Minor International, a SET-listed operator of hotels and restaurants worldwide, has made a 50:50 joint venture with Japanese property developer Kajima Overseas Asia to develop an ultra-luxury residential project in Phuket, worth 6 billion baht ($174 million).
Kajima Overseas Asia is a unit of Kajima Corporation, a listed real estate developer on the Tokyo Stock Exchange.
The new project – Avadina Hills by Anantara – is its second luxury residential project in Phuket. It will be located on 1.8 hectares of land near the group’s Anantara Layan Phuket Resort and The Residences by Anantara Phuket.
Minor International plans to create 16 luxury villas in two phases. The first phase, containing 11 units, is under construction and scheduled to be completed next year. Then, the second phase will start the construction and complete by 2020.
MINT also announced to develop two other projects in Phuket. One is a new development phase of Anantara Vacation Club, a luxury apartment with 97 units, with an estimated value of 3 billion baht.
The other is a mixed-use retail and commercial building, an extension of its Turtle Village shopping mall. The newly-built part will provide 1,270 square metres of retail space and 534 square metres of office space.
Minor International’s founder and chairman William Heinecke told the media on Thursday that tourists in Phuket increased 18 per cent in 2016, attracting it to launch these three projects.
The company reported net profit of 1.93 billion baht in the first quarter of this year, up 17 per cent from the same period last year. He said that it plans to invest more in the food and retail businesses in Thailand and overseas as well as the hotel business in Europe and Africa.