A stalled golf resort project in Thailand has been put up for sale by its owners.

Developer Asian Tropical Homes Group is looking for a price of around 1.25 billion baht (US$41m) for the project site, known as The Cove Krabi, which occupies 73 hectares in the Had Yao Beach area of Krabi province, and includes half a kilometre of beachfront on the Andaman Sea.

The Cove project, which was launched several years ago, was intended to include a Colin Montgomerie signature golf course. CEO John Grice said: “The potential and opportunities this site has to offer the right developer are boundless, anyone with vision will see and realise this. Unfortunately this site will not now be developed by ATH. Due to the global economic and local political climate we have after five years decided, for the protection of our shareholders, to pass the opportunity onto someone else”.