Saint Tropez Naithon: how to work out the yield honestly
In briefSaint Tropez Naithon promises no guaranteed yield and announces no rental programme: you would let the unit yourself or through a manager. So the honest exercise is modelling your own money — from asking rents in comparable beach-side buildings, adjusted for season.
- Fixed costs are known: maintenance at ฿60/m² a month — ฿22 046 a year for a 30.62 m² studio.
- Entry is ฿3 613 160 for a studio with every fee and the furniture package — ฿110 000/m² freehold against a Phuket median of ฿144 000/m².
- Phuket hotel occupancy runs 91.8% in January against 66.9% in June — a 1.4× gap, so annual income has to be modelled across all twelve months.
- Daily letting in Thailand needs a hotel licence; monthly letting does not.
- No income is possible before handover in Q3–Q4 2028.
Updated: · details below
What this building should be compared against
Comparing Nai Thon with budget stock by the airport in Nai Yang makes no sense: different tenant, different distance to the water, different rate. The right comparables are beach-side buildings in the quiet bays of the north-west coast — Layan, Bang Tao and Nai Thon itself. Here is what they ask today.
For purchase price: ฿144 000/m² is the Phuket-wide median, ฿139 000 the primary market and ฿181 000 branded projects (C9 Hotelworks, Phuket Property Market Update, май 2025, на 30 апреля 2025). The closest comparable project is Sea Heaven Phuket Naithon in this same bay: ฿137 000/m², freehold, 100 m from the water, a 7% на 5 лет guarantee, phase фаза 2.1 sold out. Our entry with every fee included is ฿110 000/m² freehold — roughly 20% below the neighbour's square metre. The gap is explicable: they are 100 m from the beach, we are 670 m.
| Building | Bedrooms | Size | Monthly rent | Per m² |
|---|---|---|---|---|
| Bellevue Beachfront Condo | 1 bed | 35 m² | ฿35 000 | ฿1 000 |
| Laya Resort Phuket | 1 bed | 35 m² | ฿33 000 | ฿943 |
| Sunshine Beach Residences | 1 bed | 35 m² | ฿45 000 | ฿1 286 |
| Kora Beach Resort Phuket | 1 bed | 46 m² | ฿55 000 | ฿1 196 |
| Kora Beach Resort Phuket | 1 bed | 56.72 m² | ฿90 000 | ฿1 587 |
| Kora Beach Resort Phuket | 2 beds | 60.06 m² | ฿80 000 | ฿1 332 |
| Kora Beach Resort Phuket | 2 beds | 66 m² | ฿65 000 | ฿985 |
| Ocean Breeze Resort & Suites | 2 beds | 117 m² | ฿60 000 | ฿513 |
Source: Thailand-Property, аренда в Лаяне, checked 15 August 2026. These are asking prices rather than concluded deals, and Layan carries Laguna's infrastructure, which Nai Thon does not — so a Nai Thon rate should sit lower. The median for one-bedrooms in this sample is ฿1 196 per m² a month; for Nai Thon we discount it by about 28%, giving a base case of ฿26 000 a month for a 30.62 m² studio. That discount is our assumption, not a market fact — it can only be tested once the building is finished.
Seasonality: why you cannot annualise January
Phuket runs on two half-years. From November to April it is dry and island hotel occupancy reaches 91.8% in January. From May to October the south-west monsoon blows and the same measure falls to 66.9% in June. The annual average is 79.5% against 79.1% a year earlier, at an average nightly rate of ฿5 652 (+7.8% year on year).
Monthly arrivals to Thailand in 2025, millions. Source: Министерство туризма и спорта Таиланда, сводка за 2025, checked 15 August 2026. Phuket's own curve is steeper than the national one — the south-west monsoon hits the island harder than the country average.
| Period | Months | Length | Phuket hotel occupancy | Rate |
|---|---|---|---|---|
| High season | November – April | 6 months | 81%–91.8% | peak |
| Shoulder | July – August | 2 months | around 75% | mid |
| Monsoon trough | May, June, September | 3 months | from 66.9% | lowest |
On this bay specifically. In the C9 Hotelworks, Phuket Hotel & Tourism Market Update, март 2026 report the Nai Yang – Nai Thon cluster has its own line: over 2025 к 2024 occupancy fell by 1% and the average rate by 2%. The island as a whole lost 6% of occupancy in the same period — six times as much. A quiet bay swings less than Patong — but it also grows more slowly: the rate here did not move over the year, while Bang Tao added 20%. Phuket airport handled 8.8 million passengers in 2025, with average visitor spend of ฿46 857 per trip.
The practical consequence. Under nightly letting, roughly six months out of twelve produce the year's income. Annualising a high-season rate overstates the return by nearly half. Every figure on this page is modelled across the full year.
Two letting strategies — and why the net is similar
The same 30.62 m² studio can be let two ways. The gross figures differ noticeably; the net figures barely do. Both calculations below use the same entry cost of ฿3 613 160 and the same ฿22 046 annual maintenance.
Monthly, to a long-stay tenant
- Rate
- ฿26 000 a month
- Occupancy
- 10–11 months a year
- Commission
- 5–10% to the manager
- Licence
- not required
- Annual income
- ฿286 000
- Net on entry cost
- 6.7%
Predictable and almost hands-off. The rate is lower, but there are no voids between guests and no cleaning or linen costs.
