COLOMBO (EconomyNext) – Thailand-based Minor Hotel Group is considering building branded high-end residences in southern Sri Lanka and is talking to the government on getting round foreign property ownership restrictions, an official said.
The group, a hotel owner, operator and investor, which owns or manages 127 hotels in 22 countries, prefers mixed use development when doing property projects, said Dillip Rajakarier, chief executive, Minor Hotel Group.
“When doing projects always go for mixed use models. That’ll reduce investment costs,” he told an Indian Ocean hospitality forum in Colombo.
“You can have a time share component in which their sales offer a quick payback or do a retail component, with plaza, food court, entertainment, where you keep the money circulating within the whole and comes back to you,” he said.
“We’re looking at branded residences in Tangalle where our Anantara hotel will be opened in September,” Rajakarier told EconomyNext.com.
The company is in talks with the government on the ban on foreign land ownership.
Minor Hotel Group would go ahead with the Tangalle branded residences prohect only if the foreign ownership issue is resolved, he said.
Minor and Hemas Holdings have a deal to build and operate a luxury 5-star resort in Tangalle in the Hambantota district.
Branded residences are an emerging concept in luxury housing where developers tie up with international luxury hospitality and lifestyle brands and are popular among wealthy international buyers as a property investment.
The two-day Hospitality Investment Conference Indian Ocean 2015 organised by Sphere Conferences, the conference arm of Singapore Press Holdings Limited, covered the Maldives, Mauritius, the Seychelles and Sri Lanka.