Executive vice president Kitisak Champatippong said 30 per cent, or Bt3 billion, would come from foreign investors and the rest from Thai buyers.

Kitisak said demand from foreigners for homes was growing, especially from individuals wanting to buy a second home in Thailand.

The company held exhibitions in Hong Kong and Singapore last year that generated sales of Bt1 billion.

In the first two months of this year, Harrison held 10 exhibitions: eight in Malaysia, one in Hong Kong and one Singapore. More events are planned in Hong Kong, Singapore, Malaysia, Indonesia and the Scandinavian countries this year.

Kitisak said that most foreign customers bought properties in Thailand for investment as a second home, staying two or three months a year.

Harrison offers a service to rent out their properties when they are not there.

"We guarantee a yield of at least 7 per cent, which will help customers manage their asset and generate income," he said. The amendments to the draft Foreign Business Act and 30-per-cent reserve requirement have not deterred individual investors, because they are looking to buy a long-term asset, Kitisak said.

A sign of the confidence of foreign property investors was that Harrison recorded sales of Bt200 million in the international market in January and February.

Kitisak said the company had expanded its sales by joining hands with global exhibition organiser Fair Media.

With its expansion this year, Harrison expects its revenues from broker fees to rise to Bt150 million this year, up 25 per cent from last year, and expects its net profit to be 20 per cent of revenues.

It has contracts for marketing management worth up to Bt15 billion and will sign a deal worth up to Bt20 billion to manage new projects in the second quarter.

The most popular areas for foreign property buyers are Phuket, Hua Hin, Pattaya, Koh Samui and Bangkok, especially on Sukhumvit Road.

Somluck Srimalee

The Nation