The group will start with The Sukhothai Residences, a luxury condominium complex in Bangkok's Sathorn Road business district, next to the Sukhothai Hotel, which is also owned by HKRI.

The 39-storey tower will consist of 197 rooms, scheduled for launch in next year's first quarter. Group founder Payson Cha said the property would be one of the most luxurious and probably most expensive residences in Bangkok. However, he declined to give more details.

The group formed a joint venture with local partners to develop the project under the name of Grace Ivory, and the hotel team will manage the property. About five years ago, the group planned to develop this piece of land to be the biggest spa complex in Asia. However, the group has redesigned the project to make it bigger, while retaining the spa as one part of the project.

Director Benjamin Cha said the project would be the company's third property in Bangkok, following the Sukhothai Hotel and the Siri Sathorn serviced apartments.

"We are confident of investing in Thailand, as the country is politically and economically stable, but the most important thing is the Thai people and the ways of Thai hospitality which will make the business," he said.

Apart from the residential project in Bangkok, the group will use the remaining budget to invest in a hotel in Chiang Mai, another in Phuket and a golf course in Rayong. "We are talking with local partners to develop these projects," said Cha.

The Cha family was giving their first interview to the Thai media in the 45 years since they started business in Thailand. Payson Cha is also investing in shares in several businesses listed on the Stock Exchange of Thailand.

Cha set up HKRI in Hong Kong and listed it on the Hong Kong Stock Exchange in 1987. The group is also involved in property management, transport, manufacturing and healthcare, plus the Sentosa Resort and Spa in Singapore.

Suchat Sritama, The Nation