Last week, the Czech and Slovak bond market was shaken by a new issue from renowned Slovak investor Petr Benko, who is known for his projects in the field of real estate development. This time, in the form of bonds, he intends to finance his latest exotic project, a luxury resort on the Thai island of Koh Samui. And it’s not just any issue – as part of its first investor wave, it’s offering the possibility of a better yield and even access to an “Investors Club” that brings exclusive benefits within the resort.
Let’s take a closer look at the issue and the project itself.
What do we know about Resort Samui?
We found out about the latest bond project thanks to an unconventional marketing campaign featuring the famous Slovak fighter Attila Vegh, who released a controversial video in which he claims that he will not enter the long-awaited fight with Karlos Vemola. However, in the end he clarified that it was just an attention grabber and that he would actually like to share the news – an investment project to build a luxury resort in Thailand by Benalex Investments.
This project, known as Project BNX, has an active social media presence (@projectbnx) where it has been gradually revealing information. At the same time, as part of the first investor wave, it links to the projectbnx.com website, where it is currently running a form that can be filled out by those interested in early information or bond purchases.
What have we been able to find out about the project? The planned resort will be located in Chaweng on the Thai island of Koh Samui, a luxury holiday destination with great investment potential in the real estate market. The resort will consist of 18-19 luxury villas with private pools and sea views. The total value of the project is estimated at €22 million and construction will start during the 6th month of 2025. The project is estimated to be completed by the end of 2026.
What are the details of the bond issue?
The issue of the latest bonds by Benalex Investments was launched on 18 February 2025, with the subscription period starting on 20 February 2025 and ending on 20 January 2028. The total issue volume is set at CZK 25 million and the nominal value of one bond is CZK 50,000. But beware! The issuer also sets the minimum investment amount at EUR 10,000 (CZK 250,000).
In return, the issuer offers an attractive yield of 9.2%, which will be paid quarterly, with the start date of the first yield period set at 1 March 2025.
The investment is secured by the parent company’s assets, with higher amounts guaranteed by a promissory note.
More specific details of the note are set out in the terms and conditions of issue, which are currently available by requesting more information on projectbnx.com.
What benefits does it offer to early investors?
The issuer states on the project website that early investors have the opportunity to receive a better return. We therefore assume that selected investors will be offered the opportunity to purchase the bonds in a separate, private part of the bond issue. However, the specific details are still under the cloak of secrecy and can only be ascertained once specific interest in the bonds has been expressed.
What we do know for sure, however, is that the issuer has a special investor program in place beyond the bonds that offers various benefits within the upcoming resort depending on the amount of investment in the project. We tentatively know that there are 4 tiers (tiers):
- Silver (investment from EUR 50,000),
- Gold (investment from EUR 100 000),
- Platinum (investment from EUR 250 000),
- Founders Club (by individual invitation).
The different tiers offer different types of benefits, with the higher tiers including the benefits of the lower ones. Investors’ Club benefits include, for example, discounts on accommodation or a certain number of nights at the resort free of charge, invitations to private events, superior service or the possibility of having your name listed on a physical investor board or a share of the profits from the rental of the residence. In addition, investors will receive a personalized club card for each level.
What do we know about Benalex Investments?
Petr Benko’s Benalex Investments is a well-known name on the Czech-Slovak market. Over the last twelve years it has transformed from a furniture manufacturer into a major property developer. It has built more than 400 houses in Rovinka and Dunajská Lužná and furnished more than 250 interiors as part of investment projects. In addition, it has completed a number of smaller individual buildings and various projects, including two well-known nightclubs in Bratislava. The company’s investments also include construction projects in the beautiful Slovak countryside in Donovaly. It is currently completing a retail park in Rovinka and preparing a residential project in Dunajská Lužná.
As part of its latest bond-financed project, Project BNX, it is now expanding its portfolio to include investment opportunities in Thailand.
