Minor International is expected to spend several billion baht between now and 2020 on developing 3 luxury projects in Phuket, reports local media. The company is hoping the new projects will help it improve its reach in Phuket; an area the company believes will grow.
“We’re optimistic about Phuket, which is a fast-growing destination in Thailand, and we believe in its long-term growth. The mourning period is winding down and will be over in the 4th quarter. We’re optimistic we will be stronger this year and next,”
says Minor International Chairman and Group Chief Executive William Heinecke to the Phuket News.
Among the projects Minor is expected to develop in Phuket are the Avadina Hills Residences by Anantara (pictured) and the extension of its Anantara Vacation Club Mai Khao apartment and pool villas. The former will be a joint venture with Japanese property developer Kajima Overseas Asia and will be close to its Anantara Layan Phuket.
There will be 16 luxury villas developed at Avadina Hills Residences by Anantara worth THB 6 billion. The 1st phase is already under construction and likely to be finished in 2018. The project’s 2nd phase will start once the 1st phase has been built.
The expansion of the Anantara Vacation Club Mai Khao will happen on a 20-rai land plot adjacent to property. The project should be completed by 2018 and will help Minor tap into the region’s growing tourism sector. There was an 18 per cent increase in foreign tourist arrivals to Phuket last year and this is a trend that appears likely to continue.
Minor’s final Phuket project will see the company add 1,270 sq. metres of retail space to its Turtle Village shopping mall on Mai Khao beach. The mall, which is near the Anantara Vacation Club Mai Khao, will also have 534 sq. metres of office space added to it. The mall expansion is set to be completed in 2 years.
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