Kiara Reserve, the latest Phuket-branded property from Minor International, has been unveiled

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The real estate conglomerate based in Thailand Minor International and its Japanese partner Kajima Corporation have unveiled their third residence with a brand name located in Phuket, Thailand. The brand-new residence has been called Kiara Reserve, their fifth joint venture situated in Layan Bay, Phuket.

As of now, they have completed two additional properties with their own brand that are Avadina Hills by Anantara and Layan Residences by Anantara and are also they have also been assisting with F&B along with leisure and entertainment facilities.

Minor International was established in 1978. It began with one resort on the beach in Pattaya called Royal Garden Resort Pattaya. It is now called Avani Pattaya Resort & Spa. In the last half century, the business has grown into a global property construction, tourism as well as leisure company. Its portfolio is comprised of more than 530 resorts, hotels and serviced suites across the 63 countries.

The creation and management of its resorts and hotels are managed by its hospitality arm, Minor Hotel Group, which includes several hospitality brands, including Anantara Hotels, Resorts & Spas. The Thai conglomerate also runs restaurants and F&B business that is run by its subsidiary, Minor Food Group, and its retail trading operations are controlled through Minor Corporation.

Minor International, the parent company of Minor International, considers the Southeast Asia region its primary area of focus, and has the majority of its latest projects in major tourist destinations, according to Micah Tamthai who is the COO for Real estate and lifestyle for Minor International.

The creation of Kiara Reserve and other branded homes and facilities within Layan Bay is part of an ongoing development plan developed by Minor International and Kajima Corp to convert 40 acres of beachfront land into a brand new vacation spot.

In the pipeline for completion in 2025, Kiara Reserve comprises 17 condominium units and 17 villas that include a variety of three and four-bedroom apartment styles. The units are available from 2,700 square feet up to 8,920 sq ft.

Avadina Hills by Anantara comprises 14 hillside homes facing the beach. Layan Residences at Anantara comprises 15 hillside villas offering beachfront views. Other facilities for support have been built including Beach House which is a 24-hour beachfront restaurant, as well as Layan Active Zone, a sport complex for families.

Based on Tamthai, Minor is pricing units at Kiara Reserve between $1 million ($1.36 million) between US$3 million and $1 millionwhich is a range that the developer believes the majority of buyers of vacation homes and brand-name homes will shell out in the last three years.

“With apartments of this kind, we’re making Layan Bay to a new buyer segment and the price creates opportunities for more buyers to purchase into the development,” he says.

The Kiara Reserve is a great place to live. Kiara Reserve, around 50% of purchasers are native Thais The rest are foreigners living in Southeast Asia or buyers from Singapore, Indonesia, Malaysia and European countries. “Generally the demographics of our clients are business owners who want the perfect holiday property,” says Tamthai.

A majority of Thai buyers are local. Thai buyers have chosen to take advantage of the rental program Anantara Hotel offers. “When you don’t intend to stay in your property it is possible to offer an Anantara hotel the property for rent out. We don’t demand blackout dates or restrict the days that the owner can use it,” says Tamthai, noting that generally, owners rent out their villas for around six weeks a year.

The program that has no rental guarantee, the owners get around sixty% from the rental profits while hotels keep the remaining 40%. Most of the time, the sum that owners earn through this rental program is more than the cost of regular costs of maintaining the property like the cost of utilities and management the owner declares.

Tamthai states that even though the developer does not disclose the progress of sales at Kiara Reserve the property, there was a “substantial amount” of units sold during private pre-sales earlier in the year. Tamthai adds that the majority of buyers have already bought many condo units as in comparison to villas.

“Most the residential projects we have are brand properties that are supported by our own hospitality operations, Minor Hotel Group,” the CEO states. “We were among the very first leisure and hospitality firms within the Asia Pacific region to pioneer brand-name residences in the beginning of the 1990s.”

As the number of branded homes increase throughout Southeast Asia, Minor has witnessed a growing interest in this type of full-service residential products. The buyers are seeking the convenience and quality of service hotel operators can offer Tamthai claims.

A growing number of buyers who are wealthy from Southeast Asia also view these homes as investment properties from a view. The developer says its rental program is well-liked by owners who are looking for ways to earn rent from their properties.

He says that the repeated cycles of property cooling measures as well as rising property cost in Singapore have seen many Singaporeans and expatriates in Singapore feel excluded from the private residential market within the city-state.

The group of buyers obviously favored established tourist destinations within the region, like Phuket located in Thailand or Desaru within Malaysia. “Since the closing of the pandemic we’ve seen an increase on the amount of buyers from Singapore seeking information about some of our properties in these places,” says Tamthai.

The market for luxury residences has also expanded with the increase in demand post-pandemic. More often, he claims that properties that are brand-named aren’t being coupled with a hotel property that was commonplace since the concept was first introduced in the country.

“This is a sign that the public understands the value of a brand-name residence and also the assets capacity to drive higher prices and rents in the area,” he says. “For the projects we have within Thailand and Malaysia the demand for domestic homes has always been robust and has contributed as high as 80% of the buyers who purchase every project. However, in recent times we have received more inquiries from buyers located in European countries as well as other countries of the Asia Pacific region.

However, freehold-branded homes remain the preferred option for the majority of foreign buyers and Tamthai claims that about 50% of a freehold branded property they build is taken over by overseas buyers.

A younger and wealthy buyers is also beginning to lead sales for high-end homes, according to Tamthai. “In along with their expectation of an excellent product with a top location and exceptional service, younger buyers place a great deal of emphasis on the environment and energy efficiency … they are more willing to spend more money for larger living spaces, particularly after an outbreak of the virus.”