HOMA Phuket Town
HOMA Phuket Town
HOMA Phuket Town is a 505-unit co-living/co-working serviced apartment development located on Phuket Island in southern Thailand. It is the first of several multifamily solutions in Thailand developed by a joint venture including STARR International, Asia Capital Real Estate, and NOON Capital.
Although conceived to serve a number of different user types, including local workers such as doctors and nurses at a nearby hospital, the focus of the HOMA consortium shifted in the direction of one particular group — the emerging class of working professionals known as digital nomads. Their strategy stemmed from an observation that demand for accommodation beyond the historical norm of one or two weeks had risen significantly since Phuket re-opened its doors after the end of COVID lockdowns.
Digital nomads are comprised of independent adults, generally aged between 25 and 40, who travel for extended periods, and whose work is by nature portable and can be carried out anywhere. They therefore often congregate in appealing tropical locations such as Bali or the Thai islands.
Because this user base is so new, however, the project entailed significant risk. This is partly because there is no guarantee the work-from-anywhere trend will not peter out, and partly because there is no established formula to define what price point and types of services/facilities it requires.
Nonetheless, the model has proved financially successful. Since opening in 2021, the project has hosted 900 guests from more than 50 countries, with an average length of stay of 300 days and an occupancy rate of 93-95 percent.
HOMA aims to provide affordable, generous-sized, medium-term, accommodation. Options vary from single-person studios to multi-room serviced apartments, with length of stays currently ranging from one month to as long as one year.
Apart from accommodation, a variety of other services are available. An extensive onsite coworking facility is the most obvious. In addition, because the digital nomad demographic tends to be health conscious, there is a heavy focus on health and wellness, including a swimming pool, yoga studio, and a gym.
Sustainability is also a key theme. The building is Thailand’s first purpose-built residential facility to be LEED and EDGE certified, and leverages as far as possible efficiencies offered by natural ventilation, shading, sustainable construction materials, rooftop solar arrays (providing 1.3 Megawatts per day, or 15-20 percent of electrical power consumption), and rainwater and grey water recycling facilities. Management has also organised a number of environmentally-oriented programmes, often conducted in conjunction with local community groups.
While digital nomads tend to be singles or couples, in this case the facility has attracted a significant number of families, including some with children that attend local schools and also grandparents who often participate in looking after kids. Promoting a sense of community is therefore a priority, with a large variety of events organised to engage residents, from recreational activities to sustainability-themed workshops.
Because HOMA is located away from the usual tourist zones on Phuket and comprises semi-permanent residents as opposed to tourists, it has created what is effectively a multigenerational community in the local neighbourhood that has generated a bubble of demand for services, from restaurants and laundries to travel agencies and motorbike rentals.
In design terms, it has pushed the boundaries of traditional affordable housing by adopting attractive designs more typical of high-end properties through use of inexpensive materials such as sand-wash or wood-look aluminum and bycarrying out a thorough functional design process.
The result is a highly replicable design and business template. As Thailand’s first multifamily development, HOMA has demonstrated a financially viable alternative to traditional strata-titled developments. The owner-operator business model has also allowed it to invest in the community, supporting local businesses and providing partnerships with educational institutions via sponsorships and internships.