Phuket to witness a magnificent luxury residential project

Monday, February 5, 2024

The Banyan Group, headquartered in Singapore, unveiled its ambitious plans to develop Phuket’s most extensive luxury residential venture. This move is aimed at capitalizing on the robust resurgence in real estate interest following the pandemic’s conclusion.

This development is poised to enhance travel and tourism by attracting visitors and potential residents, thereby benefiting both tourists and businesses by offering luxurious living options and contributing to the island’s economic growth.

Set to commence construction on Phuket’s sought-after western coast later this year, the Laguna Lakelands project by Banyan is expected to feature 6,000 units. The project, which plans to welcome residents in stages over the next decade, has already seen approximately 20% of its first 300 units sold, including both condominiums and villas.

With a projected gross development value of billions, this project stands as Banyan’s largest and newest venture under its residential brand portfolio. Situated adjacent to the renowned Laguna Phuket integrated resort, the development will dedicate a substantial portion of its 1 million sq. meters to natural and public spaces, including rainforests, parks, and lakes.

The announcement coincides with a surge in Phuket’s real estate market, attracting significant interest from both international and local purchasers since the pandemic’s end. Last year, the island, home to approximately 420,000 residents, witnessed a notable increase in property sales, with over 3,000 units sold, a figure that more than doubled from 2022, predominantly fueled by condominium sales.

According to Banyan, the demand has led to a doubling of prime land prices on the island over the past two years, with Russian, Chinese, and British nationals forming the largest groups of foreign investors.

Stuart Reading, Banyan’s Group Property Development Managing Director, highlighted Phuket’s growing appeal not just as a tourist destination but increasingly as a residential choice, with foreign buyers looking to relocate rather than merely invest.

The majority of Banyan’s residential sales are to Asian clients, particularly from China, Singapore, and Thailand, though Russian purchasers represent the largest single group, constituting about 35% of sales, partly due to individuals fleeing the Ukraine-Russia conflict.

Since its inception in 1994, Banyan has risen to prominence among Asia’s top luxury hotel, resort, and residential operators, positioning itself alongside global giants such as Marriott, Four Seasons, and Hilton. The group boasts over 70 hotels and 14 residences across more than 20 countries, with brands including Banyan Tree, Angsana, and Cassia.

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