Minor International makes major plans 
Minor International makes major plans
Thai listed firm Minor
International PLC announced it is stepping into the luxury residential
property market with two high-end developments – one in Bangkok and the
other in Koh Samui.
The development plans are part of the
company’s aim to expand its hotel, food and residential businesses over
the next four years. The company has earmarked Bt10 billion for its
expansion plans.
The 14-unit Samui Beach Residence will be part
of the company´s Four Seasons Hotel on Koh Samui, which opened February
1 at Laem Yai peninsula. One unit, worth Bt100 million, has already
been sold.
The Bangkok property will be located on Ratchadamri
Road, next to the company’s Four Seasons Hotel. Following the trend
toward mixed-use properties, it will have 250 hotel rooms on 30 floors
and 75 residential units on 20 floors. Construction has already begun,
with the project scheduled for completion in 2009. Units will start at
Bt25 million.
According to chief financial officer Pratana
Manomaiphiboon, most of the Bt3.5 billion the company has set aside for
2007 will be used to development of the as-of-yet unnamed Ratchadamri
project. Pratana, during a meeting with investors at the Stock Exchange
of Thailand, said the investment will come from the company´s cash flow
and the exercise of 250 million warrants by next February.
Minor
offers a hotel-management service through its Anantara brand for four
hotels in Hua Hin, Chiang Rai, Samui and the Maldives. The number of
hotels under its joint ventures and management contracts will increase
to over 30 in 2010 due to new openings in Sri Lanka, Bali, Vietnam,
India, China, Dubai and the Middle East.
Last year, Minor
opened three properties under different brands in the Maldives and also
opened two hotels in Thailand: the Four Seasons Tented Camp and the
Four Seasons Samui.
Minor´s food brands include The Pizza
Company, Swensen´s, Sizzler, Dairy Queen, Burger King and its Asian
fast-food chain, Le Jazz. The group will open 70 to 80 new outlets per
year in Thailand, China, the Middle East and Southeast Asia.
Source: http://www.property-report.com/aprarchives.php?id=420
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