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Banyan Group launches first phase of Phuket’s largest residential development

PHOTO: HipFlat

The first phase of Laguna Lakelands, Phuket’s largest residential development, has been unveiled. The Banyan Group project is valued around US$2 billion and covers 700 rai.

Ho Kwon Ping, Banyan Group’s founder, says post-pandemic tourism is driving Phuket’s booming real estate market.

“This current boom is the highest since I started doing business in Phuket over 30 years ago. It surpasses the robust recoveries following the 1997 Asian financial crisis and the 2008 global financial crisis.”

According to Ping, demand for Phuket property is being fuelled by a number of factors that give the island an advantage over islands in the South China Sea, where it rains a lot more. Occupancy in Phuket last year was around 70 – 80% and Ping is confident demand for property will be high as many buyers will be people who first visited as tourists.

Phuket also offers more direct flights, from 70 cities, compared to places like Bali, despite the latter’s larger population. In addition, Thailand’s 10-year resident visa benefits foreign buyers.

Meanwhile, Stuart Reading, managing director of property development at Banyan Group, says sales of condos and villas on the island have been trending upwards, from 1,300 units in 2019, to 1,500 in 2022, which then surged to over 3,000 last year.

“Since we launched residential properties for sale in Laguna Phuket 25 years ago, we have recorded total sales of $1 billion. It took only four months last year to get half of that amount from our new launches.”

Of the 300 units on offer at Laguna Lakelands, 20% have been sold, with 70-80% of buyers being Russian. There are 14 four-bedroom Waterfront Villas on offer, with prices starting at 60 million baht. Two have already been sold to buyers from Saudi Arabia and China.

In total, Laguna Lakelands will comprise 6,000 residential units, across 5 differently-themed zones. Taking around 10 years of development, the sales value of the entire development is expected to be around US$2 billion.

The development will also include a country club, a “town centre” with retail units, restaurants, entertainment venues, a beach club, and adventure park. In addition, 30% of the development will be given over to parks, forest, and lakes.

SOURCE: Bangkok Post

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