Phuket’s US$14 bil property pipeline to drive shift from tourist hotspot to global living hub
Proud Real Estate unveiled The Residences at InterContinental Phuket Resort last December, a project valued at approximately US$77 million (Photo: The Residences at InterContinental Phuket Resort)
Phuket has long served as a sun-soaked beach escape for tourists. But the largest island in Thailand is now poised to become an established hub for long-stay residents and global citizens, reflecting a broader transformation in the global real estate landscape. “The convergence of real estate and hotels is reshaping resort economies across Asia,” asserted Bill Barnett, managing director of Thailand-based hospitality consultancy C9 Hotelworks, in his keynote address at the Phuket Real Estate Forum 2025.
The inaugural forum, held late last year, featured presentations and panel discussions with speakers from Phuket-focused developers, investors and hospitality groups.
The forum shone a spotlight on Phuket’s evolving real estate market, which Barnett says is entering a new chapter. C9 Hotelworks estimates the island has some US$10 billion ($12.8 billion) in existing resort-grade real estate, with another whopping US$14 billion ($17.92 billion worth of future supply currently in development.
The inaugural Phuket Real Estate Forum 2025 took place in November last year (Photo: C9 Hotelworks)
The robust pipeline is being fuelled by sustained tourism demand, coupled with increasing long-stay migration. For the first nine months of 2025, Phuket International Airport recorded 6.3 million arrivals, up 0.7% y-o-y.
Amid this landscape, hotel rooms in Phuket are projected to grow, with C9 Hotelworks projecting 5,208 new keys to open within the next four years. At the same time, the island currently has 43,481 residential units available in the primary market, underlining the growing interest in long-stay accommodation options.
For Barnett, the pipeline is indicative of Phuket’s transformation from a tourism destination to a world community. Proudputh Liptapanlop, executive director of Thai developer Proud Real Estate, shares the sentiment. “Phuket has matured into a global residential destination,” she says.
The Residences at InterContinental Phuket Resort
For Liptapanlop, Phuket property buyers have not only diversified internationally, but also in terms of preferences. “Buyers prioritise wellness, design, and long-term community living — and branded residences allow us to deliver that with credibility and consistency,” she noted during a panel discussion.
Last December, Proud Real Estate unveiled The Residences at InterContinental Phuket Resort, a branded residences project valued at approximately $98.6 million. Located along Kamala Beach, the development marks the area’s newest luxury residential development and is located next to the existing 221-key InterContinental Phuket Resort. The resort is also the only InterContinental-branded hotel to receive two Michelin Keys — the Michelin Guide’s hotel equivalent of its famed Michelin Star restaurant rating system.
Designed by award-winning Bangkok-based studio Habitat Architects, The Residences at InterContinental Phuket Resort presents a reimagination of Phuket’s Sino-European and Peranakan heritage. According to Proud Real Estate, the project is one of just five residential developments worldwide under the InterContinental brand.
The project features 21,528 sq ft of common areas and facilities, including the Sala Pavilion (Photo: The Residences at InterContinental Phuket Resort)
Spanning 57,695 sq ft, the development comprises 111 exclusive units across twin seven-storey residential towers. The development offers five unit types, ranging from one-bedroom units of 635 to 818 sq ft to five-bedroom penthouse units measuring up to 4,575 sq ft. Prices are expected to start from $615,600.
Complementing the residences is over 21,528 sq ft of common areas and amenities, including a single three-storey facilities building with wellness and lifestyle facilities such as a 25m lap pool, a kids’ pool, a cabana pool deck, and a meditation zone. Other amenities include Paradise Garden Court, a central landscaped green space at the heart of the development, anchored by the Sala Pavilion for private dining and events. Residents will also enjoy access to a range of services and facilities at the adjacent resort.
According to a release by Proud Real Estate, the presence of a globally recognised hospitality brand is expected to support continued investor interest in the island. Phuket currently ranks as the world’s fifth-largest market for branded residences, with a combined value of $2.94 billion, pointing to its longer-term growth prospects.
