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The beach can be broken down into 3 sections, the northern part of the beach is mostly budget to mid-range bungalows and resorts. There's little in the way of independent bars or restaurants, but you are only a short walk away from the busier central area.
The central part of the beach has a nice mix of budget, mid-range with some high-end resorts starting to appear also. There are some great restaurants and bars, with great value Western and Thai menu's and it's definitely a great place to indulge in fresh BBQ seafood.
The southern end is more resorts and less independent bars and restaurants.
There are the usual activities of jet skis, kayaking, with a few beach hawkers selling volleyballs and bat & ball games for those that prefer beach based fun.
Lamai beach is a great place to base yourself on Samui, it's good value, there's plenty of variety, it's a lot less busy by day and is well located for visiting local attractions as most are in the surrounding area.