Hua Hin, Thailand, August 14, 2020 / TRAVELINDEX / Banyan Residences, a pioneer in luxury property development, is fighting back against Covid-19 by realigning its strategy and focusing on the rapidly growing Thai domestic market for the purchase of its exclusive hillside residences as a second home or investment.

As a leading player in the Hua Hin real estate market, the luxury project, located 230 km southwest of Bangkok in the prestigious southern district of the royal heritage near Khao Takiab, has seen a sharp increase in domestic market interest in its exclusive, custom-designed villas.

Banyan Hua Hin is situated on a gently sloping hillside and offers sweeping views across the Gulf of Thailand from its highest point. It is a resort designed for an active lifestyle, featuring 102 villas, an 18-hole championship golf course, three restaurants, a spa, a medical center, and the Banyan Village.

The project belongs to Blue Lotus Hua Hin, a consortium of well-known Thai and international project developers and private investors, including Nitijhan Hetrakul and Wachara Tantranont. Banyan Hua Hin has a total value of 4 billion THB.

Banyan Residences has recently engaged the world's leading real estate firms Christie's International Real Estate and List Sotheby's International Realty to present its villas to domestic and international buyers.

“Covid-19 had a significant impact on Thailand, particularly on tourism, as hotels were unable to attract foreign guests after the lockdown. This was difficult for all Thai destinations, especially popular resorts like Phuket and Koh Samui. However, Hua Hin, thanks to its stronger focus on the domestic market, was able to offset the international decline and gain more attention than before,” said Tjeert Kwant, CEO of the Banyan Group.

According to the latest data from C9 Hotelworks, domestic tourism dominated Hua Hin in 2019, accounting for 74% of business. A significant increase is expected for 2020. Just last month, the first transaction involving a domestic traveler was completed: an exclusive villa in the resort was sold to a long-term Thai expat.

Demand is driven by the same key factors that fueled the luxury real estate boom in Phuket over the past decade. This demonstrates that Hua Hin is rapidly catching up with the popular southern island. Another advantage is its excellent accessibility by car, which is particularly appealing to the local market.

The expansion of the Bangkok-Hua Hin road will be completed by 2022, creating a six-lane highway from the Thai capital to Hua Hin and reducing travel time to two hours. A double-track rail network, scheduled for completion in the same year, will further reduce travel time from Bangkok. The 350 million baht expansion of the international airport will be completed by 2023, enabling established regional airlines to land in Hua Hin.

Furthermore, investors are attracted by the international standard medical facilities of Bangkok Hospital, international schools and a hotel market with over 13,000 rooms, including leading global brands, all of which contribute to the appeal of the historic destination as it increasingly realizes its potential as Thailand's Riviera.

“We are seeing a clear shift towards the domestic market, where it is primarily the upper middle class and the upper class who are buying properties,” said Tim Skevington, CEO of Christie’s. “Our first open house at the Banyan last weekend generated so much interest that we will be holding a second one from August 11 to 13.”

“It is important that buyers value a property in the city’s most exclusive area, the southern district, and want to work with reputable developers who can offer a spacious and completely private residential area. This is exactly where we see great potential for Banyan Residences,” he added.

Banyan Residences' exclusive villas are individually designed according to four different layouts. The project management team assists buyers in tailoring their villa to perfectly suit their budget, lifestyle, and design preferences. Personalization options range from simple modifications such as moving interior walls or relocating the kitchen to more extensive alterations like adding a garage, increasing the living space, or integrating luxurious features such as a private spa or home theater.

Privileges include optional membership at the Banyan Golf Club, Hua Hin, and the Banyan Privilege Card for all residents, offering exclusive benefits at various restaurants, beach clubs, the water park, and sports facilities (gym, tennis court, etc.). Community services include property management, maintenance of common areas and infrastructure, and 24-hour security.

Prices range from 11.9 million THB to luxury villas worth 100 million THB, depending on the wishes of the owners and buyers regarding the individual design and expansion of the property.