The Space Condominium

The Space Condominium is a seven-storey residential development completed in 2018, located in Phuket Town—the administrative and commercial heart of the island, distinct from beachfront resort zones. The project comprises 197 units of standalone condominium apartments, representing a mid-scale urban infill development that caters to owner-occupiers and investors seeking exposure to Phuket's working-class residential market rather than tourist-oriented accommodation.

Unit pricing on active listings ranges from 2.6 million to 2.9 million baht, positioning The Space Condominium in the affordable-to-mid segment for Phuket standards. The development is fully operational with established amenities including a communal gym, lounge areas, snooker table, and dedicated car parking—practical facilities aligned with residential rather than lifestyle-premium expectations. Twenty-four-hour security and CCTV surveillance are standard inclusions, reflecting owner-occupant priorities in an urban setting.

As a completed project with over five years of operational history, The Space Condominium has weathered initial market absorption and seasonal demand cycles. The modest active listing count of two units suggests either strong retention by existing owners or limited investor turnover within the development. Phuket Town itself functions as a local residential and business district, characterized by Thai nationals, expatriate workers, and long-term foreign residents rather than transient tourists. Real estate here operates on different mechanics than beachfront or resort-adjacent properties.

For investors, Phuket Town properties typically underperform short-term rental markets due to geographic distance from beaches and limited tourist access—daily rates and occupancy rates trail beachfront comparables significantly. Conversely, long-term rental yield is more predictable, supported by stable local demand from workers in retail, healthcare, education, and government sectors. Foreign ownership is permitted under standard condominium law (maximum 49% foreign-held units per project). The Space Condominium's completion status and established tenant base reduce development risk, reflecting its urban residential positioning within Phuket Town's professional and expat rental market. Investors pursuing LTR-focused portfolios with lower volatility over beachfront speculation may find this profile aligned with buy-and-hold strategy in Phuket Town's utilitarian market segment.