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Banyan to build largest luxury housing project in Phuket

PHUKET, Thailand -- Singapore-based Banyan Group on Thursday announced plans to build the largest luxury residential project on Phuket, a Thai resort island, as the company seeks to tap a strong recovery in real estate demand since the end of the COVID-19 pandemic. 

Located on the island's popular western coast, Banyan will begin construction of Laguna Lakelands later this year. The project will have 6,000 units upon completion, which will have an average price of $325,000. Slated to open in phases over the next five to 10 years, Banyan said it has sold about 20% of the first 300 units consisting of condominiums and villas.