The 'Manothamraksa Group' is thrilled after expanding its base and establishing itself as a major landowner at Nai Thon Beach, Phuket, on over 80 rai of land. They are partnering with Chinese investors to launch the low-rise condominium 'Seaheaven Phuket Naithon' and have brought in the WYNDHAM chain to manage it, boosting confidence as wealthy Russians flock to buy properties. The attractive investment returns indicate that Phuket's real estate market relies on and is recognized by agents, making it viable. The goal is to develop it into a 'Mini Laguna,' a future destination for investors and tourists, with plans to launch villas and condominiums worth nearly 1 billion baht over the next two years, ensuring that every project is designed with quality materials and built to standards that can withstand earthquakes of up to 7.7 magnitude.

Mr. Weerawit Manothamraksa, Vice President of BeStart Heaven Co., Ltd., revealed the overall real estate market in Phuket, stating that according to research and communication from Colliers Thailand, more than 45 new condominium and vacation home projects were launched in Phuket during the first quarter of 2025, with a total investment value exceeding 49.16 billion baht. The condominium market in Phuket is expected to remain strong in 2025, although new supply may slightly decrease to around 8,000-10,000 units due to over 20,000 units entering the market in the past two years, which is considered quite high.

The Nai Thon area has emerged as a potential site for real estate development in recent years, with luxury vacation home projects previously selling for over 100 million baht per unit. Currently, these units have been fully purchased by high-end buyers, and this location is gaining increased interest from property developers for both condominiums and vacation homes, especially from investors both domestically and internationally who see the potential of this coastal area, which remains natural and not overly crowded. One of the area's advantages is that there is currently not much competition in real estate, with only 2 condominium projects offering 820 units, accounting for just 2.18% of the total supply on the market. For vacation homes, there are currently only 6 projects with 113 units available, representing just 2.75% of the total supply on the market, which is very low, making this area attractive for future growth opportunities and the potential for value creation in both the medium and long term.

Additionally, the Nai Thon area benefits from a peaceful and natural environment, suitable for residential living or development into premium resorts, close to Phuket International Airport and not far from key amenities such as luxury golf courses, five-star hotels, and fine dining restaurants. Given these trends, Nai Thon is being watched as a potential 'rising star' in Phuket's real estate market, capable of attracting both buyers for personal residence and investors looking for rental opportunities or future value appreciation.

The majority of buyers of condominiums and vacation homes in the Nai Thon area are foreign investors seeking residences or vacation homes in Thailand, particularly Russians fleeing war who are looking to purchase pool villas in Phuket. Additionally, investors from Europe, Scandinavia, Russia, China, and India are interested in buying properties in Phuket, especially those looking for second homes or long-term residences, with the leasehold (30-year lease) model being popular among this group.

Thai buyers of condominiums and vacation homes in the Nai Thon area are mostly high-income individuals seeking private and comfortable residences, with some purchasing for investment or long-term rental purposes. Overall, the real estate market in Nai Thon remains attractive for both domestic and international investors due to its quiet location and potential for future development.

As for land prices in the Nai Thon area, land in the foothills is offered at approximately 15-30 million baht per rai, while land near the beach is priced at around 25-50 million baht per rai.

Mr. Weerawit added that although the Phuket real estate market is currently highly competitive due to many major players vying for market share, he believes it will not have a negative impact. His father, Mr. Thanongsak Manothamraksa, recognized the potential and had a long-term vision, which led him to purchase land in the Nai Thon area over 10 years ago, acquiring both self-owned and long-term leased land (30 years + 30 years), totaling approximately 80 rai. This has been kept as family ASSET PROPERTY, making them the largest landowners in the Nai Thon area and starting project development since 2019. Most customers are foreigners, particularly wealthy Russians, and gaining recognition from agents is crucial in Phuket, as agents focus on profiles and quality products rather than brand size, ensuring satisfactory investment returns for clients. The overall real estate sales in Phuket rely heavily on agent marketing channels, accounting for up to 70%, and the company has successfully attracted continuous customers to purchase and utilize its projects.

The first project developed in 2019 was a 3-story commercial building located on the beachfront road at Nai Thon, consisting of 20 units divided into 3 clusters of 7-8 units each, sold on a 30-year lease basis at 7-8 million baht. The total investment was over 100 million baht, but the development plan has since been adjusted to lease the ground floor of each unit to various shops at approximately 30,000 baht/month, which are currently fully rented. The 2nd and 3rd floors are leased as a hotel, legally licensed, with a total of 74 rooms priced at 1,500-4,500 baht/night depending on the season.

