Founded by former journalist Ho Kwon Ping, Banyan Tree Holdings opened its first resort hotel in Phuket in 1994. Today, the company holds equity interests in 15 hotels operating under the Banyan Tree and Angsana brands, and it manages another 15 properties without holding equity interest.
Now, Banyan Tree is moving into the residential market with a development in Chengdu, the capital of Sichuan province.
Eddy See, senior vice-president and chief financial officer of the Singapore-listed luxury resort developer, said the market in China, with its vast and growing economy, had been identified by the group as a key one into which it planned to expand.
The details of the project were given at a recent exhibition of the Banyan Tree Residences, Laguna Property and Angsana Residences brands in Hong Kong. “The Chinese are going everywhere, and they buy everything along the way,” See said.
“Prices in Shanghai and Beijing are over the top. Potential is limited,” said See. He said the group did not intend to compete with local property players, but would attract buyers through a niche marketing strategy. “Branding plays a big part, and the second part is design and layout.”
The development will be situated on a suburban, 333,350-square-meter site about 45 minutes from downtown Chengdu, one of China’s fastest-growing provinces. See said a range of luxury homes and affordable condominiums will be developed in stages. See believes this as a natural extension of Banyan Tree’s role of developing holiday homes, and the brand will especially be targeting those customers for this project.
photo credit: banyan tree