The announcement of a 10 billion baht investment to develop "ICONPHUKET" by the Siam Piwat Group has brought renewed attention to Phuket. This project introduces a destination model combining commerce, tourism, and entertainment on the island, with plans to open by 2029.
Looking beyond this project, Phuket is at the center of an even larger investment plan, arguably the biggest in decades. Developments including the airport, mass transit system, medical centers, international hospitals, and large-scale mixed-use projects are being developed and promoted concurrently.
If these projects proceed as planned, their impact could extend from improving access to Phuket, influencing preferred residential locations, to transforming the types of businesses generating revenue for the province.
Pattharachai Taweewong, Senior Director of Market Research and Public Relations at Savills (Thailand) Co., Ltd., offers insight based on investment data, stating that Phuket is approaching a critical turning point in urban development. Key projects currently under development and promotion total over 214 billion baht according to Savills’ compilation.
This figure represents plans across multiple projects and phases; it is not capital entering the economy all at once. It reflects long-term confidence from both public and private sectors in Phuket and efforts to enhance the city's capacity to support future growth.
Additionally, there are plans for the Pa Klok–Bang Koo tollway, road and underpass developments, as well as concepts for an Andaman port network, water airports, and other transport systems, reflecting efforts to integrate land, air, and water travel.
Projects that are particularly noteworthy are those capable of transforming access to Phuket, lifestyle patterns, and the province's revenue base.
1. ICONPHUKET-Synthesis Ark: Creating a new economic hub
The arrival of ICONPHUKET has increased interest in the Synthesis Ark Phuket development by the CV Group, as it introduces a commercial and tourism magnet integrated with residential, hotel, office, and long-term living services.
Pattharachai views such projects as having the potential to boost economic activity beyond traditional tourism and to stimulate ripple effects on surrounding real estate.
The key to monitor is the project's ability to establish a new activity center that attracts people to spend time, consume, and reside in the area, as well as opportunities for local businesses to connect with emerging purchasing power.
2. Airport and Light Rail: Removing growth constraints for the island
The airport increases the capacity to bring people in, while the internal transportation system determines how conveniently those people can travel onward.
Thus, the Phuket airport expansion and Andaman airport plans must be considered alongside the light rail, roads, and tollways. Effective connectivity will benefit hotels, tourist attractions, service businesses, and residential areas.
Pattharachai believes that locations along the new infrastructure routes, especially those with easy airport access, may attract increased developer interest. Transportation investments have the potential to reshape Phuket’s development map, with each area's advantage depending on route alignment and project progress.
3. Medical Centers and Hospitals: Increasing reasons for longer stays in Phuket
Investments in Songklanagarind Medical Center Phuket and Bangkok Hospital Phuket represent another group that could diversify the provincial economy. Savills notes that enhanced health services will support medical tourists and long-term residents with strong purchasing power, generating ongoing demand for accommodation, transport, food, and care services during recovery.
The real estate impact could extend to serviced apartments, long-term housing, and residences near health services, broadening Phuket’s client base with diverse life motivations on the island.
This overall investment picture reflects Pattharachai’s view that Phuket is moving towards becoming an international tourism and service hub. However, the extent of this turning point depends on the progress of each project and the ability to integrate investments to generate income, employment, and opportunities for local people.
"The investment exceeding 210 billion baht heading to Phuket may not only be to accommodate increasing tourists but is part of laying the foundation for the city's growth over coming decades. It could mark a crucial turning point, elevating Phuket from a leading tourist city to a full-fledged center for tourism, medical services, commerce, and international services in the Asian region."
Previously, the CPN Group announced an expansion of "Central Phuket" to 500,000 square meters, aiming to become the most complete mega mixed-use development valued at 26 billion baht, encompassing high-end residences, an entertainment arena, and a world-class aquarium all in one place.
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