This cache is hidden under a large flat roof tile next to a large rock amidst the ruins of what was once Laem Sai Village. It's interesting that a resort on such a nice location has fallen to ruins and has been abandoned.
I don't recommend hiking to this cache via the rocks along the shoreline from Karon or Kata Beach.
I placed the cache while staying at the Marina Cottages just south of Karon Beach. You can walk through the wooden walkways to the back of the property, then exit through a back gate to a paved road. Take the paved road north then west and it'll take you right to the cache.
If you don't want to take the short-cut through the Marina Cottages, then you can follow the paved road from just north of Kata Main Beach.
From near the cache site you should have great views of both Kata and Karon Beaches while in the shade of coconut palms.