Mr. Poomchai Mattayompoppinyo, Managing Director of Southern Project Development from Sansiri Public Company Limited (SET: SIRI or Sansiri), stated that Phuket province is one of the populist destination in Southeast Asia, and the key drivers that will transform the province into “The World’s Elite Destination” are the premium tourism and service and the developments that cover quality residence and comprehensive facilities.
These factors will create a significant growth in Phuket’s property market, which includes vacation house, investment project, long term residence, and comprehensive lifestyle project, especially Ultra Luxury projects that receive high demand from both Thai citizens and foreigners.
Phuket is one of the top four cities, following Dubai, Florida, and New York, that receive strong demand from people with high wealth. Its land price has grown exponentially, about 700%, in the past 20 years. SIRI has been investing in this province since 2021, setting up 26 projects along the way. The company plans to add 29 more projects, worth a total of THB 33 billion, in the next five years (2025 – 2029).
SIRI plans to set 5 – 6 projects per year, including both horizontal and vertical development projects, covering all target segments. Currently, the company has eight projects in Phuket that are ready to sell and about 200 – 400 products remain in its inventory. The company estimated that it must spend about THB 1 billion per year to acquire enough lands in the province to support all its plans and projects. For the next year’s projects, the company has already obtained enough land, which is about 5 – 6 plots.
This year, SIRI plans to transfer its land ownership from Phuket’s projects worth a total of THB 5 billion, increased from last year of THB 2.5 billion. By the end of 1H25, the company already transferred the ownership worth about THB 3.3 billion and had a backlog worth about THB 10 billion, ready to be recognized. The company is confident in its ability to reach its goal.
Mr. Poomchai stated that the reason SIRI increased its goal of transferring right from the value of THB 4 billion to THB 5 billion is because of “The BASE Bukit” project, worth THB 1.7 billion, and “The BASE Rise” project, worth THB 1.1 billion. These projects were finished in June, ahead of schedule in September, and were well received from the customer. In the second quarter of this year, the two projects generated transfer ownership revenue of about THB 1 billion.
Additionally, SIRI also plans to generate pre-sale revenue from its Phuket’s projects of about THB 5 billion, which the company already generated THB 2.5 billion during the first half of the year. The company also opened one more project in the province, which is “THE BASE Cherngtalay”, worth THB 1 billion.
Mr. Poomchai stated that during the second half of the year, SIRI plans to open two more projects in Phuket, worth a total of THB 3 billion. The first project is the Setthasiri Kohkaew Retreat project, a modern classic home worth about THB 13 – 20 million. The second is D Condo Kathu, a premium condo with THB 1 – 2 million, scheduled to open in the second half of the year.