Bangtao: A rising residential enclave
Just a 10-minute drive from The Residences at InterContinental Phuket Resort is Bangtao Beach, another emerging residential hotspot. Among the upcoming developments in the area are new launches Sudara Residences Phuket and Gardens of Eden.
Sudara Residences is a joint development by Thailand’s Princess Villa Limited and Hong Kong-based Lan Kwai Fong (LKF) Group. Phase 1 of the development comprises 220 low-rise condo residences across three residential blocks, with both freehold and leasehold options. The development is expected for completion in 1Q2027.
Artist’s impression of Sudara Residences (Photo: Sudara)
Residential offerings in Phase 1 range from one- to three-bedroom residences spanning about 560 to 1,550 sq ft. Prices start from around THB10 million ($410,344) for one-bedroom units, from around THB16 million for two-bedroom units, and from approximately THB22 million for three-bedroom residences.
The residences were launched for sale to Singapore buyers last September. As of November 2025, 50% of Phase 1 units had been sold, with buyers from Singapore accounting for about 40% of its sales, according to the developers.
Jason Thelen, senior director of sales and marketing at Sudara Residences, adds that the majority of buyers from Singapore are expatriates, made up of professionals aged between 40 and 65. “Most of our buyers are those seeking a high-quality residence for personal and family use for two to three months a year, while generating rental income through a trusted partner with more than 20 years of experience in delivering five-star hospitality in the Phuket market,” he expands.
Sudara Residences comprises one- to three-bedroom residences spanning about 560 to 1,550 sq ft (Photo: Sudara)
Overall, Sudara buyers consist of more than 25 nationalities, including Hong Kong, Russia, Switzerland, Canada, and Germany. Thelen says that plans for Phase 2 are currently under study, with the next phase likely to feature “an even more upscale residential concept, building on the resort-style positioning of Phase 1”.
Sudara Residences marks LKF’s second venture with Princess Villa Limited in Phuket. Its first project, Andara Resort & Villas, a mixed-use project located in Kamala, opened its doors 15 years ago. Andara has also been appointed the property manager of Sudara Residences, which is set to provide concierge services, including housekeeping and laundry services, for prospective residents.
Gardens of Eden: Expanding Bangtao’s luxury residential scene
Gardens of Eden is another luxury development making its mark in the Bangtao area. The sprawling resort destination by Amal Development recently launched its third phase, the 698-unit Lake Residences, last November. Spanning nine buildings and featuring a 64,584 sq ft business centre, Lake Residences is slated for completion in 2Q2029. “This marks an exciting milestone in the growth of Gardens of Eden, which is set to become the region’s premium lifestyle and wellness destination,” says Yana Chuvalova, marketing & sales director of Gardens of Eden.
The launch of Lake Residences comes on the back of the project’s earlier phases. Eden Residences, the first phase, was launched in December 2023, offering a mix of one- to three-bedroom units (775 to 2,433 sq ft), as well as two- to four-bedroom penthouses with private pools (1,432 to 2,788 sq ft).
The 698-unit Lake Residences spans nine buildings and features a 64,584 sq ft business centre (Photo: Artist’s impression from Gardens of Eden Brochure)
Phase 2, Park Residences, was launched in mid-2024 and offers 455 one- to four-bedroom units, including penthouses, ranging from 517 sq ft to 2,368 sq ft. As of December 2025, Eden Residences and Park Residences are about 82% and 66% sold, respectively, raking in sales of about $188.3 million over both phases.
Chuvalova notes that buyers of the first two phases have already started seeing strong returns on their investment. For instance, Eden Residences, which saw average prices of $755 psf during pre-sales, recorded a 36% increase to $1,029 psf by December 2024. As of November 2025, prices have climbed further by 30% to $1,346 psf.
Later this month, Gardens of Eden is slated to unveil Etro Residences. Part of Eden Residences, the development was designed in partnership with Italian fashion house Etro. This marks the brand’s first foray into Southeast Asia, following the launch of its first branded residence in Istanbul in June 2025 in collaboration with Turkish developer RAMS Global.
Located closest to the beach, the project will feature two low-rise residential blocks. Consisting of just eight units, the residences measure between 2,368 to 4,521 sq ft, featuring private pools and roof terraces offering ocean views.
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