As RL Phuket Magazine celebrates its 15th anniversary this year, so does Manusanan Nararatwanchai of Phuket Plus. It was 2008 when Mr. Manusanan built his first condominium in Phuket, marking the beginning of an amazing journey that extended to projects in Bangkok and Chiang Mai.

The developer, who prefers to keep his privacy, sat down with RL on the occasion of mutual anniversaries to share insights into the property market, draw a portrait of the market, and offer tips for foreign investors in Phuket property.

Legacy in names

Mr. Manusanan landed in Phuket in 2006 and immediately fell in love with the island. With a successful career in property, including architectural design and more, he possessed everything to not only enjoy Phuket but also reshape the island and lead it to new heights.

“It was on my first trip to Phuket in 2006 when I was introduced to the beautiful area of Kamala. I liked it a lot and chose it as the location for my first project, The Tree Residence. It was followed by other developments, including Zen Space, Icon Park, Oceana, to name a few of the Phuket-based ones. There were also hotels and a wellness center, as well as projects in Bangkok and Chiang Mai,” Mr. Manusanan recalls.

The Tree Residence was an adventure that could only was possible 15 or 20 years ago. Mr. Manusanan came across an amazing plot which available exactly for the sum he owned. There was no road leading to the plot and many other challenges, but the location was unbeatable. Mr. Manusanan pushed the chips all-in.

“The three components for success in property are location, location, and location. You choose the wrong one and struggle from start to finish, you choose a right one, and everything flows. The whole concept of the project should depend on the character of the land where it is built. We start by analyzing the location and finding the ways to maximize its value, bring it to the highest. Property development is all about transforming soil into a shining star,” says Mr. Manusanan.

The Tree Residence, built in 2008, transformed a remote land plot with potential into Mr. Manusanan’s first condominium in Phuket, featuring 62 units that combined elegance and convenience.

In 2010, Zen Space, another condominium in Kamala well-known to the local community, followed The Tree Residence. Around the same time, Mr. Manusanan launched Be My Guest, a hip hotel in Surin that opened in 2011.

A developer is known by what they have built, and the managing director of Phuket Plus is recognized by the names of his projects rather than his own names.

Besides the ones mentioned above, highlighted developments include Norn Talay Surin Beach Phuket, Lake Town Kamala, Palmyrah Surin, Kayadee Wellness Kamala.

“In Phuket, we are focusing on Kamala and Cherng Talay just because of the location. The areas combine beauty with convenience – banks, restaurants, malls are all available here in close proximity,” Mr. Manusanan says from the Bang Tao office of Prime Pano, one of his most recent projects.

Going Prime

Mr. Manusanan and Phuket Plus are currently engaged in three projects in Phuket, all branded as Prime and linked with a general idea of combining luxury and nature for family living.

Prime Pano is a hillside villa development under construction in the Bang Tao area of Cherng Talay. The work is underway along Soi Bang Tao, across the main road from Lotus’s Bang Tao. The hillside estate is in close proximity to the sea, though it is rather a short drive than a short walk.

Just as 15 years ago, Mr. Manusanan saw a plot of land and fell in love with it. Now the work is underway to “transform the soil into a shining star,” or rather a “shining constellation,” as Prime Pano will comprise 58 villas arranged as terraces on the hill, with each unit offering breathtaking views and designed for family life.

“Love at first sight,” the presentation says, and it is easy to guess who exactly is quoted.

The work on Prime Pano is already underway, while Phuket Plus is waiting for Phuket authorities to approve the project and give the green light to begin construction.

Prime Villa Bang Jo will be an estate of 18 two-story villas with private swimming pools. The development perfectly blends modern luxury and natural tranquility, offering contemporary living in architectural elegance embraced by nature.

Prime Villa Srisoonthorn will be another family-oriented estate in the same area, adjacent to Cherng Talay. Technically a different Sub-District, Srisoonthorn (including Bang Jo) is part of the “bigger Cherng Talay.” The main distinction from Prime Villa Bang Jo is that this project will comprise eight three-story houses.

