Banyan Group lines up 20 new projects
Banyan Group, the hospitality-led property developer, plans to launch 20 new projects over the next few years, aiming to achieve an annual sales target of 10 billion baht — a new record in the group’s history, following a record-breaking performance this year.
Stuart Reading, managing director of the group’s property development, said the group has increased the number of residential project launches within Laguna Phuket over recent years and plans to steadily roll out 20 additional projects in its pipeline to meet rising demand.
“From the phenomenon we’ve seen post-pandemic, our sales have increased four to five times, clearly demonstrating significant demand,” he said. “This trend of substantial demand is expected to continue.”
This year, the group plans to launch eight new projects valued at a combined 14 billion baht, up from the eight projects launched last year worth 11 billion baht in total, reflecting a shift toward luxury segments.
One of the new projects being launched in the final two months of this year is Banyan Tree Oceanus, a beachfront villa development on Bang Tao Beach within Laguna Phuket.
The project will feature 16 villas across four blocks, each with a minimum size of 500 square metres, and it is expected to set a new price record in Phuket, surpassing the previous high of 300 million baht, said Mr Reading.
Following the launch of five beachfront villas under the Banyan Tree Residences Beach Residences brand, priced at 250 million baht each, the group sold three units to Thai buyers in the first half of 2024 and subsequently put the remaining two units on hold.
“Sales have been so strong that we decided to pause sales on the remaining units to reconsider the pricing,” said Ho Kwon Ping, the group’s founder and executive chairman. “Luxury properties in Phuket remain more affordable than in cities like London and New York.”
Beginning in 2025, annual sales are expected to exceed 10 billion baht, according to Mr Reading.
In the first half of 2024, the group recorded 5 billion baht in sales — a 40% increase over the corresponding period last year — and the group expects to set a new record high of 10 billion baht in annual sales by year-end.
Last year, it posted 6.8 billion baht in sales, up from 4.9 billion baht in 2022, marking a record high in its history of over 30 years. With projections of sales reaching 10 billion baht this year, the group is set to break another record.
Source: https://www.bangkokpost.com/business/general/2896002/banyan-lines-up-20-projects
