Wealthy dynasty seeks 3.2 billion baht for rare marina in Phuket
The Thai island is one of the country’s most famous destinations due to its white sand beaches
[HONG KONG] The Na-Ranong family has been closely linked to Phuket’s economic growth for more than a century, starting with tin mining that powered the island’s economy in earlier times before pivoting to develop luxury resorts.
Now, a scion of the clan is leading the sale of a 138,000 square metre deep-water marina on the Thai island that was one of the key filming locations for season three of The White Lotus. That’s equivalent to nearly 20 football fields or roughly 110 Olympic-sized swimming pools.
The real estate on Phuket’s east coast has been in the family’s hands for generations, Krystal Prakaikaew Na-Ranong, a fifth-generation member of the business dynasty, said.
She is in talks with European and local investors to sell the site or to lease it long-term. The land could be worth between 3.2 billion baht (S$127 million) and 3.5 billion baht, she said, based on market estimates and permits for the land’s use as a marina. The complex may host as many as 200 yacht berths, with neighbouring land for luxury residences, wellness centres and leisure facilities.
“This is probably one of the last deep-water marina sites available on the island,” she said. “Since we don’t have expertise in the sector, we think that it would be a good thing to bring professional developers.”
Tourists have long flocked to the tropical island but lately the government is seeking to attract more ultra-high-net-worth visitors. It is one of the country’s most famous destinations due to its white sand beaches. Last year, authorities relaxed some rules for superyachts to align with international standards.
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According to the most recent data by Thailand’s Ministry of Transport, 148 large vessels, including yachts, arrived in Phuket in 2023, versus 117 and 41 in the previous two years. That is still below the pre-pandemic peak of 164 arrivals in 2019.
Family’s pivot
The Na-Ranong clan, of Chinese origin, has been linked to Phuket’s development like few others.
Khaw Sim Bee Na-Ranong, Krystal’s great great-grandfather, was a local governor at the beginning of the last century who helped make tin mining an economic pillar of the island. As that business slowed before halting in the early 1990s, the family diversified its investments, mostly into hospitality.
Kittiratt Na-Ranong, a distant cousin, was a deputy prime minister in Yingluck Shinawatra’s Cabinet and a head of the Stock Exchange of Thailand.
Krystal and her father Wichit Na-Ranong, founded The Slate, a luxury resort near Phuket airport in 2007. BLOOMBERG
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