A colossal 20 billion baht is being invested into Phuket by Thailand's largest developer of real estate and retail, The Central Group, will be spent over the next five to seven years on projects around Phuket. Central Festival in Phuket City is one of the largest shopping malls in Phuket. The new enterprise plans to construct deluxe hotels, upscale shopping malls and office towers on three strategic locations over 630,000 square metres of prime Phuket land.
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A colossal 20 billion baht is being invested into Phuket by Thailand's largest developer of real
estate and retail, The Central Group, will be spent over the next five to seven years on projects
around Phuket. Central Festival in Phuket City is one of the largest shopping malls in Phuket. The
new enterprise plans to construct deluxe hotels, upscale shopping malls and office towers on
three strategic locations over 630,000 square metres of prime Phuket land.
Central Group's aim is to provide more quality establishments in Phuket, attracting high-end
visitors and further improve Phuket as an outstanding tourist destination. One of the projects
planned is a huge ultra-modern shopping mall to be built near Phuket airport in the northern part
of the island. With well over two million overseas visitors to Phuket every year, and rising, the
island is an attractive place to invest in.
Phuket is experiencing an influx of real estate investors acknowledging Phuket's potential and
anxious to develop on the island's limited space. Laguna Property recently announced a 2 billion
baht project to build 2000 new town houses and condominiums (see here). Tri Property Co. is set
to invest 1.2 billion baht on constructing villas on beachfront locations. Along with other
companies, such as Amari Estate and Charn Issara, a total of 50 billion baht will be invested in
commercial and residential properties in Phuket over the next couple of years.
An increase in demand for property to rent or buy in Phuket, from both locals and foreigners, has
led to a rapid rise in development projects. A survey conducted by The Nation showed that in the
next two years the construction of more than 4,000 new condominiums and low-rise housing units
will have been completed.
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