Minor International unveils latest Phuket branded residence, Kiara Reserve

Over the past 50 years, Minor International has opened a host of hospitality, leisure and real estate projects in several countries around the world. Minor International and Kajima Corporation have now revealed their fifth joint development in Layan Bay, Phuket – Kiara Reserve.

Kiara Reserve is a branded residence that comprises 17 villas and 25 condominium units, with the units ranging from 2,700 sq ft to 8,920 sq ft. Also in Layan Bay are Avadina Hills by Anantara, with 14 hillside villas, and Layan Residences by Anantara, with 15 hillside villas featuring beachfront views. Supporting facilities such as Beach House, an all-day beachfront dining venue, and Layan Active Zone, a family-friendly sports complex have also been completed.

Units at Kiara Reserve are priced between US$1 million ($1.36 million) and US$3 million, and so far, half of those who have bought units are local Thais, while the rest are expatriates living in Southeast Asia or buyers from Singapore, Indonesia, Malaysia, and European countries. Micah Tamthai, COO of lifestyle and real estate at Minor International, states that the price range for the development opens up opportunities for more people to buy into it, with buyers typically being business owners looking for a holiday home.

JRL is a typical MRT line that will connect to dated landmarks such as Jurong Town Hall, as well as part of the Cross Island Line.

The Senja Close EC is well connected to various parts of Singapore via major expressways such as the Bukit Timah Expressway (BKE), Pan Island Expressway (PIE) and Ayer Rajah Expressway (AYE). Furthermore, it is in close proximity to the upcoming Jurong Lake District, providing future residents a serene environment with plenty of recreational and leisure activities. The development also offers different unit types, with sizes ranging from 3-bedroom to 5-bedroom units. The development also features various facilities such as swimming pool, clubhouse and more for its future residents.

With its strong connectivity, nearby amenities and a wide variety of unit types available, Senja Close EC is one of the most sought after new EC launches in the West of Singapore.

These buyers often opt into the rental programme Anantara Hotel offers. The programme doesn’t have a rental guarantee but usually, the amount owners make from it more than covers the regular expenses to maintain the unit. Tamthai states that typically, these owners utilise the villas for around six weeks each year.

The latest round of property cooling measures and rising property prices in Singapore have made many feel increasingly priced out of the private residential market in the city-state. This has driven them to established holiday destinations such as Thailand and Malaysia. Tamthai remarks that Minor saw a spike in the number of Singapore-based buyers enquiring about their properties in these locations at the end of the pandemic.

Since branded residences have become more commonplace in Southeast Asia, Minor has seen a growing demand for this full-service residential product – buyers prioritising convenience and good service that hotel operators can provide. Tamthai remarks that they have not seen the same maximum sales per dwelling that other projects like this have achieved, but a “substantial’ number of units were sold in private pre-sales earlier this year.

A new generation of buyers is driving the spike in sales of luxury branded residences. These buyers have high expectations along with a focus on environmental sustainability, energy savings and larger living spaces. Tamthai adds that up to half of a freehold branded residence developed by Minor gets snapped up by overseas buyers.

Minor International and Kajima Corporation intend to turn 40 acres of prime beachfront land into a new holiday destination at Layan Bay and are aiming for completion of the project in 2025. The market for branded residences has shifted in that many new developments don’t need to be paired with an accompanying hotel property, and this, along with the post-pandemic demand, indicates that consumers understand the standalone appeal of a branded residence.