Banyan Group, a Singaporean hospitality brand focused on sustainability, nature and design, is launching its first U.S. project with a branded condo tower.
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Mast Capital and Curated JCZM Development have partnered with Banyan Group to launch Banyan Tree Residences West Palm Beach, an 88-unit branded condo project set to rise in the city's downtown.
It will be the hospitality group’s U.S. flagship for the Banyan Tree brand, according to a release. The project is expected to deliver in 2029, a spokesperson said.
“The United States represents an important market for Banyan Group, and American travelers have long been among our most valued guests across our resorts worldwide,” Banyan Group founder and Executive Chairman Ho Kwon Ping said in a statement.
“We are pleased to make our debut through Banyan Tree Residences West Palm Beach. The city’s cultural energy, strong sense of place, and growing appreciation for purposeful living align closely with our values, and we look forward to introducing our distinctive approach to branded residential living while contributing thoughtfully to its evolving residential landscape.”
The 25-story tower at 400 Hibiscus St. is planned to feature units ranging from one to four bedrooms as well as penthouses. The developers tapped Douglas Elliman to lead sales.
Residences start at $1.9M and come with access to more than 100 resorts and over 140 spas, galleries and wellness destinations in 23 countries that are owned and operated by Banyan Group through a membership with The Sanctuary Club.
Mast and Curated JCZM also plan to build a 5,700 SF clubhouse, 6,400 SF of ground-floor retail and 1,723 parking spots, according to plans Mast Capital submitted for the site, Florida YIMBY reported. Amenities will be wellness-focused, with a spa, treatment rooms and meditation spaces.
An entity affiliated with Mast Capital purchased the site, which is listed as 635 S. Dixie Highway, for $5.2M in April, according to property records with the Palm Beach County property appraiser.
The Miami-based development firm has another luxury condo project under construction in Miami, where it topped off the 72-unit The Perigon Miami Beach, a joint venture with Starwood Capital Group, last week.
Branded condos have become increasingly popular in South Florida, especially since they allow developers to charge more for units than unbranded counterparts, though it is most common in Miami — which was second only to Dubai among global markets with a branded residence pipeline.
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