Banyan Group, headquartered in Singapore, has unveiled plans for Phuket’s largest luxury residential development amid a resurgence in real estate demand following the COVID-19 pandemic. Positioned along the Thai island’s western coast, Laguna Lakelands is slated to commence construction in 2024. It will include 6,000 units upon completion, with an average price point of USD 325,000 each. Over the next five to ten years, the project will be rolled out in phases, with approximately 20% of the initial 300 units, comprising condominiums and villas, already sold.
With a gross development value of USD 2 billion, this residential initiative represents the latest and most expansive addition to Banyan’s residential portfolio. Located adjacent to the renowned integrated resort, Laguna Phuket, the development will dedicate around one-third of its 1 million sq. meters to lush rainforest, parks, and lakes, accessible to the public.
Phuket has experienced a surge in property transactions, fueled by domestic and international buyers, with sales volumes reaching a decade-high in the first half of 2023, according to CBRE. Ho Kwon Ping, Banyan’s founder and chairman, hailed Phuket’s evolution into a vibrant global community, attracting individuals worldwide seeking to establish roots in this dynamic locale.
Sales figures indicate a growing interest in Phuket’s real estate market, with over 3,000 units sold in 2023, a significant uptick from 2022, predominantly driven by condominium purchases. Banyan has observed a doubling of prime land prices over the past two years, with Russian, Chinese, and British nationals comprising the largest foreign buyer demographics.
Stuart Reading, Banyan’s group property development managing director, highlighted a notable shift among foreign buyers, with an increasing inclination towards Phuket as a permanent residence rather than solely an investment opportunity.
(Source: Nikkei Asia)
