Banyan Group, a leading hotel business, continues to have confidence and a positive outlook on the high-end real estate market in Phuket, with annual residential sales increasing by up to 300% from $65-70 million per year before COVID-19 to over $200 million per year by 2024

Banyan Group Residence has announced a business plan to invest over $1 billion in high-end residential real estate in Phuket over the next 2-3 years due to the increasing demand for superior quality housing on the island, particularly from international markets. It is projected that in the next 5-10 years, the investment value could rise to $4.5 billion or more.

Banyan Group is led by Singaporean businessman Mr. Ho Kwang Ping, also known as KP Ho, who is recognized as the founder of the globally renowned Banyan Tree Hotels & Resorts brand, which recently celebrated its 30th anniversary. He has also been a significant driver of growth in the tourism industry in Phuket.

The Laguna Phuket project is a unique integrated resort covering over 3.5 square kilometers, currently attracting over 1 million visitors annually and comprising 8 world-class hotels and resorts, an award-winning golf course, shops, spas, and medical facilities, as well as an international kindergarten located within the project, in addition to over 3,000 private residences.

With the increasing popularity of Phuket as a destination for living and leisure, more people are showing interest in owning vacation homes or even settling permanently on the island, leading Banyan Group to be influenced by the heightened demand in the market for private residences in Phuket.

In addition to the Laguna Phuket project, the company also announced another major project earlier this year, called Laguna Lakeland, which is situated on over one square kilometer of lush botanical gardens and tranquil lakes. The entire project is connected by over 15 kilometers of walking paths and is adjacent to the Laguna Phuket project. The Laguna Lakeland project is expected to create approximately 5,000 additional private residences.

As Banyan Group sees the sales of private residences in Phuket soaring since the COVID-19 situation has eased, the company plans to launch 8 new residential projects within Laguna Phuket and Laguna Lakeland in 2024, with a total investment value of $425 million. These include the Lakeview Residences project and the Skypark Elara Residences project located within Laguna Lakeland, as well as prime beachfront projects within Laguna Phuket such as Garrya Residences, Beach Terraces, and Laguna Beach Residences Bayside.

Banyan Group expects to launch additional real estate projects worth over $1 billion within the next 2-3 years.

Mr. KP Ho, the founder and CEO of Banyan Group, stated, “The trend for residential demand in Phuket is continuously increasing due to various factors, including the convenience of flights to Phuket, the work-from-home trend, and favorable geopolitical factors. The lifestyle in a tropical city year-round, along with the availability of healthcare and educational facilities, makes Phuket an ideal place to live.”

“High-quality real estate in Phuket is still significantly cheaper than in other real estate markets such as Hong Kong, Singapore, or Europe, which is also an important attraction factor,” Mr. KP added.

Phuket is a city with an attractive climate conducive to outdoor activities year-round, and it also boasts numerous international schools and world-class hospitals, along with a geographical location that is advantageous, being only 4-5 hours direct flight from 40% of the world's population, making Phuket highly attractive and popular.

Banyan Group sees this as just the beginning and believes there is still much room for growth. By 2024, there will be approximately 3,000 completed residential units within the Laguna Phuket project, with another 700 units under construction. In the future, it is expected that there will be a total of over 10,000 residences for the Laguna Phuket and Laguna Lakeland projects in the next 5-10 years, which means that the current projects have already completed about 25% of the total.

Mr. Stuart Reading, the Managing Director of Banyan Group Residence, stated, “Our current strategy is to focus on developing only high-quality high-end residences, regardless of size. It’s like buying a car from a luxury brand like BMW or Mercedes; even if you choose a smaller model, you still receive the same guarantee of quality and craftsmanship as the top models.”

Mr. Stuart explained that the company aims to develop branded residences in the form of larger apartments and penthouses in prime beachfront locations within the Laguna Phuket project, with sizes reaching 500 or 700 square meters.

“Due to the limited beachfront land available, especially in the mid-western coastal area where our project is located and is highly popular, we are looking for opportunities to create high-end residences through the development of spacious and fully equipped large residential buildings, such as rooftop private pools or private terraces, instead of building single-family homes that require more space,” Mr. Stuart added.

At the same time, Banyan Group plans to build condominiums in Laguna Lakeland and other projects with lower starting prices and smaller sizes but still maintaining full features, which are located further away from the beach.

The increasing demand for high-end residences in Phuket in recent years has led to more real estate developers entering the market. However, Banyan Group remains a market leader, with the largest size and the highest readiness to provide comprehensive and professional property management and lifestyle services, as well as other services to facilitate homebuyers. Additionally, Banyan Group is the only operator that can offer financing to buyers, allowing them to defer payments for up to 5 years.

Banyan Group recently announced a new project called The Laguna Advantage, which offers various services tailored to provide convenience for homebuyers living in Phuket, covering everything from complimentary property management services and property insurance in the first year to medical benefits and educational benefits, such as free first-year enrollment at the leading international kindergarten SILK Kindergarten located within Laguna Phuket, as well as special discounts on tuition fees at leading international schools in Phuket.

What sets Banyan Group apart as a real estate developer is its long-term vision of creating a good community, not just building properties. Owning a residence in Laguna Phuket or Laguna Lakeland means being part of this community.

This is something that Mr. KP Ho values and takes great pride in.

For the Laguna Lakeland project, Mr. KP Ho has enhanced the community by making some facilities open to the public. Laguna Lakeland will feature the first community center in Phuket, equipped with sports and recreational facilities accessible to the public, as well as nature trails within the project. This concept breaks down the barriers between closed communities and the outside society, which is a significant turning point that many private residential real estate development projects often adhere to. Mr. KP Ho refers to this concept as "social sustainability" and believes that if successful, it will become a new model for private residential project development that is more integrated with society in the future.