Many segments of Phuket’s property market have been struggling but the luxury residential market segment has not had any such problems. Anantara hopes it is a trend that continues as its first branded residential development, The Residences by Anantara, nears completion, The Phuket Gazette reported.
“Premium luxury residential markets across the world are not directly impacted by market fluctuations in domestic housing sectors,” Micah Tamthai, vice president of real estate at Minor International, told the newspaper. “This development is a luxury product, and there is still real end-user demand for best-in-class new developments. The luxury property market in Phuket has always been strong and relatively unaffected by slowdowns in the Thai economy,”
The Residences are scheduled to be finished by mid-2016 but have already received several awards including the ‘Best Residential Interior Design’ award at both the Thailand Property Awards 2015 and South East Asia Property Awards 2015. The hillside development consists of 15 pool residences overlooking Anantara Layan. The Phuket Gazette noted that prices at the development start from USD6 million.
“We foresee both domestic and international demand, notably from Hong Kong and the UK. These residences are ideal for global leisure family travellers or couples looking for a different vacation option, away from the hustle and bustle,” Tamthai noted. “Layan is one of the most sought-after destinations in Phuket and remains a favorite with savvy overseas visitors seeking tranquility.”
Tamthai added that The Residences are well positioned to succeed because of the lack of supply in the upper end of the property market in Phuket. The development is also banking on strong brand power to draw in buyers.
“As more luxury hotels have been entering various Asian markets in recent years, we are seeing an increase in brand loyalty, with guests seeking hotel brands when they travel or when considering buying homes,” Tamthai pointed out. “Branded residences are popular because buyers are buying a lifestyle with which they’ve become familiar. With The Residences by Anantara, homeowners are buying laid-back luxury, intuitive service and a sense of discovery.”
