When did Phuket begin its transformation?
1967 was the year that the Phuket became physically connected to Thailand’s mainland by the Sarasin Bridge, which made it accessible by not only a ferry but by two lanes of traffic. While the bridge has since been turned into a simple pedestrian thoroughfare, its construction was a foreshadowing of one of the biggest tourism booms in the country’s history.
Although Phuket has been building a reputation as Thailand’s most popular destination for nearly 50 years, it has really only been the last decade that it has completely taken off in population, popularity and real estate development, resulting in an almost-exponential increase in visitors. One of the islands most established local development companies; Phuket 9 has been developing land on Phuket for ten years and in an exclusive Thailand Property interview with CEO Andrey Kozhushny, he said that the island has matured and developed right before his eyes.
How has Phuket changed in ten years?
Back when Phuket 9 first started developing, they began their first large-scale development located in Chalong area, nearby the most famous Buddhist temple in Phuket. At the time, Wat Chalong temple was one of the only sights in Phuket. The first night-life venue, Club Med was also one of the only on the island. Since then, Phuket Town has been renamed as Phuket City. New accommodations, from high-end hotels to hostels and bungalows continued to line the perimeter. More and more nighttime attractions began filling in the gap between Club Med and Patong Beach.
Another hugely important event that aided Phuket’s rapid growth was the introduction of the Thao Thepkasattri Bridge, a multi-lane highway running alongside the old Sarasin. Completed in 2011, the new bridge brought over 10,000 new cars to Phuket by the following year. This has helped new developments that were located a short drive away from the coast to become much more marketable. Now, instead of the interior being reserved for privacy-seeking property purchasers, there are boundless opportunities to build peaceful yet convenient neighborhoods that are still within close distance to coastline, and nearby many walking paths, piers, markets, restaurants and cafes.
A new kind of development on Phuket
Now that interior properties are much more viable for people living on the island, more developments that are situated farther from the beach are landing on the island. Phuket 9’s new development, to be called Rawai VIP Villas will offer some of Phuket’s more secluded properties, but this will only be the case at first. The goal of Phuket 9 is actually to build it into a strong community which will create opportunities for other business to grow around it; a clever way to eventually make the land in the immediate area become more expensive. This is an significant incentive for investors who can see the rapid growth rate of Phuket and want to enter the market while prices are still reasonable.
A seasoned expert in developing exactly what investors in the market are looking for, Andrey has chosen a large land plot just 300 metres from the beach for the new Rawai VIP Villa development. With their modern one-storey designs, all focused on comfort, the villas are set up to accommodate not only holiday-home investors but future retirees as well. With enticing rental guarantee options available, investors who are educated on Phuket’s development history are recognizing the development and similar opportunities as a chance for significant liquid returns.
Investing in Phuket is still worthwhile—but maybe not for long!
Andrey says that while now is a still very good time to invest in land and property on Phuket, he predicts it may take only another five years or less for it to become difficult to find a good deal.
Despite its predicted growth, the island will always maintain its beautiful and natural environment. Having caught the problem before it became one; authorities of Thailand have already taken actions to protect its natural beauty. For example, new laws prohibiting building above 80-meters of sea level, as well as newly introduced height restrictions on buildings near the beach have been implemented. Land deeds are being investigated and there are two national parks on the island that will remain undeveloped.
Roughly the same size as Singapore, Phuket still has space to grow and accommodate the millions of people who visit every year. In just one year Phuket’s new airport will open another floodgate of visitors, Phuket 9 is gearing up for another surge in population and tourism. Ten years after opening, the company and its industry are still prospering.
Learn more about Phuket 9 at http://phuket9.com/ or email andrey@phuket9.com