Beauty of nature in focus at Banyan Group’s Phuket luxury project
Singapore-based Banyan Group is developing the first phase of Laguna Lakelands, its US$2-billion investment project, located on a 700-rai (276 acres) area of Bang Tao Beach at the entrance to the exclusive community of Laguna Phuket.
Luxury brand “Laguna Lakelands" will be home to the largest international lifestyle community in Phuket, as the answer to booming demand.
Based on the theme “Balanced by Nature”, according to the group, the expansive landscapes will be designed in a harmonious blend of hillside, rainforests, botanical gardens, and tranquil lakeside and lagoon areas.
Ho Kwon Ping, the founder and executive chairman of the Banyan Group, pointed out that high-quality property was still significantly cheaper in Phuket than in most of the buyer source markets like Russia, China or Europe, which was also an important factor.
“Phuket’s climate is perfect year-round. There are 13 international schools, 4 marinas, great hospitals and Phuket is within a 5- or 6-hour direct flight to over 40% of the world’s population", said Ho.
The chairman explained Phuket has become like the Mallorca of Asia, a sought-after lifestyle destination for people from all over the world. The island paradise province, besides being the most visited resort destination in Asia, has now become the most desirable place in Asia for families to settle and achieve a balanced lifestyle.
“Phuket now has two seasons, peak and very peak,” Ho added.
More than just a tourist destination
Stuart Reading, managing director of Group Property Development at Banyan Group, elaborated that the launch of the new project clearly shows a paradigm shift from Phuket as a great place to visit to a huge demand not only for second homes but increasingly for primary residences.
Reading added that the International Monetary Fund had revised upward its forecast for Thailand’s gross domestic product growth in 2024 to 4.4%, a huge jump over the previous year.
Thailand is the second largest economy in Southeast Asia, and it is expected that this year the country will see the number of tourists reaching 40 million again — the number before the pandemic — indicating a positive overall outlook for Phuket in attracting tourists.
Since 1990, Banyan Group has had a tourism-focused approach and has been a significant part of the development of tourism in Phuket. However, due to the new shift in demand for properties in Phuket, the group has now evolved into a hospitality-led real estate entity.
Laguna Lakelands Phase I consists of:
- Lakeview Residences: Condominiums in four and seven-storey complexes with rooftop infinity pools, starting from 6.8 million (US$190) baht.
- Waterfront Villas: Sophisticated four-bedroom houses with private pools and gardens, with an average built-up area of 560 square metres, starting from 60 million (US$1.7 million) baht.
The development has five distinct themed residential areas — Hillside, Orchard, Forest, Lakeside and Lagoon. Other amenities include a country club, a town centre with retail, eateries and entertainment, an adventure park and a resident beach club. Around 30% of the area would be forest, parks and lakes, the group said.
The group also offers financing options which will allow owners to purchase residences with instalment payments over several years. Over the next 5-10 years, according to the group, up to 5,000 residences are expected to be built there.
What lures people to Phuket
The reason behind the shift is that worldwide migration is at a record high, driven partly by recent geo-political events but also propelled by global post-Covid lifestyle trends such as urban flight, remote working and a return to multigenerational living. All of this has led to a significant increase in demand for luxury homes in Phuket.