Is the property freehold or leasehold? Why?
The Otium Phuket village is leasehold. This allows Otium as the freehold owner to manage the service levels and maintenance within the village in a consistent manner. This ensures all property and communal areas are kept to the highest standards. The comfort of all owners and residents is paramount and we look to protect and improve the investment value of the property over time. However this is your own home and your investment.
What is the length of the leasehold?
Otium Phuket is a 30-year leasehold which is automatically renewable.
Are there any restrictions on purchasing?
There are no specific restrictions on purchasing. Whoever lives in the village needs to be 50 years or older, however there is no age restriction on the property owner.
Can I buy as an investment?
A limited number of investor packages are available which come fully furnished and include management fees. Enquire with the sales team to find out more. These properties offer a guaranteed yield of 5% over a period of 5 years.
If you wish to purchase a property and live in it later, you can put the property into the rental pool and this will be rented out to contribute to costs. You can then move into the village at your convenience
All rental properties will be managed and marketed worldwide by Otium.
What happens if and when I want to sell?
The option exists to sell privately or Otium can administer the sale of your property for a fee. Otium will keep a waitlist of potential purchasers to assist in any potential sale. The DMF (Deferred Management Fee) is applicable on sale of the property – see fees section.
Can I leave the property to my children in my will?
In Thailand, there are very specific laws around inheritance, particularly on leasehold property. We recommend that you get legal advice on this issue when reviewing your Sale of Leasehold agreement. With good planning we can ensure your intentions for your property are honoured.
Are there sales units to view?
There is a sales gallery in Kamala Beach approx. 400 meters from the Otium Phuket village site. Please come in and visit to view the apartment and villa show units to experience the quality and location of this exquisite village. There is a downloadable map on the contact and overview page or call us to get directions. The gallery is open seven days a week between 9am and 6pm.
What are the fees in the Otium Phuket village?
After the initial purchase cost, a fee structure is in place to ensure the ongoing upkeep and improvement of the village.
There are two fees:
What is the Monthly Management Fee (MMF)?
The MMF ensures your living environment remains pristine and the investment value of your property is protected. It also makes provision for the staff and services to make your time in our village convenient and stress free while enjoying access to an active and varied lifestyle on your doorstep. This fee is calculated per square meter and is thus based on the size of the property.
The MMF is different by village, but essentially covers key services including maintenance and care of all communal areas and gardens, the Otium Club sport and leisure facilities, building insurance, transport services, 24-hour medical suite and concierge services amongst others. Enquire with the village sales team for a detailed description
What is the Deferred Management Fee (DMF)?
The DMF is payable when the property changes hands or the lease is renewed. This money creates a fund for larger projects to renovate and upgrade the property and add new facilities. This may include costs like a roofing replacement, new shuttle vehicles, upgrade to technology and systems or an extension to the Otium Club facilities.
Enquire with the village sales team for further details.
Is there a sinking fund?
No, the Otium model follows that of the British retirement model vs the sinking fund concept used in the USA. There is no upfront sinking fund cost. This is largely replaced with the Deferred Management Fee (DMF).
How does the rental pool work?
If you wish to put your property into the rental pool, you will need to notify us at signing of your purchase agreement or let the Otium rental team know if you are living in the village. You will need to purchase the Furniture, Fittings and Equipment package (FF&E) to ensure the property is suitable for guests. Typically, we ask that properties are placed in the rental pool for 3 years to start, this will roll over unless cancelled with a 6 months’ notice.
No private sub-letting is allowed in the village.
What is the cost/return from the rental pool?
Typically, the rental income is split 50/50 between the owners and Otium management after any third-party fees have been deducted (if applicable).
You will need to cover the MMF over the period.
If you have purchased using an investment package – please see the specifics of this package as the price will include the FF&E and the MMF for the investment period, therefore you will not have any additional costs .
Why is the minimum rental period 1 month?
Community is important within the Otium villages, the longer stay allows for the residents to enjoy the full benefit of the healthy lifestyle in the village and creates the neighbourly culture valued by owners. The Otium team will get to know you when you stay in the village for a longer period and is further able to make it an exceptional and memorable experience.
How many days can I use my property if it is in the rental pool?
