Banyan Group have launched the first phase of Laguna Lakeside, a 700-rai project worth US 2 billion, the project is the largest residential development in Phuket.
Located on the island’s popular western coast, Banyan will begin construction of Laguna Lakelands later this year. The project will have 6,000 units upon completion.
Slated to open in phases over the next five to 10 years, Banyan said it has sold about 20% of the first 300 units consisting of condominiums and villas.
70 to 80 percent of the condominium sales have been Russian buyers, there are also 14 waterfront villas with private pools and gardens, 2 have been sold, one to a Saudi Arabian buyer and the other Chinese.
Laguna Lakelands will compromise of 1–3-bedroom lakeside residence condos in four and seven storey towers. Unit sizes will range from 52 sqm to 119 sqm, priced from 6.8 million baht.
The residential project, is the newest and largest addition to Banyan’s residential brands. Adjacent to its signature integrated resort, Laguna Phuket, about a third of the total 1 million sq. meters will consist of rainforest, parks and lakes, with areas accessible to the public.
The launch comes as Phuket enjoys a boom in property sales, spurred by both foreign and local buyers, since the pandemic. For the first half of 2023, the island saw its highest sales volume in a decade, with 1,486 units sold, according to property consultancy CBRE.
“Phuket has transformed itself,” Banyan’s founder and chairman, Ho Kwon Ping, told reporters. “Phuket has truly come of age … not just as a tourism destination, but a global community [with] people all over the world converging here to make it their workplace and home.”
Phuket, which has a population of around 420,000, recorded sales of over 3,000 units last year, more than doubling the figure in 2022, driven by sales of condominiums. Banyan noted that prices for prime land on the island have doubled in the last two years, as Russian, Chinese and British nationals make up the largest number of overseas buyers.
“Phuket has become a leading hot spot, not just for a place to visit, but now more so for a place to live,” said Stuart Reading, managing director of Banyan’s group property development. He noted that foreign owners are increasingly buying not just for investment but to relocate.
For Banyan’s residential projects, Asian owners — mostly from China, Singapore and Thailand — account for about half its sales. But overall, Russian owners make up the largest share, at about 35%, followed by Chinese at 15%, in part driven by people seeking to escape the Ukraine-Russia war.
Founded in 1994, Banyan has become one of Asia’s leading premium hotel, resort and residential operators, ranking among recognized global brands such as Marriott, Four Seasons and Hilton. It currently operates more than 70 hotels and 14 residences in over 20 countries, owning brands such as Banyan Tree, Angsana and Cassia.
