Phuket has always been the Kingdom’s most popular island. It’s already a known fact that tourists flock to the island in droves to enjoy the island’s various offerings. However, it’s also know that the off-peak season is a time when business gets really slow in Phuket.
However, it appears that the ongoing sale of the high-end Royal Phuket Marina is defying established theories and learnings about doing business in any area in the slow season. That’s because, after announcing a Master Plan in July that calls on investors to put in money on the 200-rai high-end property, transactions are hitting a high despite them taking place in what is considered as slow season in the island province.
It was reported back in July that Mr. Gulu Lalvani, sole developer of the project since 2005, is looking to infuse a total of THB5 billion in investments to expand the Marina. The project has successfully established itself as a prime yachting destination, but Mr. Lalvani is now setting his sights on transforming the Marina into a “lifestyle destination” as reported back in 2015.
The plan, which is dubbed by parties privy to the details as the “Master Plan,” seeks to add hotels and resorts and a beach club to the existing yachting facilities. In addition, Mr. Lalvani and his partners want to introduce a family-friendly resort project as well as a convention center for businesses into the vast real estate project.
When the sale was first reported in July, it was indicated that Mr. Lalvani is giving space for new investors to pitch in and provide the needed capital for the expansion. Investors seemed to have heard the call, and found the project satisfactory given the response to the sale.
Royal Phuket Marina’s managing director, Michael Ayling, attributed the interest to the project’s prime location and its extensive amenities. These, he said, are factors behind the immense investor response to the announced sale of the Marina. Ayling even said that he expects a significant increase in the actual value of the Royal Phuket Marina once the sale concludes, and the planned expansion activities push through afterwards.
Ayling also revealed that their company has seen three re-sales of properties, and said that the expected increase in property value is directly responsible for that response.
The Royal Phuket Marina began operating in 2005. At that time, Mr. Lalvani, who is now Chairman of the Marina, was the major investor. His efforts, together with his partners, have resulted to the development of the immense property and resulted to berths for over 110 vessels. The Marina also has a hardstand enough to accommodate 40 vessels.
The Royal Phuket Marina also has its share of accolades. In February this year, the Marina received the first ever “Luxury Yachting in Thailand” award.
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Photo from Gazette file of Phuket News
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