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Thursday, May 23, 2024

Booming Demand Fuels Rise of Luxury Branded Residences

Phuket is booming. Thailand’s leading resort island has long been a dream destination for the world’s travellers, 8.4 million of whom flock to its shores last year. Now, this idyllic destination’s popularity is also driving rising interest from affluent investors seeking new lifestyles in paradise, with a surge in demand for internationally-branded luxury residences in the island’s idyllic locations, especially along the stunning sunset coast.

According to a recent report by C9 Hotelworks, the total value of new branded residence supply in Phuket has now reached THB 80 billion (approx. USD 2.3 billion) – a historical high. In one of the island’s most eye-catching projects, Mishari Group Ltd, the prestigious international property developer, has partnered with Meliá Hotels International, the highly acclaimed European hotel group, to create Meliá Phuket Karon Residences, a breath-taking new hillside project which comprises 68 elegantly-appointed residences and shares the five-star facilities of the neigbouring 138-key Meliá Phuket Karon Hotel. The total value is THB 4.5 billion.

Eco-Sensitive Luxury Meets Post-Pandemic Lifestyle Trends

Nestled in 6.4 hectares of lush jungle, overlooking Karon Beach – Phuket’s longest stretch of golden sand – and the turquoise waters of the Andaman Sea, with a protected nature reserve covering 50% of the total area, Meliá Phuket Karon Residences is perfectly suited to the emerging lifestyle trends of the post-pandemic era. Empowered by a rise in global and digital connectivity and the “work-from-anywhere” movement, many urbanites are now seeking new lives away from the city, so this low-density, sustainable design will attract a new generation of eco-conscious professionals.

C9 Hotelworks notes that the Phuket branded residences market has experienced a significant uptick in construction since the end of the pandemic. A total of 2,102 new units were added to the market from 2021 to 2023 – a 179% jump compared to the previous three-year period.

Strategic Blend of Premium Condos and Ultra-Luxury Pool Villas

Another factor that puts Meliá Phuket Karon Residences at the forefront of Phuket’s real estate boom is the project’s strategic combination of high-end accommodation types. The development features a total of 52 one- and two-bedroom condominium-style Ocean View Residences (56 to 88.5 square metres) and 16 three- and four-bedroom Ocean View Pool Villas (320 to 490 square metres), each of which features an elevated 9.5-metre-long outdoor infinity pool.

Condominiums, which form 59% of the total Phuket market, have recorded an average unit price point of THB 11.7 million, while the median price for villas is THB 120 million. Despite villas representing only 6% of available supply, they account for 41% of the total value, according to C9 Hotelworks. Meliá Phuket Karon Residences spans both of these important segments, allowing it to cater to the needs of premium and ultra-premium investors alike.

Five-Star Services Attract Strong Interest from Savvy Investors

All owners at Meliá Phuket Karon Residences will enjoy a wealth of five-star services managed by Meliá Hotels International, including an 800-square metre forest spa, bars and restaurants, a beach club, and a nature park. Karon Beach is just five minutes away by a dedicated shuttle service, and residents are offered use of a 70-foot, four-bed Sunseeker boat with capacity for 20-30 people.

With such strong demand for branded residences in Phuket, it is little surprise that international interest in Meliá Phuket Karon Residences has been high. As of May 2024, 60% of the condos and pool villas have already been pre-sold. A Meliá-managed rental pool will be available for residence owners. Development is already well underway; all units are expected to be fully completed by March 2025.

Prices at Meliá Phuket Karon Residences start from THB 8.5 million. For more information, please visit meliáphuketkaronresidences.com.

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