Minor International Public Company Limited ("MINT"), together with Natural Park Public Company Limited ("NPARK") established a 50 / 50 joint venture company, MHG NPARK Development Company Limited, to develop its first luxury resort-style condominium project in the city center of Chiang Mai, Anantara Chiang Mai Serviced Suites. The total investment amount in the project by MINT is approximately THB 267 million.
The project is situated on a prime location on Charoen Prathet Road across from Anantara Chiang Mai Resort & Spa, near Chiang Mai Night Bazaar and iconic Ping River. The 7-storey condominium building features 44 units in total, comprising One-Bedroom Luxury Suite (65 sq.m.), Two-Bedroom Luxury Suite (90 sq.m.) and Three-Bedroom Luxury Suite (162 sq.m.) as well as a full range of first-class facilities. Anantara Chiang Mai Serviced Suites is the second residential project under MINT's own Anantara brand, following the Residences by Anantara Layan, Phuket. The addition of the Anantara Chiang Mai Serviced Suites will further enhance the Anantara brand as a developer of prime luxury residences. The construction of Anantara Chiang Mai Serviced Suites is scheduled to commence in 2015 and will be completed in 2016.
Dillip Rajakarier, CEO of Minor Hotel Group commented, "We are delighted to work with Natural Park in co-developing Anantara Chiang Mai Serviced Suites to be Chiang Mai's first luxury resort-style condominium project. This joint venture is also in line with our strategy to develop high-end real estate developments in high-potential locations in conjunction with our hotels to reap the benefit of the clustering concept. This project will strengthen the Anantara' brand of Minor Group even further. We are confident that this joint venture will receive enthusiastic responses from target customers because the demand for high-quality real estate developments for residential, recreational and investment purposes in Chiang Mai remain high."
Nakorn Laksanakarn, Managing Director of NPARK stated, "We are confident that this joint venture will benefit from the combined strengths of the two companies. This luxury resort-style condominium aspires to attract upscale Thai and foreign buyers who want to have a high-quality property in Chiang Mai. In addition to distinguishing construction quality, Anantara Chiang Mai Serviced Suites also promises a host of first-rate facilities and outstanding service excellence. We highly value the long-standing expertise and professionalism in property management of MINT. This has been proven in many successful hotels and residential projects under its impressive portfolio. We are confident that Anantara Chiang Mai Serviced Suites will meet, if not exceed, all of its expectations as the flagship development of NPARK."
About Minor International: MINT is a global company focused on three primary businesses including restaurants, hotels and lifestyle brands distribution. MINT is one of Asia's largest restaurant companies with over 1,500 outlets operating system-wide in 20 countries under The Pizza Company, Swensen's, Sizzler, Dairy Queen, Burger King, Thai Express, The Coffee Club, Ribs and Rumps and Riverside brands. MINT is also a hotel owner, operator and investor with a portfolio of 118 hotels and serviced suites under the Anantara, AVANI, Oaks, Per AQUUM, Elewana, Marriott, Four Seasons, St. Regis, Radisson Blu and Minor International brands in Thailand, Australia, New Zealand, Maldives, Vietnam, Tanzania, Kenya, the Middle East, Sri Lanka, China, Malaysia, Indonesia, Cambodia, Zambia, Botswana, Namibia, Swaziland, Lesotho and Mozambique. MINT is one of Thailand's largest distributors of lifestyle brands focusing primarily on fashion, cosmetics and contract manufacturing. Its brands include Gap, Esprit, Bossini, Charles & Keith, Pedro, Red Earth, Tumi, Zwilling J.A. Henckels, ETL Learning and Mysale. For more information, please visit www.minorinternational.com
About Natural Park: NPARK operates the business of full-scale real estate development for lease, service, sale, and management. The Company has gone through the real estate boom and bust in 2003. Natural Park Pcl. is highly successful in terms of investor confidence as evidenced in over 8,000 million baht in fund raised from new investors both locally and internationally and was permitted to be publicly traded in the Stock Exchange of Thailand on 23 July 2003.