Phuket luxury property developer Botanica has ambitious growth plans

 

Botanica Luxury Phuket, a leading local property developer, has announced ambitious expansion plans to maintain its position in Phuket's burgeoning luxury real estate market.

 

Speaking at a press conference on Friday, chief executive officer Attasit Intarachooti highlighted the company's remarkable growth over two decades, revealing record-breaking sales figures for 2024. 

 

"Since 2004, we have developed 27 projects across Phuket, Krabi, and Hua Hin. In Phuket alone, our portfolio comprises 4,081 units, with 1,095 units developed directly by Botanica, representing a total value exceeding 51 billion baht," he said.

 

 

The company reached a success milestone in January 2024 by setting a monthly sales record of 1.2 billion baht in Phuket. This success has been attributed to their signature approach, which combines strategic private locations, nature-embracing designs, and high quality standards.

 

 

          Market overview

According to Colliers Thailand's September 2024 report, Phuket's villa segment is valued at 160-170 billion baht, with more than 170 active projects, more than four to five times the previous average of 30-40 projects annually. 

 

The first half of 2024 saw the launch of 1,285 new villas across 65 projects, valued at 36 billion baht, marking the first time in 15 years that villa launches have surpassed condominium developments.

 

 

Kamala and Bang Tao currently command the highest property prices on the island, with maximum unit prices reaching 296.2 million baht and 270 million baht respectively. The emerging areas of Cherng Talay and Pru Jampa follow with median prices of 114.7 million baht and 56.3 million baht respectively.
 

 

 

 

          Strategic expansion

Botanica has unveiled an ambitious roadmap for 2025, including five new projects across various locations. The company's first luxury condominium project, "Hythe by Botanica", will be situated within the "Botanica Grand Avenue" mega-project near Bang Tao Beach, with project value exceeding 12 billion baht. The development has already secured over 40% in pre-launch sales.

 

A second high-end condominium development is planned for central Cherng Talay, dubbed Phuket's answer to Bangkok's Thonglor district.

 

 

The 60-rai (9.6 hectares) project, valued at over 18 billion baht, will feature extensive green spaces and an art-inspired walking street, with the official launch scheduled for late 2025.

 

This year, the company expects to achieve its sales target of around 4 billion baht. 

 

In addition to launching new projects next year, Botanica is planning to further develop its initiatives in Krabi and Hua Hin, as they believe both locations have the potential to emulate Phuket to some extent. 

 

 

 

          Infrastructure development

The expansion plans coincide with significant infrastructure improvements planned for Phuket, including the Kathu-Patong Expressway and the Muang Mai-Koh Kaew-Kathu Expressway – Thailand's first mountain tunnel expressway – scheduled to begin construction in 2025. 

 

Additionally, Phuket International Airport is set for expansion, increasing its annual passenger capacity from 12.5 million to 18 million.

 

 

 

 

"Our vision extends beyond building residences to creating 'the Botanica Community, The recent launch of Botanica Privilege Club demonstrates our commitment to enhancing every dimension of prestigious living for our residents," Attasit emphasised. 

 

Though many big developers, both Thai and international, were flocking to Phuket to ride this property tidal wave, he remains confident about demand for his projects. Competition will offer variety in the market and attract global customers, he said.

 

 

He observed that Europeans were seeking homes for their families or for retirement, while Asians and Russians, although looking for a residence, are also considering investment opportunities. Properties in Phuket can offer rental returns at around 7% to 10%, depending on the location.

 

While the Middle Eastern clientele tends to prefer luxurious hotels, an increasing number are beginning to consider long-term residences, although they typically desire larger properties with at least five bedrooms.

 

With Phuket's property market valued at approximately 470 billion baht in 2024, according to Benoit Properties, Botanica's expansion strategy aims to capitalise on the region's continued growth and appeal to international investors.