Most visitors to Phuket view the popular Thai destination as a hotbed for seaside resorts and beachfront properties. However, the profile of visitors to Phuket has shifted in recent years, with a growing number of long-term visitors looking to make the island their second home.
This is driving up the market for luxury private residential communities in inland areas that support families with services and amenities within a gated development, says Chanond Ruangkritya, CEO of Ananda Development.
The mainboard-listed Thai developer is banking on a 220-acre forested plot close to Kamala Mountain and Bang Niao Dum Reservoir in Phuket. There, it is developing its first master-planned luxury private residential community, Mira Valley.
The first development phase comprises five separate villa sites, a residents-only lifestyle club and a town square. The developer is also collaborating with Bangkok Hospital — one of the largest privately owned hospitals in Thailand — to provide several health and wellness facilities.
Phuket development gravitates inland
Development in Phuket has focused on its west coast beaches, starting from well-known areas like Patong Beach and Karon Beach to the south. In recent years, resort development has shifted to northern areas like Bangtao Beach, says Chanond.
“While seaside resorts remain a popular choice for tourists, on the other hand, locals and long-term residents are increasingly looking to inland locations for their holiday homes,” says Chanond. He adds that it has become more appealing to develop previously overlooked areas due to new infrastructure projects by municipal authorities.
“Even among locals, this part of Phuket (where Mira Valley is located) has been overlooked for a very long time. But the area came into focus when the government announced a new 6km main road linking Srisoonthorn Road to Kathu District near Patong Beach,” says Chanond.
Chanond Ruangkritya, CEO of Ananda Development. (Picture: Ananda Development)
He notes that Phuket has steadily evolved from a tourist destination to an international resident community. “An increasing proportion of international residents opt to live here for longer periods, and they send their children to study at international schools here,” he says, adding that the growth in the resident population in Phuket has sprouted new hospitals, shopping malls, and other services over the past few years.
“We think this is the right time to introduce a product like Mira Valley, as investment demand for second homes in Phuket significantly picks up,” says Chanond.
“With our 550-rai property and expertise from Toscana Valley Khao Yai as our advisor for large-scale project planning, we saw the opportunity to introduce a development that not only offers luxury living but also establishes a strong and comprehensive infrastructure foundation to meet the long-term needs of our target customers,” he says.
Ananda’s maiden foray as master developer
The master-planned development is expected to have a gross development value of THB50 billion ($1.96 billion). Patcharavalai Ruangkritya, CEO of Mira Valley Phuket, a subsidiary of Ananada Development, is overseeing the project.
Patcharavalai, Chanond’s sister, says that she was initially doubtful that a luxury residential project situated in a relatively unknown valley in Phuket would appeal to high-net-worth buyers. When the initial concept plans for Mira Valley were being discussed back in 2019, she decided to relocate to Phuket from Bangkok for five years to understand their buyers’ needs and preferences.
The private residential community will be pedestrian-friendly, with a wide range of amenities. (Picture: Ananda Development)
“My short residence there provided two important insights. First, the expatriate community living in Phuket has grown significantly in recent years, and most residential areas lack adequate supporting amenities and facilities to serve this group,” she says.
She also observed that there were few places for the expat community to socialise within residential neighbourhoods. Places like tennis courts and paddle courts often don’t provide social spaces to relax. “This helped us conceptualise how the facilities and amenities at Mira Valley could meet a gap in the residential market here,” says Patcharavalai.
Another consideration in the development of Mira Valley was the increasing importance that buyers today place on sustainability and environmental responsibility. Patcharavalai says that luxury is not just about exclusivity and comfort for a new generation of buyers but also about making conscious sustainable choices. “These consumers prioritise developments that align with these values and offer eco-friendly solutions and products without compromising style or sophistication,” she says.
At present, the site is surrounded by lush mountain valleys and forests. (Picture: Ananda Development)
Mira Valley Phuket is working with consulting company Africvs to achieve a LEED certification under the LEED for Communities assessment framework. Leadership in Energy and Environmental Design (LEED) is the leading international real estate sustainability assessment framework. Its LEED for Communities assessment promotes net-zero practices and resilience in project planning and management.
