Renowned design London-borne design house YOO are pushing up their profile and capacity in Asia.
With a new Asian HQ in Bangkok and fresh line-up, the group are looking to hone in on hotel residences, co-working spaces, restaurants and upscale living.
Joining the regional team is F and B specialist Justin Dunne as Concept Curator and Rich Miller as VP Business Development.
YOO is retaining a hospitality focus with successful projects like the trendy Mira Moon in Hong Kong, and partnership with Onyx Hospitality on branded offerings.
Two of Hong Kong’s leading entrepreneurs Allan Zeman and Richard Li are developing a mixed-use project in Thai Muang, Phang Nga named Aquella.
The initial phase of the development includes a par 72, 18-hole golf course, resort pool villa residences with two to four bedroom unit configurations back of a massive land site that offers over 2.5 kilometers of white sand beach.
Previously, the approximate 1,000 rai site was the home of the Thai Muang golf course. After acquisition the course was closed, and the master planned Pinetree project that was to contain a marina and luxury Park Hyatt hotel stopped when land zoning issues changed in Southern Phang Nga.
Today, the new golf course has been reconfigured and Zeman’s Paradise Group who developed Kamala’s posh Andara ultra villa resort in Phuket are collaborating with Li’s Pacific Century Premium Developments (PCPD) group.
South West Phang Nga hosted some of Asia’s most significant luxury villa sales in the mid 2000’s given it’s close access to Phuket International Airport, over the Sarasin Bridge.
Changes in the zoning regime stunted the area’s growth over the past decade but a new wave of interest has been born in projects such as Charn Issara’s Baba Beach Club.
Land prices in Koh Pilai and Koh Kloy have sharply escalated in recent months on the announcement of a second Greater Phuket airport by Thai aviation authority AoT.
That said, the area has a rich history in demonstrated luxury residential sales in projects such as Aleenta and Sava.
With Phuket bursting as the seams, and prime oceanfront plots limited, the recent transaction of the former greenfield site of the Ritz-Carlton Reserve has indicated positive sentiment.
The United Arab Emirates (UAE) has implemented initiatives to allow 100% property ownership and 10-year visa allowances.
In a dramatic change to the business regime, the end game is clearly meant to spur FDI (foreign direct investment) and relocation of entrepreneurs.
In the past many incentives applied only to free zones but now have far wider coverage.
For visa’s up to 10-years the company initiative removes the 51% threshold for local shareholders, though certain sectors are targeted.
On property, the 100% ownership allowance will attract a broader market of foreigners to acquire freehold real estate.
If you were going to play a soundtrack to this story, perhaps it could be started off best with the 80’s hit “We Built This City”. Odd if you toured the Laguna Phuket area in the year the song charted in 1985, the area was an eerie lunar landscape of a former tin mining domain. Today the virtual wasteland had been turned into a resort wonderland and the past is a far distant memory.
What’s impressive about Laguna has been its ability to rewrite the map, and continue to evolve and adjust to market changes over the years. First, as an integrated or destination resort, then as mixed-use hotel and residential community and now it is turning into an affluential urbanizing resort city by the sea. Ask many travelers where Cherngtalay is, and they only get a blank stare, but mention Laguna and the recognition is clear.
When you look at Laguna’s pioneering leisure real estate model, a similar trend or evolution has occurred. It’s been a long journey that started with the investment oriented Sheraton Island Villas (now branded under Angsana), to the condominium hotel Allamanda, and onto KP Ho’s core Banyan Tree branded residences and later resort lots on the Laguna Phuket Golf Course.
Other components followed such as the vacation ownership offering that is now known at Laguna Holiday Club, a dedicated residential community tagged as Laguna Village and shift to selling landed properties instead of house lots with their signature villas and townhomes. More traction was gained with partnerships such as the Dusit Laguna Villas, or else inhouse new brands like Cassia, Dhawa, Angsana or the entry level Laguna Park residences.
