Banyan Group Unveils Ambitious US$2bn Luxury Residential Project in Phuket Amid Real Estate Resurgence

• Sommana Yan
• 18 February 2024
• International News
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In a strategic move to capitalize on the resurging demand in the post-COVID-19 real estate landscape, Singapore-based Banyan Group has declared plans to construct the largest luxury residential venture on the pristine shores of Phuket, Thailand. As reported by Asia Nikkei on 1 February 2024, the US$2 billion Laguna Lakelands project is poised to set new benchmarks in opulent living, according to Asia.nikkei dated 1 February 2024.

Strategically situated on the coveted western coast of the island, Laguna Lakelands is slated to commence construction later this year, boasting a total of 6,000 units upon completion. With an average price tag of US$325,000, the development will unfold in phases over the next five to 10 years. Impressively, Banyan has already secured 20% of the initial 300 units, encompassing an array of condominiums and villas.

This flagship residential venture, adjacent to the esteemed integrated resort Laguna Phuket, encompasses an expansive 1 million sq. meters, with a third dedicated to lush rainforests, parks, and serene lakes, accessible to the public. The announcement aligns with Phuket’s surging property sales momentum, witnessing the highest sales volume in a decade during the first half of 2023, with 1,486 units sold, as reported by property consultancy CBRE.

Banyan’s Founder & Chairman, Ho Kwon Ping, expressed the transformative shift Phuket has undergone, evolving into a global community and a sought-after destination for both work and residence. “Phuket has transformed itself. 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,” he said.

Stuart Reading, Managing Director of Banyan’s group property development, highlighted the shift in Phuket’s status from a tourist haven to a preferred residential locale. “Phuket has become a leading hot spot, not just for a place to visit, but now more so for a place to live,” he said.

In the thriving real estate landscape of Phuket, where prime land prices have doubled in the last two years, Banyan’s Laguna Lakelands emerges as a testament to the island’s allure, attracting a diverse range of buyers, including Russian, Chinese, and British nationals. (read more

As Banyan Group, established in 1994, continues to redefine luxury living across Asia, this ambitious project solidifies its position among the foremost premium hotel, resort, and residential operators globally, sharing the stage with illustrious 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.

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