Staff Report
Dubai, UAE
Thai hospitality and property conglomerate Banyan Group, which operates hotels and resorts in the Gulf region, expects to release US$1 billion worth of new luxury residential real estate in Thailand’s 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 US$4.5 billion or more, the company said in a statement.
Banyan Group Residences has become the first Thailand property developer listed on the Stock Exchange of Thailand to appoint a full-time sales team to sell its luxury Phuket properties in the Middle East. The sales team executives have been deployed in both the UAE and Saudi Arabia, amid a surge of international interest in luxury real estate in Phuket from all over the world.
“The initial response has been encouraging, and we’ve already had quite a few investors come over to view our properties,’ said Stuart Reading, Managing Director of Banyan Group Properties. “Since there’s been a noticeable increase in visitors to Phuket from the Middle East region in the past couple of years, attracted by the agreeable climate, the high-quality lifestyle, safety, and the welcoming international nature of the community, we thought the time was right now to start developing the market.”
Banyan Group, led by Singaporean entrepreneur Ho Kwong Ping (KP Ho), is famous for its pioneering Banyan Tree Hotels & Resorts luxury hospitality brand with a strong focus on wellbeing which celebrated its 30th anniversary last year. The group’s first property was Banyan Tree Phuket – also the first resort to introduce the private pool villa concept – but this has since grown to an impressive group of luxury resorts and branded residences globally, including Banyan Tree Resorts in Dubai and Saudi Arabia.
Last year, Banyan Tree Group rebranded to Banyan Group to reflect the fact that the Group now has 12 global brands of which Banyan Tree is the flagship.
Banyan Group has also been an important driving force in the development of Phuket first as a tourism destination, and more recently as a place for second homes. Set against the stunning backdrop of the Andaman Sea, on a 3km stretch of Bang Tao’s pristine beach, Laguna Phuket, developed by the Banyan Group has evolved over 35 years to become Asia’s leading integrated resort, home to seven world-class hotels, premium facilities as well as now some 3,000 branded residences, many on or close to the beach.
Spanning over 1,000 acres of lush parkland and located just a 30-minute drive from Phuket International Airport, Laguna Phuket has an award-winning 18-hole golf course, luxury spas, exceptional dining options, and countless activities to create unforgettable experiences. Its hotels and condos are set against picturesque lagoons and are interconnected by boats.
As more and more people over time have flocked to Phuket not just for vacations but as a place to live, Laguna Phuket has evolved to become a unique international residential community, welcoming people from diverse backgrounds and nationalities, with nationals of some 70 different countries as its residents. It even has its own primary school and wellness facilities.
And this community is still growing. Banyan Group expects to release another 5,000 residential units for sale over the next 3-4 years at Laguna Phuket and the neighbouring Laguna Lakelands, a pioneering eco-friendly residential community set in one square kilometre of lush tropical forests and lakes adjacent to Laguna Phuket, which was launched last year. Laguna Lakelands will eventually be Phuket’s largest dedicated residential community.
“We’re seeing a huge demand for new homes in Phuket due to a whole range of factors from trends such as urban flight, frequent direct flights from many countries including the Middle East, 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,” Stuart Reading further added.
“High-quality property is still significantly cheaper in Phuket than in most of the buyer source markets like Hong Kong, Singapore, Dubai or Europe, which is also an important factor,” he said.
There is still plenty of room for more growth, according to Banyan Group. Up to 2024, a total of around 3,000 residential units have been built in Laguna Phuket, with another 700 now under development. A further 10,000 units are eventually envisaged for Laguna Phuket and Laguna Lakelands over the next 5-10 years.
“Our strategy is to focus solely on quality high spec residences, regardless of their size,” said Reading. “It’s a bit like when you buy a car from a luxury car brand like BMW or Mercedes, even if you are buying a smaller vehicle you know that the quality and craftsmanship is still on the same level as the top of the range models.”
Mr. Reading says the group will develop larger branded apartments and penthouses in some of Laguna Phuket’s prime beachfront sites, some possibly measuring up to 500 or even 700 sq m in size.
“Scarcity of beachfront land especially on the prestigious central west coast where we’re located means we can look to create luxury living through spacious and high-spec apartments with private terrace or rooftop pools rather than land-intensive single villas,” he explains.
At the same time, Banyan Group will build lower entry price, smaller but still high specification condominiums in Laguna Lakelands, and other sites within Phuket Laguna that are further from the beach.
Not surprisingly, the recent growth in demand for luxury homes in Phuket has seen other developers enter the market too. But Banyan Group remains the largest and best equipped to provide the full range of professional property management services and indeed lifestyle services that home buyers need. It is also the only developer that has up to now been able to provide developer financing for buyers, allowing them to defer payments for up to 5 years.
Banyan Group’s development model where buyers can purchase a residence for their own use part of the year but put into a rental programme for the rest of the year and have it professionally looked after by a leading 5-star hospitality expert is also perfect for many international buyers.
Banyan Group recently announced a new initiative The Laguna Advantage, which offers a full suite of services designed to make living in Phuket easier for new homeowners. They range from complimentary first year management services and property insurance to healthcare and education privileges such as complimentary first year enrolment at Laguna Phuket’s award-winning onsite pre-school SILK Kindergarten and special rates at Phuket’s leading international schools.
Exclusive privileges, discounts and rewards are additionally available through the brand’s signature property owners’ programme – The Sanctuary Club – opening residents to Banyan Group’s global network of exceptional properties in renowned destinations worldwide.
While focusing exclusively on luxury homes, Laguna Phuket uniquely offers residential units that cater to many different budgets and tastes, from smaller studios, through to family apartments all the way up to ultra-luxurious 4- or 5-bedroom beachfront penthouses with private rooftop swimming pools.
At the top of the range, Banyan Group’s latest state-of-the art Banyan Tree Oceanus beachfront branded residences at Laguna Phuket are magnificent apartments, set right on the beach in a prime area of Bang Tao, fitted out with every conceivable luxury and expected to set new record prices for condos on the island.
Other recent launches at Laguna Phuket include Residences at Garrya Phuket, new wellness concept beachfront homes managed as part of the inventory of the Garrya Phuket hotel and Laguna Beach Residences Bayside, a new collection of spacious contemporary apartments and breathtaking penthouses with rooftop pools, linked by picturesque canals and footbridges.
Meanwhile after a near sell-out of the first phase of Lakeside Residences at Laguna Lakelands, Banyan Group has just launched Skypark Elara Residences, stunning nature-themed residences with beautiful rooftop pools and terraces overlooking the tranquil parks and lagoons.
Banyan Group’s extensive portfolio spans across 90 hotels and resorts, over 140 spas and galleries, and 14 branded residences in over 20+ countries. Comprising 12 global brands, including the flagship brand Banyan Tree. The founding ethos of “Embracing the Environment, Empowering People” is embodied through the Banyan Global Foundation and Banyan Management Academy. Banyan Group is committed to remaining the leading advocate of sustainable travel, with a focus on regenerative tourism and innovative programmes that elevate the guest experience.
Ends
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