Managing director Watchai Vilailuck yesterday said Vilailux had made progress in talks with Marriott about managing the hotel portion of the project.

"Most of the project's investment is being funded by the family's cash and the rest by bank loans," said Watchai, who is also president of long-established telecom firm Samart.

"The Phuphatara project will attract family-oriented clients," he said.

The hotel will feature 200 rooms and be ready by the end of next year. It will boast an aquarium and underwater bar.

The company is also developing a condominium and detached houses in the same project. The condominium will consist of 192 units worth Bt3 million to Bt5 million each, while the houses will number 27 detached units worth about Bt12 million apiece.

"The housing portion of the project will be targeted at both foreign and local customers in equal proportions," Watchai said.

The entire project will cover 58 rai of land.

Vilailux is a subsidiary of Vilailuck International Property, operator of the Software Park Building.

The family also founded Samart, whose businesses include Cambodia Air Traffic Services and regional handset distributor Samart i-Mobile.

Meanwhile, Samart plans to create a Bt1-billion venture-capital fund this year as part of plans to partner with any interested businesses in all arenas, Watchai added.

Moreover, the company is looking for an opportunity to list Cambodia Air Traffic in either Thailand or Singapore.

"We want to see all of our subsidiaries able to stand on their own feet financially," he said.

Usanee Mongkolporn

The Nation