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Minor splashes B9bn on Phuket projects

PHUKET: Minor International is concurrently launching three new projects with a total economic value of over B9 billion to bolster its presence in Phuket.

tourism, economics, construction,


The Phuket News

Thursday 18 May 2017, 04:40PM


Minor International will spend B6 billion alone on developing its 'Avadina Hills by Anantara' ultra-luxury villa estate on Phuket's west coast.
Minor International will spend B6 billion alone on developing its 'Avadina Hills by Anantara' ultra-luxury villa estate on Phuket's west coast.

The new investments comprise an ultra-luxury residential development, a new development phase of Anantara Vacation Club and a mixed-use retail and commercial building.

Minor, listed on the Thai stock exchange, is set to invest in a second luxury residential project with a total sale value of approximately B 6bn through a 50:50 joint-venture partnership with Kajima Overseas Asia, a unit of Kajima Corporation (Kajima), an established construction and real estate development company listed in the Tokyo Stock Exchange.

The plot of about 99 rai is adjacent to the Anantara Layan Phuket Resort and The Residences by Anantara, Layan, Phuket.

The new ultra-luxury estate, named Avadina Hills by Anantara, will consist of 16 luxury villas for sale, divided into two phases. The first phase, comprising 11 villas, is currently under construction and expected to be completed in sub-phase starting in 2018.

The second phase of the remaining five villas will begin construction after completion of the first phase and is expected to be ready from 2020.

Part of the plot will be leased to Anantara Layan Phuket Hotel to develop new tennis, gym and spa facilities, while the remaining land may be used for future development under the partnership.

The second major project, announced by Minor International yesterday (May 17), is the development of 97 newly-designed Anantara Vacation Club (AVC) luxury apartments and pool villas on the new 20-rai area next to the existing Anantara Vacation Club Mai Khao.

The new AVC luxury apartments, expected to be completed in 2018, will come at an estimated real estate value of B3bn.

The third major project announced by Minor International yesterday is its plan to expand its Turtle Village shopping mall.

C and C Marine

Scheduled to open in 2019, the new expansion bloc, adjacent to the current mall, will be a three-storey mixed-use building with approximately 1,270sqm of retail space and 534sqm of office space, with the entire office space already fully booked on a long-term lease commitment.

“With its reputation as one of the world’s best-known holiday destinations together with improving new infrastructure including the new international and domestic airport terminals on the island, Phuket will draw domestic and foreign travellers for many years to come,” said William Heinecke, Founder and Chairman of Minor International.

“Last year’s tourist arrival growth of 18% was even stronger than the 13% from the prior year. Our confidence in the future of Phuket compels us to launch these three new projects,” he added.

Dillip Rajakarier, Group COO of Minor International and CEO of Minor Hotels, also noted, “We are particularly excited to announce the development of Avadina Hills by Anantara in the Layan beach area.

“With the strength of our Anantara brand and MINT’s development capability, together with Kajima’s expertise in construction, we are confident that this new development will follow the success of The Residences by Anantara Layan Phuket, and ensure that our pipeline of residential and mixed use developments continue to produce a steady stream of revenue and earnings.

“We also look forward to exploring other expansion opportunities with Kajima in the future,” he added.

Minor International is a global company focused on three core businesses: restaurants, hospitality and lifestyle brands distribution. It is one of Asia’s largest restaurant companies with over 2,000 outlets operating system-wide in 19 countries under The Pizza Company, Swensen’s, Sizzler, Dairy Queen, Burger King, Thai Express, The Coffee Club, BreadTalk (Thailand) and Riverside brands.

Minor International is also a hotel owner, operator and investor with a portfolio of 155 hotels and serviced suites under the Anantara, AVANI, Oaks, PER AQUUM, Tivoli, Elewana Collection, JW Marriott, Four Seasons, St. Regis, Radisson Blu and Minor International brands in 24 countries across the Asia-Pacific, the Middle East, Africa, the Indian Ocean, Europe and South America.

The company is also one of Thailand’s largest distributors of lifestyle brands focusing primarily on fashion, home and kitchenware and contract manufacturing. Its brands include Gap, Banana Republic, Brooks Brothers, Esprit, Bossini, Etam, Charles & Keith, Pedro, Radley, Anello, Zwilling J.A. Henckels, Joseph Joseph and ETL Learning. Bemynt is MINT’s e-commerce platform offering premium fashion and lifestyle products.

