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More foreign investment in Phuket

Posted Date: 2017-06-15 11:48:17

By Phuket Real Estate Club

Phuket governor Nirand Kalayanamitr said that more foreign investors have shown strong interest in Phuket. For examples, an official proposal was received for Ao Phuket project by Lotte group, KB bank (South Korea), and a Scandinavia group who has the technology that is supposed to cause minimal impact to the environment. There are also investors from China and Japan who have shown interest, but not yet submitted their proposals. Other proposed projects include light monorail by Lanna Group and Free Trade Zone at Phuket’s deep sea port by Middle East group.

 

“Foreign investment is particularly keen to Phuket because of the large number of expatriates living in on this paradise island-U.K., Australia, Germany, Korea, and Russia, for examples. And there are many others who have asked me about land acquisition and ownership, and buying existing businesses. This trend continues because foreign investors have high confidence in Phuket and real estate investments is much more attractive than other investments,” the Governor added.

 

In addition to hotels and pattaya properties for short-term visit, there is foreign investment in the so called ‘Homestay’ especially in Naithorn and Layan area by Swedish, Russian, Japanese, and Swiss. A few homestay projects have been completed and a few are under construction. SIPA (software Industry Promotion Association) has initiated a program to catch the attention of software development investment through the Thai BOI (Board of Investment).

 

Furthermore, Governor Nirand stated that his office has appointed a committee to establish a database of expatriates living in Phuket. In the past the provincial campaign targets only unregistered Thai from other provinces living in Phuket. Since more and more foreigners visit Phuket and a number of them decide to stay and work. Some do it legally, but some do not. The number of Phuket’s expatriates composed by several government agencies varies significantly citing to little coordination. The new database will enable the Phuket Government to better monitor and serve the expatriate population.