The company, which is developing "The Clover Thonglor" condominiums, will also consolidate 20 subsidiaries into just four to reduce costs and improve efficiency, according to Manop Keawchaum, the company's chief executive. The remaining subsidiaries will each run its residential projects in tourist destinations, its commercial building projects, residential projects for middle- to- lower-income market and residential project for the middle- to upper-income markets.

Manop said two of the company's seven planned projects, would be built in Bangkok in the second half of the year at a cost of Bt800 million. The first will be a condominium project, located near the sky train.

The second will be a townhouse and a detached home project near the future Suvarnabhumi International Airport. Units in that project will cost Bt1.5 million and Bt3 million each.

The other projects will be located in popular tourist destinations. It is planning a resort and commercial building complex in Koh Pha-ngan in Surat Thani province that will cost Bt350 million to construct. It also plans to build a Bt440-million luxury residential project in Hua Hin in Prachuap Khiri Khan province.

Also on the drawing board is an integrated residential property and resort project worth up to Bt300 million in Kho Samui, Surat Thani province. The final project is a detached-housing project worth up to Bt200 million in Phuket.

"Almost [all] of our new property projects will be located in tourist destination areas because demand for housing in tourist destinations is increasing faster than in Bangkok," he said.

Also, Bangkok's property market is highly competitive, which has forced the company to work on projects elsewhere, he said.