Nightly, to holidaymakers
- Rate
- ฿3 200 high season, ฿1 700 low
- Occupancy
- 62% and 38% by half-year
- Costs on revenue
- about 45%: platform, management, cleaning
- Licence
- hotel licence required
- Annual income
- ฿473 400
- Net on entry cost
- 6.6%
Gross revenue is higher, net is comparable: commissions, platforms, cleaning and voids absorb about a third. It is also the only route where the licence question needs a real legal answer.
Nightly rates are taken as a range across comparable beach-side units: ฿1,500–3,500 in high season and ฿800–1,800 in low, with private-unit occupancy of 65–78% and 35–50% respectively. We use the midpoints. A private apartment cannot reach the hotels' 79.5% annual figure: a hotel has a sales team, tour-operator contracts and a hundred rooms across which to spread demand. The 45% cost load on nightly letting is the platform fee (15–18%), the manager (20–25%) and cleaning, linen and consumables (about 5%) — counting only the manager's commission overstates the net yield by roughly a third.
Studio of 30.62 m²: three scenarios
Entry: ฿3 215 100 price + ฿153 100 freehold fee + ฿244 960 furniture package = ฿3 613 160. Running costs: ฿22 046 a year of maintenance plus a 20% management commission on rental income. The three scenarios use one flat commission so that the only thing changing between rows is the rent.
| Scenario | Monthly rent | Annual income | Gross | Net |
|---|---|---|---|---|
| Conservative | ฿21 000 | ฿252 000 | 7% | 5% |
| Base | ฿26 000 | ฿312 000 | 8.6% | 6.3% |
| Optimistic | ฿31 000 | ฿372 000 | 10.3% | 7.6% |
Two-bedroom of 67.5 m² (C1): three scenarios
Entry: ฿8 437 500 + ฿337 500 freehold + ฿540 000 furniture = ฿9 315 000. Maintenance ฿48 600 a year. Rents derive from comparable Layan two-bedrooms (฿60 000–฿80 000) with the same Nai Thon discount applied.
| Scenario | Monthly rent | Annual income | Gross | Net |
|---|---|---|---|---|
| Conservative | ฿38 000 | ฿456 000 | 4.9% | 3.4% |
| Base | ฿48 000 | ฿576 000 | 6.2% | 4.4% |
| Optimistic | ฿58 000 | ฿696 000 | 7.5% | 5.5% |
What this means. A realistic corridor for a studio is 7–10.3% gross and 5–7.6% net; for a two-bedroom, 3.4–5.5% net. The smaller unit returns the higher percentage: rent does not scale with floor area while the purchase price nearly does. That is exactly why investors buy studios and owner-occupiers buy two-bedrooms.
Net yield here is after maintenance and the management commission, but before income tax, repairs and void periods.
What actually drives yield in this building
- Size. A 30.62 m² studio at ฿3 215 100 and a 67.5 m² two-bedroom at ฿8 437 500 do not rent in proportion to their area — smaller units usually return a higher percentage.
- Floor. A square metre on level 7 costs 19% more than on level 1 (฿125 000 vs ฿105 000), while rents do not differ nearly as much. For letting, lower floors tend to win.
- Stack 08. The developer prices this stack's studios ฿2 000 per m² below their own-floor neighbours — on an identical layout that is ฿61 240 less to buy, and therefore a higher percentage return at the same rent.
- Aspect. Only two units in the whole price list — 508 and 509 — carry the developer's partial sea view note. Both are currently on hold.
- Parking. 39 spaces for 136 apartments: a drawback for a long-term tenant with a car, and something you will have to state in the listing.
- Distance to the beach. 670 metres, two minutes by car — not beachfront. Sea Heaven next door sits 100 metres away, and on short lets that gap shows up in the nightly rate.
- When the tenant arrives. Long leases in Nai Thon are signed in autumn, ahead of the high season. A unit that becomes lettable in May waits longer for a tenant.
What we do not promise
- There is no guaranteed yield on this project. Sea Heaven Phuket Naithon next door does carry a 7% на 5 лет guarantee — but it is already priced into its ฿137 000 per m² against our ฿110 000. Somebody always pays for a guarantee, and it is the buyer.
- Every rent used here is a 2026 asking price from open databases, not a concluded deal. Handover is Q3–Q4 2028: in two years both the rental market and the supply will move — further Sea Heaven phases are under construction in Nai Thon.
- The 28% discount to Layan rates is our assumption. It rests on the difference in infrastructure, not on measurement: there is simply no comparable sample of listings for Nai Thon itself in the open databases.
- The 79.5% and 91.8% occupancy figures are hotel figures. A private apartment without a hotel operator does not reach them; our model uses 62% and 38% by half-year.
- The developer announces no rental management programme. Finding a manager is on you, and the commission is a real 5–30% depending on the letting format.
- Income cannot start before Q3–Q4 2028 — more than two years after the first payment.
A sample of real rents in comparable buildings
We will send a table of actual asking rents for beach-side buildings in north-west Phuket, with areas, terms and the date each listing appeared.
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