The owner of Royal Phuket Marina, Gulu Lalvani, has decided to officially put the development on the market. He picked JLL to handle the sale of the mixed-use development which features luxury residences, retail space and restaurants along with the marina. The decision to sell the marina comes after an international buyer expressed serious interest in buying the development.
“Royal Phuket Marina is my passion and since opening over 10 years ago I have worked tirelessly to promote yachting in Thailand and make Royal Phuket Marina a leading waterfront destination in the region,” Lavani explained in a press release. “With still so much untapped potential, I am keen to find a buyer who can take Royal Phuket Marina to the next level and realize my dream of making this property a world-class integrated lifestyle destination.”
The development is located along the island’s east coast and is close to Phuket International Airport as well as several of the island’s most notable locations. Royal Phuket Marina was built in 2005 and is equipped with the island’s largest conference and exhibition facility plus office space. At the moment, only one-third of the total land available has been developed. A master plan has also been created that would allow the project to become one of the most desirable resort destinations in Thailand.
“We have worked with a leading international architect to prepare a master plan that shows the huge potential of Royal Phuket Marina,” Lalvain said. “Established on the sound fundamentals of Phuket’s tourism industry, the master plan offers interested buyers an option in how they can develop and enhance the current Royal Phuket Marina offering to become a world-class lifestyle destination for families.”
Mike Batchelor, managing director of investment sales Asia at JLL, will oversee the sale of the property along with Aaron Desange. He believes that the unique features of Royal Phuket Marina will ensure the development is highly sought after.
“The Phuket hospitality market continues to be a focus of investors globally and we are anticipating very strong interest in this asset,” Batchelor pointed out. “Rarely does such a large land holding with extensive master planning and existing infrastructure come to market in such a prominent location and sought after investment destination.”