In 2019 and continuing into 2020, approximately 12 rai of land was developed into a condominium in a joint venture with the Chinese real estate group Bestart International Holdings, headquartered in Singapore, under the brand 'Seaheaven Phuket Naithon'. The development is divided into 2 phases, with a total project value of 1.5 billion baht, focusing on a 30-year lease model. Phase 1 consists of 1 building, 5 stories high, with sizes ranging from 37-70 square meters, totaling 124 units, priced from 4 million baht upwards (current selling prices have increased to start at 5-6 million baht per unit). Sales have now been completed.

Phase 2 opened for sale in 2023, featuring a 5-story condominium with sizes from 30-70 square meters, totaling 127 units, with starting prices from 4.5 million baht upwards, or starting at 120,000-130,000 baht/square meter (currently increased to start at 170,000 baht/square meter). Sales have reached 72%.

To instill confidence in customers, the company has brought in the WYNDHAM hotel chain to manage the project, guaranteeing a 7% annual investment return. After the 6th year, rental income will be shared in a 30:70 ratio, allowing owners to stay during peak season for 10 days/year and during low season for 20 days/year. Most customers who buy and rent are wealthy Russians traveling as families, seeking high privacy. During the period before and after the New Year festival, rentals can reach 70,000 baht/month for units in Phase 2, which are expected to start transferring around May 2025.

At the end of 2023, the company expanded its development operations 100% under the management of Meris Co., Ltd., using over 3 rai of the total 80 rai to develop villas under the brand 'Phu Vista Villa', sized from 70-160 square wah, priced from 32-72 million baht, totaling 10 units, with a project value of approximately 500 million baht. Currently, 8 units have been sold, with most buyers being Russians and Poles, and only 2 units purchased by Thais.

Recently, another 4 rai of land has been developed into 2 low-rise condominiums under the brand 'Seaheaven' Phase 3, again in partnership with the Chinese investors, with a total project value of approximately 1.4 billion baht, divided into 2 phases. The first phase consists of a 7-story condominium with sizes starting from 30-70 square meters, priced from 3.9-8 million baht upwards, totaling 108 units, with current sales at approximately 69%.

Phase 2 will develop another condominium building with 115 units, with pre-sales expected to open around October or November 2025, so details cannot be disclosed yet.

“When talking about Phuket, the most recognized project among foreigners is Laguna Phuket, located in Bang Tao, considered a luxury real estate in Phuket. The goal is for the 'BeStart Heaven' empire to become a 'Mini Laguna' in the future, where customers can fully utilize everything within the project. It is expected that the entire 80 rai of land will take more than 5 years to develop. Our advantage is that we are not choosing to develop in a Red Ocean area, so selecting the right location for development is the most crucial factor,” Mr. Weerawit stated.

Mr. Weerawit further mentioned that in the next two years (2025-2026), there are plans to develop 2 projects independently without joint ventures. In 2025, the project 'Phu Vista Airport' will be developed on over 15 rai near Nai Yang Beach, just 5 minutes from Phuket Airport, in the form of villas sized from 60-100 square wah, starting at 15-35 million baht, totaling 44 units, with a project value of 800 million baht, expected to open for pre-sales around May 2025.

In 2026, there are plans to launch a mixed-use project on the land bank in the Nai Thon area from the total 80 rai, starting with the launch of the condominium brand 'Saint Tropez', a 7-story building with sizes from 30-70 square meters, starting at 3.5-6 million baht, totaling 100 units, with a project value of 450 million baht.

Given predictions that Phuket is at risk of tsunamis and earthquakes, it is noted that the tsunami on December 26, 2004, had little impact on the Nai Thon area, as the location is shielded by mountains on both sides, making the beach feel more sheltered. At that time, the company had already purchased land but had not yet developed any projects, so it was not affected. Additionally, the local administrative organization and Sirinat National Park have long prepared measures for disaster prevention, including warning signals and continuous monitoring by officials.

Regarding earthquake preparedness, the company is confident that its projects are designed and constructed according to the specified conditions and standards, capable of withstanding earthquakes of up to 7.7 magnitude, so there is not much concern. All developed buildings are not very tall, and the materials used are of high quality and standards. Furthermore, the company oversees all construction work, while the Chinese partners only provide investment funds. The management will be entirely handled by the Thai management team, which has decades of experience in real estate development, ensuring customers' confidence in the developed projects.