Mida looks to synergise wellness, hospitality
Firm teams up with Singaporean partner
SET-listed Mida Assets Plc plans to invest in residential projects worth 5 billion baht this year, including its first wellness resort worth over 1 billion on the east coast, set to open this August.
Managing director Wisood Ieosivikul said the company will invest 1.5 billion baht to build a 30-storey condominium in Pattaya on a three-rai plot. Construction is expected to be completed in two years.
This year, the company wants to launch three low-rise residential projects in Nakhon Pathom and Kanchanaburi provinces with a total investment of 3.5 billion baht.
Two projects will be in Nakhon Pathom, consisting of 450 and 400 units, with investment of 1 billion and 900 million baht, respectively. The project in Kanchanaburi province will have 300 units with investment of over 700 million baht.
Mr Wisood said the company's wellness project is being built in Rayong province. The project is called Aksorn Rayong, the Wellity Collection, and is scheduled to open in August.
"The Pattaya project will serve the need for accommodation while the Rayong project will serve the tourism sector," he said. "The Eastern Economic Corridor initiative will help us gain business in the region."
Wisood: Banking on boost from EEC
Aksorn Rayong, the Wellity Collection, will be the group's first "combination concept" featuring resort and wellness services, with all the comforts and lifestyle conveniences of both international hotel and holistic health services, Mr Wisood said.
To penetrate the wellness segment, Mida formed a joint venture with Singapore-based Wellity Pte Ltd to establish MW Wellness Management Co.
The joint venture was officially launched in Rayong Thursday.
"Mida has invested over 20 million baht with Wellity to set up MW Wellness Management Co to operate the resort," Mr Wisood said.
He said the project itself will cost 1 billion baht to build, in addition to 35 million for wellness equipment and element fittings.
Mida operates eight hotels and resorts in Bangkok, Hua Hin, Kanchanaburi and Nakhon Pathom.
Anthony Jude Tan, chief executive and co-founder of MW Wellness Management, as well as chief executive of Wellity, said the latter was founded to develop hospitality projects by integrating aspects of the wellness and hospitality sectors.
Wellity has gained confidence among leading hotel and resort businesses in various countries, predominantly Southeast Asia, he said.
"With 26 years of experience in the hospitality industry, complemented with another 13 years in the wellness field and healthcare sector, I foresee many potential business opportunities for this joint venture," Mr Tan said.
The new wellness resort is expected to have a 50% occupancy rate during the first year of operations. The average rate for a hotel room is 3,200-3,500 baht, while that for a family of six is 10,000-70,000, including tailor-made medical services.
Mr Wisood said Mida Group posted revenue of 2.7 billion baht last year. The company aims for revenue growth of 15-20% this year.