What’s your strategic vision for Group Property Development in Phuket’s unique market?
Our strategy is clearly defined. We’re not targeting the saturated entry-level segment below 10 million baht. Instead, we’re focusing on mid-scale, upscale, and luxury developments, with plans to introduce ultra-luxury projects later this year. We believe there’s still strong demand for ultra-luxury properties, as seen in markets like Dubai and even Bangkok. We aim to offer a comprehensive real estate portfolio—hotel residences, private residences, and more—much like a luxury car brand with models to suit every lifestyle. We want to cater to various buyer segments and markets, such as Russians who prefer long winter stays, and are not just looking for pure investment. This diversity in product and market targeting ensures we remain relevant and competitive.
What key metrics will you use to measure the success of Group Property Development’s Phuket projects?
Sales performance is our primary metric, and we’ve achieved record-breaking sales for three consecutive years. Our business is now operating at about five times the level it was pre-COVID. While we know growth will eventually plateau, we’re focused on sustaining current levels. Another key indicator is our project pipeline. Unlike hotels, real estate revenue is only recognized upon completion and handover. Currently, we have over USD 500 million in unbooked sales. This pipeline will significantly boost our revenue figures in the coming years, particularly from 2025 onward.
How will you ensure Group Property Development’s projects in Phuket are environmentally and culturally responsible?
All of our projects must undergo environmental impact assessments, which include community consultations. These engagements are vital—not only for regulatory compliance but also to ensure we align with local needs and values. Our collaboration with local stakeholders helps us develop responsibly and maintain long-term relationships across the island. Environmental and cultural responsibility is integral to our approach. We use natural materials where possible and incorporate design features like open green spaces, water elements, and lush landscaping. Our developments support both passive and active lifestyles—with areas for relaxation and wellness as well as facilities for sports and recreation. Additionally, we’re making infrastructure investments to supplement public utilities, including our own water treatment plants and planned reverse osmosis systems. For power, we’re implementing 100% generator backup, a feature typically seen only in hotels. These steps ensure both sustainability and reliability.
How will you stay informed about and respond to trends in Phuket’s property market for Group Property Development?
We monitor buyer trends closely through our offshore sales teams, particularly in emerging markets like the Middle East and India. Phuket continues to attract interest due to its hospitality, scenery, and lifestyle, and we’re positioning ourselves to meet evolving expectations in design, wellness, and sustainability.
What are the biggest opportunities and challenges you foresee for Group Property Development in Phuket over the next 5 years?
Opportunities include tapping into new buyer markets and adapting to evolving preferences, especially in lifestyle-oriented real estate. Phuket remains a highly attractive destination in Asia, and demand is strong. However, challenges include lagging public infrastructure. While private development has surged, public transport and traffic management haven’t kept pace. We’re also planning for climate-related risks like flooding, using features like lagoons for water management. Ensuring utility resilience—through backup power and water systems—is another area where we’re proactively addressing long-term challenges.
