The relatively affordable prices in Phuket also factor in its popularity. Added Stuart Reading, managing director of Group Property Development at Banyan Group: “High-quality property is still significantly cheaper in Phuket than in most of the buyer source markets like Russia, China or Europe.”
Said Ho: “Phuket is now seen as a global destination alongside places in Europe like Ibiza or the Caribbean. There have only been two major beach tourist destinations in Asia – Phuket and Bali. But Bali’s been slipping behind because it’s got its own issues of waste management, and the traffic congestion is even worse now. Also, Phuket has got the perfect weather; the whole of the Andaman Coast where Phuket is is nice and dry [perennially, making it attractive for those escaping harsh winters at certain times of the year].”
It is expected that up to 5,000 residences will be built in Laguna Lakelands over the next five to 10 years. Five themed residential areas – Hillside, Orchard, Forest, Lakeside and Lagoon – will be connected by extensive walkways and cycling trails. Phase 1 will include Lakeview Residences condominiums – a four-storey complex and another seven-storey complex complete with rooftop infinity pools and housing one- to three-bedroom units – and Waterfront Villas with four bedrooms that average a built area of 560 sq m as well as private pools and gardens. Prices start at US$190,000 for the smallest apartments and US$1.7 million for the waterfront villas.
It is timely that such an ambitious project has been added to the Banyan Group’s fold as it turns 30 this year. Alongside this, Ho aims to increase its hotel list to 100. “We never want to brag about what impact we reach but we’ve seen what we did in terms of sustainability 30 years ago to now. It was never with the intention of trying to impress other people, leaving a legacy and so on. It has led other developers to look at us and say that’s not a bad thing to do.”
He added: “To that extent, we’ve done things in hospitality that is quite novel, but we haven’t actually done anything in property development that is new and that can make an impact, but Laguna Lakelands could make an impact.”
Source: CNA
