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Published on September 21, 2007

Target destinations for new investment include Phuket, Phang Nga, Chiang Mai, Pattaya, Rayong and Koh Samui.

"We will launch at least one hospitality or residential project in Thailand. This year, it starts with the launch of the Sukhothai Residences, which will start pre-sales at the end of this year. The next project will be launched in the next three to four months," said director Benjamin Cha.

Cha said while he could not provide more details about other investments in Thailand, they were included in the company's business plan.

The Sukhothai Residences will be located next to The Sukhothai Hotel on Sathorn Road and cost Bt5 billion. Construction starts at the end of the year and will finish in 2011.

The project will feature a 41-storey condominium tower consisting of nine penthouses and 187 regular units, with usable space from 100-1,200 square metres.

CB Richard Ellis has been appointed as sales agent for the project. The largest penthouse, The Sukhothai Sky Villa, with total space of 1,200 square metres, will be auctioned at the same time.

Cha called Thailand a major destination for his group's investment, after China and Singapore.

"When we invested in The Sukhothai Hotel, we studied how to expand our investment for residential units until we acquired land close to the hotel three years ago. After research on use of the land, we decided to launch an ultra-luxury-condominium project," he said.

He said anytime the company expanded an investment, it expected an investment return rate (IRR) of up to 20 per cent.

In other projects in Thailand, the company expects the same IRR by focusing on the luxury market.

HKR International is a pioneer in green-township management. Incorporated in the Cayman Islands, the group has been listed on the Hong Kong Stock Exchange since 1989. Its core businesses include properties, services, hotels, manufacturing and other investments in Hong Kong, China and elsewhere in the Asia-Pacific, such as Thailand and Singapore.

HKR International announced turnover of 1.87 billion Hong Kong dollars (Bt8.23 billion) for a net profit of $625.5 million in the first half of its fiscal 2007 (April 2006 to March 2007).

Somluck Srimalee The Nation