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Hospitality and leisure group Minor International Pcl plans to make residential property a core business alongside its existing hotels and restaurants, according to Minor chairman and CEO Bill Heinecke.

As part of an interview for Property Report magazine that is due out in September, Heinecke said that although residential development accounted for only 2 percent of Minor International’s revenue in 2007, this segment will play an increasingly important role in the company’s future.

“I think as a core segment of our business, residential development could grow to be up to 20 percent of our revenue. We certainly see it rising significantly as more projects come online in the future”.

Alongside Minor’s core hospitality business, the company has already dipped its toe into residential property development with a small number of mixed use projects, the first being a condominium development attached to what is now the Anantara Resort and Spa in Hua Hin. The company has since completed the Residences at the Four Seasons in Chiang Mai, and is now selling The Estates in Samui, another residence project located next to the Four Seasons Hotel. Last year Minor announced its plans to develop a new 6 star hotel in Bangkok under the St Regis brand, which will also incorporate a number of residential units.

With the experience gained from its residential developments within branded mixed use projects, Minor is now considering developing property independently from its existing hotels.

“We are looking at this from time to time because of the brand names we control”, says Heinecke. “Furthermore, as people begin to appreciate branded residential developments, we have an advantage because we are used to operating branded hotels. I think therefore that you could see more branded residences begin to occur”.

Outside of Thailand the company is also on the lookout for opportunities in the residential market. “Internationally we could certainly look at residential in Africa, and in the Indian Ocean. Sri Lanka, when peace comes will also be a very promising destination. In Mauritius, Seychelles and Madagascar we are looking at hotel developments, and as a result of this we are also looking at residential developments”.

Minor International PCL, the hospitality and leisure branch of Minor Holdings, is one of the largest companies of its type in the Asia Pacific region, with 964 restaurants and 19 hotels and resorts.