This is fully flexible, however advanced notice of your dates is required. When you choose to stay in the property and for how long will directly impact the income from the rental pool and reduce the contribution to your costs.
If you have purchased using an investment package – please see specifics of this package as rules may be different.
What facilities and services are covered by my MMF and what do I need to pay extra for?
Within the MMF there are a variety of included services. These are different by village, but Otium Phuket services will typically include an annual medical (optional), access to the gym and a schedule of fitness classes, a selection of films and events in the cinema, a programme of social events within the village, free transport services to local destinations, 24-hour. emergency care and monitoring, business centre services and concierge.
Extra services that are available but may attract a charge may include housekeeping, personal training, pet sitting and Niche Health and Wellness programmes.
Contact your village sales team for services specific to your preferred village.
Can I make changes to my property?
Certain changes to the property are permissible both during build and once you have moved in. This is your home and we want you to enjoy it as much as possible. There is a design handbook that will give guidelines to ensure the property stays fit for purpose. Otium will provide a list of approved suppliers and is happy to project manage larger jobs if this is required.
Can I buy the FF&E package if I am not in the rental pool?
Yes, this package is typically available to all residents.
Can I have pets in the village?
Our villages are pet friendly as we know how important pets are to some of our residents. We do ask that as a matter of courtesy to other residents that animals’ noise is considered, they are trained and leashed when appropriate to ensure the comfort of all residents.
Will the facilities be available to outsiders?
In the Otium Phuket village, certain areas and services will be made available to outside members of the public for a fee. The Niche Naturopathic Centre, the restaurants and the Otium fitness facilities are those most likely to attract outside patrons. This is an exclusive access available to only a specified number of people.
All guests who are registered in the village will be able to access facilities as guests of an owner or resident.
Do I need to leave the village if I become unwell?
In short, no. We want the village to be your home indefinitely so all necessary comforts, modifications and support or care services required will be accommodated within reason.
The only exception would be if the Otium Care team is concerned that the resident may endanger themselves or other residents. If this is becoming a concern, the team will consult with you and your family/nominated person to discuss options to find a resolution.
What medical facilities and services exist in the village?
At Otium Phuket there are a variety of wellness, care and medical services available to support a healthy lifestyle and independent living.
How far away is the Otium Phuket Village from key destinations?
|Phuket International Airport||22 km|
|Phuket Town||23 km|
|Bangkok International Hospital||19 km|
|Kamala International Clinic||2 km|
|Patong Beach||7 km|
|Central Shopping Complex||20 km|
How accessible is the village?
The village is fully accessible. All areas have wheelchair access and are designed to ensure comfort and ease of movement even if mobility is restricted. The only exception is the buggy path, which is exclusively for vehicles. There are steps in the village to allow for those who prefer to use them but all areas have alternatives.
Who are the investors behind the Otium Phuket village?
Otium Phuket is a joint enterprise between Thailand’s most reputable developers: Nye Estate Co. Ltd, LPN Development PCL, Chewathai PLC and Ch.Karnchang PCL.
Who designed the Otium Phuket Village?
The Otium Phuket village was concept designed by Michaelis Boyd of London and A49 of Thailand. Coopers Hill and PIA interiors have supported with landscaping and interior design respectively.
Who is managing the Otium Phuket village?
The Otium Phuket village will be managed and operated by Otium-Living. The Otium Lifestyle Director will be responsible for ensuring that all residents have the best possible experience in the village and the Property Manager will make sure that everything runs smoothly. Otium will also manage the Otium Care team.
When is the Otium Phuket village opening?
The Otium Phuket village is expected to open in Q1 2023 with full service and all properties complete.
What is the material specification for the Otium village living units?
Quality materials have been chosen to ensure sustainability and quality finish considering the local conditions and effects of the elements. All outside materials will be maintained by Otium on an ongoing basis.
What parking is available on site?
Each unit has allocated parking within the village dependent on the size of the unit. There is additional visitor parking and additional parking spaces may be purchased if desired. Ask the sales team for the parking allocated to the unit you are interested in. There is provision for electric vehicle charging on site.
This website can only give you a flavour of what it’s like to live in an Otium village. No doubt, there’s plenty more you would like to know.
If you have any questions, just give us a call. We’ll also be delighted to respond to your enquiries sent to us by email.