related developments in Vietnam. The Phuket villa market is relatively small. Other villa projects include Amanpuri Villas, The Banyan Tree and Baan Kata.