Laguna Resorts and Hotels Plc has embarked on a 2,000-unit residential community covering 237 rai of land in Phuket called Laguna Park that is expected to take five years to construct at a cost of Bt15 billion-Bt17 billion.
Tourism is booming on the resort island and demand for vacation homes is growing, especially from overseas buyers, Stuart Reading, deputy managing director, said at the project launch last Friday.
Laguna Park will be built in four phases, he said. It is adjacent to Laguna Phuket and will be the island’s largest residential community. The first phase commences early next year, with 301 condominium units, 117 townhouses and 122 villas planned on 53 rai.
Prices will vary. For example, a 173-square-metre, two-bedroom townhouse will start at Bt6.7 million, while a 340sqm villa will cost Bt12.4 million.
About 40-50 per cent of the buyers are projected to be Asians, including Hong Kong Chinese, mainland Chinese and affluent Thais, while the rest would be Westerners, especially Europeans.
Europeans used to make up 70 per cent of the customer base, but economic prosperity is lifting many Asians into the middle class while financial troubles are weighing on Europeans. The company is trying to maintain a balance between the two markets to minimise risk.
The firm also has vacant land in the North – 500 rai in Chiang Mai and 900 rai in Chiang Rai – but has no definite plan to develop any project there. It is monitoring market potential and waiting for the right time. Any project in the two provinces will be under the Laguna brand, but its business model may be changed to fit with the market there, he added.
Banyan Tree Holdings, based in Singapore, is the largest shareholder in Laguna Resorts and Hotels Plc with a 54.8-per-cent stake.
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