Banyan Group Aims for $1B Expansion in Luxury Residences in Phuket, Enhancing Laguna Phuket and Laguna Lakelands
Banyan Group Residences has unveiled ambitious plans to invest an additional $1 billion in luxury residential projects in Phuket over the next two to three years, as global demand for high-quality homes on the island surges. Over the next 5-10 years, the group's expansion in Phuket could exceed $4.5 billion, catering to a growing international market seeking premier lifestyle destinations.
Led by Singaporean entrepreneur Ho Kwong Ping (KP Ho), Banyan Group is known for its flagship Banyan Tree Hotels & Resorts, a luxury hospitality brand that just celebrated its 30th anniversary and has been instrumental in transforming Phuket into a premier tourism and residential hub. Its landmark 3.5 square kilometer Laguna Phuket integrated resort attracts over a million visitors annually, featuring eight world-class hotels, an award-winning golf course, shopping, spas, medical facilities, and even an international kindergarten—alongside over 3,000 private homes.
With Phuket’s appeal as a lifestyle and residential destination continuing to grow, Banyan Group has seen a significant increase in demand for private residences. In addition to Laguna Phuket, Banyan Group launched another significant project earlier this year: Laguna Lakelands, a one-square-kilometer development featuring lush jungles and scenic lagoons interconnected by 15 kilometers of nature trails. This expansion will eventually add around 5,000 new residences to the area.
As demand for luxury residences has surged post-COVID, Banyan Group is preparing to roll out eight new projects across Laguna Phuket and Laguna Lakelands in 2024, with a combined development value of $425 million. These include Lakeview Residences and Skypark Elara Residences at Laguna Lakelands, as well as prime beachfront projects within Laguna Phuket such as Garrya Residences Phuket, Beach Terraces, and Laguna Beach Residences Bayside.
In the coming years, Banyan Group plans to release additional projects worth over $1 billion. “We’re witnessing unprecedented demand for new homes in Phuket due to a variety of factors—urban flight, remote work, and Phuket’s appeal as a lifestyle destination with world-class schools and medical facilities,” said KP Ho, Banyan Group’s founder and Executive Chairman. “Phuket also remains more affordable than many major cities in markets like Hong Kong, Singapore, and Europe,” he added.
Phuket's strategic location within a 5-6 hour flight of over 40% of the world’s population, its favorable climate, and growing access to international schools and hospitals have heightened its allure.
To date, about 3,000 residential units have been built at Laguna Phuket, with an additional 700 currently under development. Over the next 5-10 years, Banyan Group envisions up to 10,000 new units across Laguna Phuket and Laguna Lakelands, marking significant future growth with only 25% of these residences built so far.
"Our focus now is purely on high-spec residences, regardless of their size,” stated Stuart Reading, Group MD of Banyan Group Residences. “Similar to luxury car brands like BMW or Mercedes, even smaller residences will retain top-tier quality and craftsmanship."
The group plans to develop large branded apartments and penthouses at Laguna Phuket’s prime beachfront locations, some measuring up to 500 or 700 square meters. “The scarcity of beachfront land, particularly on Phuket's prestigious west coast, encourages us to design spacious high-spec apartments with private pools rather than land-intensive villas,” explained Reading.
Simultaneously, Banyan Group will construct high-spec yet smaller, more affordable condominiums at Laguna Lakelands and other areas within Laguna Phuket that are further from the beach.
Banyan Group stands as the largest developer in Phuket’s luxury residential market, uniquely equipped to provide comprehensive property and lifestyle management services, including developer financing, allowing buyers to defer payments for up to five years.
In a bid to enhance the ownership experience, Banyan Group recently introduced “The Laguna Advantage,” a suite of services designed to simplify settling into Phuket. These services include complimentary first-year property management and insurance, healthcare benefits, and educational privileges like free first-year enrollment at Laguna Phuket’s award-winning SILK Kindergarten and exclusive rates at leading international schools in Phuket.
What sets Banyan Group apart is its commitment to community development. When owners purchase property at Laguna Phuket or Laguna Lakelands, they join an established community. Laguna Lakelands takes this a step further by introducing Phuket’s first Community Centre, which offers recreational facilities accessible to both residents and the public. Nature trails within Laguna Lakelands will also be open to all, marking a shift from traditional gated community models.
Banyan Group’s commitment to “social sustainability” could set a new standard for socially integrated private developments in the future, fostering a more inclusive community on the island.
See latest Banyan Tree villa project here
Source: Travel Daily News