Laguna’s journey from tourism to real estate today best be demonstrated in the sheer number of real estate units that well outnumbers hotel keys. In a period covering a bit more than two decades Laguna has sold 1420 properties and presently has about 435 for sale, for a total of 1855 units. Impressive considering the period hit two enormous economic downturns in 1997 and 2008, along with Thailand’s political roller coaster. In the end, real estate has emerged as the lead component of what is now becoming an urban resort city.
What is most apparent to visitors and residents alike is how the current development footprint of Laguna, along with most of Phuket is the push up into the sky. The building footprint of coastal areas is now going from low-rise structures, and now into midrise buildings of seven or more stories. Once green areas are now being filled up with tower cranes. There is a price to be paid for urbanization and that is now evident in the growth of condominiums compared to the legacy property market of freestanding houses and villas.
Though traditionally resort property was premised on the vision of beachfront or ocean view properties. What Laguna Phuket successfully packaged was the ability to add value to back land areas and still commend premium pricing. Today lagoon aspect properties far outnumber ocean aspects and this is there the future lays, inland, beyond the beach.
As I write this piece heading into 2019 the latest Laguna property offerings reflect the overall pressure of the broader trend to smaller units at lower pricing points. This is evident in the new Dhawa offering at the main resort entrance, or the third phase of the successful Cassia. Another trend is investment properties and a new round of Dusit branded villas as well as Angsana products are rising amongst the lagoon areas.
The economic influence of Laguna Phuket is evident in the peripheral areas that are expanding, with Boat Avenue becoming a decided success and upcoming attractions like Blue Tree and Central’s upcoming Porto de Phuket. To sum up the story, while the road trip from tin min to veritable resort city has taken many different turns, the impact of real estate as a driving force remains a clear and present example of how the development has set the standard for Asia’s mixed-use resorts most successful offerings.
Phuket province’s ambitious 58.5 kilometer light rail project is expected to go forward for approval from the government’s public-private committee early in 2019.
According to news in the Bangkok Post the initial stage of the project will connect Phuket International Airport and the circle in Chalong, with 24 stations located along the route at a cost of approximately 30 billion.
MRTA’s next step would be to proceed under the PPP fast track scheme under a private public partnership. Eventual plans will see a expansion from Tha Noon in Phang Nga to the line in Phuket via Mai Khao.
We have seen strong appreciation of land values over the brudge in the Koh Kloy area on speculation of transport developments that will see a second Greater Phuket airport and also railway link in the future.
Thailand’s Central is set to launch a lifestyle mall in Cherngtalay, near to the Laguna Phuket integrated resort.
Named Porto de Phuket by Central Group, a late 2019 opening is planned.
Key initial tenants are Central Food Hall, Power Buy, Supersports, Think Space and Wine Connection.
The land area is 3.6 hectares and leaseable area 11,000 square meters.
Cherngtalay is seeing an influx of new retail and tourism focused projects including Blue Tree which will open next year and an upcoming project by the developers of Boat Avenue.
Thai-based hospitality group Dusit International through a subsidiary, has announced a deal to buy the Elite Havens luxury villa rental and management group.
According to documents filed with the Stock Exchange of Thailand (SET), the deal is worth USD15 million.
Elite which started out in Bali, has expanded aggressively in Thailand with a focus on Phuket and Koh Samui.
For Dusit, clearly the move is to bolster their ongoing branded residences model and support rental from an established online platform.
Two of Greater Phuket’s mega oceanfront properties are on the transaction market for an eye-watering combined value of USD53.6 million
Christies Real Estate is promoting the private hotel Iniala in Natai just over the Sarasin Bridge, which has 5 villas and 2 duplexes for USD23.6 million.
Savills is offering the ultra villa Aquila on famed Kamala’s Millionaires Mile for an undisclosed sum, though according to local sources the asking prices is USD30 million.
If either villa sells, it would top the Eric Levine Villa Beyond in Natai that was sold in 2010 for an estimated USD24 million to a Russian buyer.