Mira Valley aims to preserve about 20% of the existing vegetation within its 220-acre site, turning the untouched area into an ecological preserve. Other sustainability initiatives and eco-sensitive designs include rainwater harvesting, solar panels, waste recycling, and controlling excessive light pollution.
Five luxury villa projects
Mira Valley will be developed in phases. The first phase, spanning 55 acres, will comprise a town square, a social and lifestyle club called Sandals & Boots Club, and five separate land parcels for luxury villas.
Ananda is developing the town square, the lifestyle club, and one parcel of land for 12 ultra-luxury villas called Anann Villas. These hillside villas will be sold for about US$2.3 million ($3.08 million), with a mix of four- and five-bedroom layouts available. Each villa will feature a private swimming pool and large living areas.
An artist’s impression of a villa in the Anann Villas collection. (Picture: Ananda Development)
Separately, it has also partnered with designer and interior architect Mary Pakamard to design a collection of nine bespoke villas called Punyisa Pachira, which are expected to sell from US$3.4 million.
In addition, it is working with boutique Thai developer Mono Phuket to design and develop another collection of eight luxury villas called Mount Mono. A villa at Mount Mono is priced from US$1 million.
Chanond says that each of these partners shares Ananda’s vision for Mira Valley and has been chosen based on how they help curate the sense of community within the project. “These partnerships also spur us to benchmark ourselves against some of the best luxury and bespoke designers in Thailand, uplifting the quality of our design and development teams in the future,” he says.
Mira Valley will also be connected to the surrounding landscape with new adventure zones, about 3.5km of cycling and running trails, and premium sports facilities within the development. The social and lifestyle club Sandals & Boots will offer co-working areas, F&B options, a gym and fitness spaces, paddle and tennis courts, steam and sauna facilities, a swimming pool, a children’s playground, and an outdoor bar.
According to Chanond, the second development phase might introduce a branded residential project and another ultra-luxury villa project with larger land plots for each villa. However, plans for the next phase are still in concept and no firm plans have been announced.
Riding the growth in luxury homes
At least half of the villas in the Punyisa Pachira collection are in late-stage negotiations to be sold, while several villas in Ananda’s Anann Villas are also being negotiated. Patcharavalai says that nearly 80% of buyer enquiries they have received so far are from foreign buyers. “There have been a good number of Eastern European buyers, especially from Russia, but at the same time we’ve received strong buying interest from Americans, Canadians, and UK-based high net-worth individuals and their families,” she says.
Patcharavalai Ruangkritya, CEO of Mira Valley Phuket. (Picture: Ananda Development)
She adds that before the Covid-19 pandemic, most of these high-net-worth families had several holiday homes around the world, including Phuket. She observes that in the post-pandemic environment, many of these wealthy families appear to be tuning down their globe-trotting frequency and settling down for longer periods in one or two holiday homes.
“As a result, we see demand growing for larger-sized villas and buyers are more willing to pay premium prices for holiday homes where they can stay longer. They also prioritise developments with community services and proximity to educational institutions such as international schools where they can send their children,” says Patcharavalai.
Growing demand in the luxury segment has also encouraged Ananda to expand its luxury project pipeline in Bangkok. Chanond says that over the next three years the company will focus on serving the Bangkok and Phuket markets.
The company’s keystone project is the ultra-luxury Porsche Design Tower Bangkok, which was launched last August. The 21-storey project at Sukhumvit 38 in central Bangkok is a collaboration between Porsche Design, the lifestyle brand of Porsche AG, and Ananda Development. It is also the first Porsche Design Tower in Asia, following Porsche Design Tower Miami a decade ago.
Chanond aspires to help Porsche launch future Porsche-branded residences in other key Asian markets, such as Tokyo and possibly Singapore. “But we will continue to observe the market environment and plan accordingly,” he says.
