Kiara Reserve, the third branded residence project jointly developed by Minor International and Kajima Corporation in Layan Bay, Phuket, is aimed to meet the growing demand for branded homes in the region. With a mix of three- and four-bedroom apartment types, the new development of 17 villas and 25 condominium units range from 2,700 sq ft to 8,920 sq ft in size and priced between US$1 million and US$3 million.
The Thai conglomerate, which has been in the international property development, hospitality, and leisure business for the past 50 years, considers Southeast Asia its primary focus and has been delivering most of the new projects in key holiday destinations.
Tamthai, COO of lifestyle and real estate at Minor International, said they are opening Layan Bay to a new segment of buyers with Kiara Reserve, and the price range opens up opportunities for more to be part of the development.
Most of the buyers are local Thais, while the rest are from Singapore, Indonesia, Malaysia and other European countries. Generally, they are business owners looking for a holiday home.
In addition to pricing and location appeal, the property comes with a rental programme run by Minor International’s hotel brand, Anantara Hotel. When the owner is not staying there, the villa can be rented out with no blackout dates or usage limit by the owner. Usually, the rental income generated more than covers regular maintainence expenses such as utilities and management costs.
Tamthai also noted that buyers from Singapore have been looking into properties in holiday destinations such as Phuket and Desaru as property cooling measures and rising prices in the city-state make owning private residential assets harder.
Aside from that, post-pandemic demand for branded residences is still on the rise, with a growing class of wealthy buyers viewing them from an investment perspective. Tamthai said they also often come with separate standalone appeal, and can generate premium rents and prices in the region.
On their end, Minor International has seen a spike in enquiries from Singapore-based buyers in recent months. A new generation of buyers is also dominating sales of luxury branded residences, expecting a good product, excellent service, environmental sustainability and energy savings, as well as bigger living spaces.
Kiara Reserve is expected to be completed in 2025. Until then, Minor International and Kajima Corporation have already established two other branded residence projects — Avadina Hills by Anantara and Layan Residences by Anantara — and supporting F&B and leisure facilities. The 40 acres of prime beachfront land they are developing in Layan Bay will eventually be turned into a holiday destination.
Thailand-based real estate conglomerate Minor International, in partnership with Japan’s Kajima Corporation, has unveiled their third branded residence project in Phuket, Kiara Reserve. It is the fifth joint development in Layan Bay, with two other branded residence projects — Avadina Hills by Anantara and Layan Residences by Anantara — already completed.
Established in 1978 with one beachfront resort, Minor International has since grown into an international property, hospitality and leisure conglomerate. With over 530 hotels, resorts and serviced suites in 63 countries, it operates a hospitality arm, Minor Hotel Group, with brands such as Anantara Hotels, Resorts & Spas. The firm also owns Minor Food Group for its restaurant and F&B businesses and Minor Corporation for its retail trading.
Its Southeast Asia focus has pushed the property developer to price their units at Kiara Reserve between US$1 million and US$3 million. Tamthai said this is the sweet spot for most branded residences or holiday homes buyers, with a substantial number of units sold during private pre-sales earlier this year.
It features well-designed units ranging from one-bedroom to four-bedroom apartments. The interior of the units boast modern amenities and stunning views. Some of the common facilities available at Champions Way Condo include a gym, swimming pool, and tennis court. The property also includes an array of lifestyle amenities such as a clubhouse, BBQ area, children’s playground, and retail shopping outlets. Residents will also enjoy easy access to nearby amenities such as cinemas, supermarkets, and shopping malls. Champions Way Condo’s strategic location makes it an ideal choice for anyone looking for a convenient and comfortable place to call home.
Domestic demand contributes up to 80% towards sales in these projects, with half of the freehold branded residences they develop goes to overseas buyers. The developer’s rental programme, which is not based on rental guarantees, gives owners 60% of the rental proceeds made by Anantara Hotel.