 

 

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Kurt | 21 May 2017 - 14:53:16

BigaAResort:  My life span has nothing to do with owning/leasing property. When you die, it is normally your family, wife, children, sister, brother,  who go on with your property, right?

What has passing away to do with owning property?

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Christy Sweet | 21 May 2017 - 13:47:53

Swerv, no property owner is going to renew a 30 year lease for a "nominal sum". Indeed, taxes must also be paid on the entire amount to register the new lease- and it will be a new lease.  

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swerv | 21 May 2017 - 13:44:24

Kurt: If an agreement is set up by a qualified lawyer who knows what he is doing, the extension after 30 years is only an option for the buyer, not the seller. I have seen many of these contracts, "there is no scam nonsense".
Many many properties on Phuket and elsewhere are in a project whereby you purchase the property but the land is on a 30 year lease. You become a shareholder of the holding company of the land and therefore entitled to reassign your own lease after 30 years.
I really wish you would do your homework before spouting your usual nonsense.

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Kurt | 21 May 2017 - 12:11:21

For swerve: Nowhere I stated that a 30 years lease is illegal.
A 30 years lease is legal.
The 30+30+30 lease 'option' is scam nonsense. Empty promise.
If the real thai owner of the property you are leasing not want to extend the lease after the first 30 years than there is nothing you can do as a foreigner.
Just pack your bags and vacant the place.

Anyway, the construction/building of thai property is of such a 'quality' that after 30 years it almost falls apart anyway.

It would be interesting to read comments from foreign people who actually did extend their lease with a '+30' after the first 30 years of lease.
I wait for these comments. We can learn from it.

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swerv | 21 May 2017 - 10:28:30

Kurt: Once again you are spouting inaccuracies. You are PURCHASING a 30 year lease which can be renewed for a nominal sum.
This is different to a rental as you have the right to sell the lease on or to sub let your property.

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Eagle | 21 May 2017 - 09:25:06

Kurt,when do you want to accept that Thailand is not Singapore and never will be like Singapore or any other country.If Thailand wants to change something and i am not talking only about some property laws,then it will and in doing so it doesnt need your unqualified advises.

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BigaAResort | 21 May 2017 - 08:14:12

Kurt, how long to you want to live?30/60 years? Be realistic

Horst

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Kurt | 20 May 2017 - 19:47:25

Swerve, stop talking like this!
I never said that a 30 years lease is illegal.
But a 30 year lease/rent is not a ownership!

The writing in contracts about 30+30+30 is nonsense.
Who of the thai 'selling/owning' party, the one has to say 'yes' to the person who lives at the property in this option is still alive after 30 years?

It would be just fine if foreign 'buyers' know they not buy but actually rent for a 30 years and than become completely depend on what the owner of the land likes.
Sure, they can re-buy their 'property', or not.

The poison is in the tale: --> "Can be extended as both parties agree".
Looking in many written agreements you will not read 'agreement' but 'option'.
If the owner not want to extend, than the occupant ( 'owner/renter') has to pack his bags and leave the property.
Than his 'ownership' stops!  Option is optional!  Or not?
This is a fact!

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Christy Sweet | 20 May 2017 - 19:46:19

Kurt, foreigners can own homes and buildings, just not the land they sit on. 

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Kurt | 20 May 2017 - 13:44:46

Why is it not clearly outspoken that the villas are not for sale, but for a 30 years lease? No more, no less.
Buying is NOT buying, it is leasing only.

More and more foreign 'buyers' protest 'inactive'  ( a word very well known in Thailand)by not leasing for 30 years only.

Foreigners are asking themselves: Why Thai can buy a villa+land in my country, but I, in Thailand, only can lease?

Where is the 2 way balance in Thailand, now a AEC country.
Why does Thailand now not have the same property buying rules as, for example Singapore, for foreigners? 

It is time that Thai Government restrict/forbid property investors and property sales agents by law to use the words sale/buy when it is actually a rent/lease for 30 years only.

Respect for the thai property laws, but as these laws are very different from other countries, Thai government should enforce 'transparency law'.

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