Pioneering luxury real estate development, Banyan Residences, is fighting back against Covid-19 by refocusing its strategy to concentrate on the fast-growing Thai domestic market for the purchase of its elite hillside residences as second homes or investments.As a leading player in the Hua Hin real estate market, the luxury development 230km southwest of Bangkok and situated in the prestigious southern quarter of the royal heritage destination near Khao Takiab, is experiencing a major uptick in interest from the domestic market for its exclusive, bespoke villas.
Located on a gently sloping incline with sweeping views of the Gulf of Thailand from its highest point, Banyan Hua Hin is an active lifestyle estate that comprises 102 villas, an 18-hole championship golf course, three restaurants, a spa, medical centre and the Banyan Village.
The project is owned by Blue Lotus Hua Hin, a consortium of prominent Thai and international developers and private investors, including Mr. Nitijhan Hetrakul and Mr. Wachara Tantranont. Banyan Hua Hin has a total value of THB4 billion.
Banyan Residences recently appointed world-leading agents Christie’s International Real Estate and List Sotheby’s International Realty to present its villas to domestic and resident expatriate buyers.
“Covid-19 has had a major impact on Thailand, especially in terms of tourism, as hotels have been unable to attract overseas visitors post-lockdown. This has been tough for all Thai destinations, especially popular resort areas like Phuket and Koh Samui. But Hua Hin’s stronger domestic focus has allowed it to offset the international downturn and achieve more attention than before,” said Tjeert Kwant, CEO of Banyan Group.
Tourism to Hua Hin was a heavy 74% in favour of the domestic market in 2019, according to the most up-to-date data available from C9 Hotelworks, a number is expected to climb dramatically in 2020. Just last month the first domestic transaction was completed for an exclusive villa in the estate to a long-term expatriate resident of Thailand.
Fuelling the demand are the key drivers that were the foundation of the boom in luxury real estate on Phuket for the last ten years, demonstrating that Hua Hin is rapidly catching up with the popular southern island. It has the additional advantage of being able to offer a “drive-to” capability that appeals heavily to the domestic market.
Widening of the Bangkok-Hua Hin road will be completed by 2022, providing a six-lane highway all the way from the Thai capital and reducing travel time to two hours. A double-track rail system is being built with estimated completion in the same year which will further shorten travel time from Bangkok, and the expansion of the international airport at the cost of THB350 million will be finished by 2023, to enable regional legacy carriers to land in Hua Hin.
In addition, investors are drawn by the international standard medical facilities of Bangkok Hospital, international schools, a hospitality market with over 13,000 keys including leading global brands, all adding to the historical destination’s appeal as it increasingly realises its potential as Thailand’s Riviera.
“We have seen a major shift towards the domestic market where the upper-middle and upper-class segments are purchasing real estate,” said Christie’s CEO Tim Skevington. “We had our first open house event at Banyan last weekend which generated significant interest, so much so that we’ll be running a second from 11-13th August.
“Importantly, buyers are looking to be in the most prestigious part of town which is the southern quarter and to work with reputable developers who can offer a fully private, wider estate experience. This is where we see high potential for Banyan Residences,” he added.
Banyan Residences’ elite villas are customised along four designs. The project management team enables buyers to optimise their villa to suit their unique budget, lifestyle and design preferences. Personalisation can range from simple redesigning, like moving interior walls or changing the kitchen location, to more extensive modifications like adding a garage, increasing the footprint of the house, or adding more luxurious items such as a personal spa or a cinema.
Privileges includes membership at Banyan Golf Club, Hua Hin (optional) and Banyan Privilege Card for all residents with special benefits at several restaurants, beach clubs, water park and sport facilities (fitness, tennis, etc.). Common services feature residences management, maintenance of common areas and infrastructure, and 24/7 security service.
Prices range from THB11.9 million and can go up to luxury villas valued at THB100 million depending on the preferences of the owners and buyers to add and customise the real estate.