In both Prime Villas, Mr. Manusanan builds houses for families to spend their time together, be it on the premises or in the common areas, including playgrounds, gardens, pet areas, and more.

Last but by no means the least Mr. Manusanan is currently getting the papers to build his own international kindergarten and school. Located in the same area of Cherng Talay, it will cater to the needs of permanent residents of what used to be a resort area.

A family man himself, Mr. Manusanan includes “proximity to schools” in the shortlist of what his personal perfect location is. Many foreigners with kids would enthusiastically agree, as your convenience and the convenience of your children are indispensable.

Expert Tips

Having been in property as a seller and as a buyer for around 20 years, Mr. Manusanan now admits that some things have changed greatly while others remain intact.

Apparently, you can no longer grab a perfect location in Kamala, Surin, or Bang Tao and start developing the land plot into Phuket’s new star. Leave alone buying a prime plot for B1 million or so – a good location is a rarity these days, and prices are as high as the sky.

What has not changed is the motivation of the buyer, be it a person making a purchase for his residence or an investor looking for returns.

First and foremost, Mr. Manusanan stresses, Phuket remains a foreign market, with Russians, Chinese, Europeans, Indians being the main buyers. Obviously, they buy for specific purposes if compared to Thai buyers in Thailand or even Russian or Chinese buyers in Russia and China.

“Phuket is not a proper Thai market; it is not a domestic market, despite the presence of buyers from Bangkok. People all around the world are the ones who buy Phuket. Apparently, these people already have a place to live, so they do not buy a place to cover their head and sleep; they buy experiences. They are looking for something not available in their countries; they are looking for a house that will bring Phuket experiences with it,” explains Mr. Manusanan.

The human hunger for experiences is never dying, and Phuket has proved to be able to provide those unique experiences to both short-term visitors and those planning to spend a bigger part of their life on the island, enjoying the best Phuket has to offer.

As human time is limited, living an enjoyable life and having unique lifestyles are what people are ready to pay for.

“You should not compare Phuket to other Thai provinces but to Singapore, Cyprus, Georgia, Portugal, and Italy. This will tell you what international buyers want to purchase. And you would see why Phuket is in more demand than even Italy or Spain,” he says.

The main driver of demand in Phuket is tourism, making vacation rentals part and parcel of the island’s property market. The province became Thailand’s leading destination for international travelers since the reopening in 2022. As of late 2023, all countries around the world have reopened, but Phuket has its own unique offers in terms of both experiences and property as a key to them.

“The demand for own living is not too big in Phuket. At a rough estimate, maybe around 20% of all the deals, which include all the second homes foreign nationals buy. The remaining 80% of offers are bought for investment, and trust me, big investors are smart; they are very smart. They can buy Greece, Spain, China, or Cyprus, but they buy Phuket because they see the potential for growth. And if you want one simple explanation, here it is: affordable luxury,” Mr. Manusanan says, repeating what he revealed in one of his rare interviews over a decade ago.

Mr. Manusanan stresses that a wise developer and a wise investor should consider what their buyers or tenants want rather than what is preferable to them. Though, many would agree that Mr. Manusanan’s own picture of a dream residence appeals to them as well.

“Personally, I would buy for the view. I want to open my windows in the morning and embrace the beauty of Phuket, be it a sea view, a mountain view, or even a city view. It doesn’t really matter what it is, as long as it is a breathtaking view that I embrace every morning. The atmosphere is the number one thing,” Mr. Manusanan confesses.

“Number two is the accessibility of what my family and I enjoy as our favorite experiences. We love good food, and thus proximity to markets and restaurants would also be of high importance, as well as convenience for my kids going to school every morning. In fact, in Phuket, you can find places like this everywhere,” he continues.

When pointed out that all the criteria have to do with location rather than anything else, Mr Manusanan just repeats with a smile: “Location, location, location.”