BANGKOK, 6 November 2024: Banyan Group Residence remains bullish on high-end residential property in Phuket, as annual residential sales increased 300% from USD65 to 70 million per year pre-Covid to over USD200 million per year in 2024.
The group has announced plans to develop a further USD1 billion worth of luxury residential real estate in Phuket over the next two to three years, as demand for quality homes on the island remains high from diverse international markets. Over the next 5-10 years this could extend to USD4.5 billion or more.
Banyan Group, led by Singaporean entrepreneur Ho Kwong Ping (KP Ho), is famous for its pioneering Banyan Tree Hotels & Resorts luxury hospitality brand which just celebrated its 30th anniversary as well for being a strong driving force in the development of Phuket as a tourism destination.
Its iconic 3.5 sq km Laguna Phuket integrated resort now draws over 1 million visitors a year and comprises eight world-class hotels and resorts, an award-winning golf course, shops, spas, medical facilities, and even its own international pre-school kindergarten, in addition to 3,000 private homes.
In addition to Laguna Phuket, the company also announced another ambitious development earlier this year; Laguna Lakelands, a one square km site of lush jungle and scenic lagoons connected by 15 km of nature trails adjacent to Laguna Phuket. This will eventually be home to another 5,000 or so private residences.
As Banyan Group has seen the sales of its private residences in Phuket soar since the end of the Covid slowdown, the company is launching eight new residential projects within both Laguna Phuket and Laguna Lakelands in 2024 – with a total development value of USD425 million. These include Lakeview Residences and Skypark Elara Residences at Laguna Lakelands, as well as some prime beachfront projects within Laguna Phuket such as Garrya Residences Phuket, Beach Terraces at Laguna Phuket and Laguna Beach Residences Bayside.
“We’re seeing a huge demand for new homes in Phuket due to a whole range of factors from trends such as urban flight, work from home, geopolitical issues and simply the fact that Phuket has become a great place to live with world-class international schools and hospitals and all the benefits of a year-round tropical lifestyle,” said Banyan Group founder and Executive Chairman KP Ho.
“High-quality property is still significantly cheaper in Phuket than in most buyer source markets like Hong Kong, Singapore or Europe, which is also an important factor,” he said.
Phuket’s strategic location — within five or six hours of over 40% of the world’s population — its attractive year-round climate, and the growing number of world-class international schools and hospitals are also part of its growing attraction.
Up to 2024, around 3,000 residential units have been built in Laguna Phuket, with another 700 now under development. Over the next five to 10 years, a further 10,000 units are envisaged for Laguna Phuket and Laguna Lakelands.
