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Published on December 4, 2007

The planned investment is aimed at tapping into Thailand's tourism industry, which is now fully recovered from the 2004 tsunami.

At least four international investment companies from Singapore and Malaysia and some local operators confirmed big investment plans in Phuket last week, where they were attending a seminar organised by Thailand Privilege Card Co.

The main focus of their interest is Phuket, but they are also seeking opportunities in other major tourist destinations, such as Chiang Mai, Hua Hin, Ayutthaya and Koh Samui.

Fong Wiai Leong, a partner in Kuala Lumpur-based investment consultancy Devonshire Development Capital, said his company's clients had already invested in information-technology (IT), media and energy firms in Thailand. The company itself has also acquired several media companies in Phuket and on Koh Samui. Fong said the group was planning to invest in "lifestyle hotels" in Phuket, Hua Hin and Chiang Mai with a total budget of more than US$100 million (Bt3.38 billion).

"Of the new projects, we will target mainly [destinations for] Chinese tourists, because they're interested in a combination of lifestyle accommodation and activities," Fong said.

Michael Loh, chairman of Singaporean electronics conglomerate the Dragon Group, said his organisation had already invested in Thai media companies and an IT business in Ayutthaya province.

The group, which has 45 offices in 12 countries, plans to set up an inbound tour company in Thailand and is considering further investments in Chiang Mai, Phuket and Hua Hin.

"We are ready to make investments in Thailand," Loh said.

Stephen Ong, a director of Singaporean-based Asti Holdings, a business unit of the Dragon Group, said the group had one existing 40-room hotel in Phuket.

"We're planning to invest in another hotel in Phuket, worth Bt300 million, and to build our first real-estate project on the island, costing Bt600 million," he said.

Moreover, the company is planning to develop a residential condominium in Chiang Mai with 1,000 units and surrounded by a golf course. That project is expected to cost Bt1 billion.

Hajo Von Keller, managing director of Phuket's Mangosteen Resort and Spa, said the resort was expanding by constructing 29 additional pool villas and 90 apartments. At present, the resort has only 42 rooms.

"The expansion is costing between Bt700 million and Bt800 million," Keller said. "The two projects are scheduled to be completed in 2009."

Meanwhile, Rawitha Phongnuchit, chair of Thailand Privilege Card's executive board, said the company was encouraging its members to invest in Thailand by helping them gain access to Thai government agencies.

Thailand Privilege Card issues the Bt1-million Thailand Elite Card, which involves five-year visa privileges for its holders among many other benefits. It has 2,300 members and expects to sign up another 800 next year.

The company's first seminar last week, entitled "The Investment Network", was aimed at promoting investment in Phuket and other provinces, she said.

"Our members have invested Bt20 million in Thailand, and the number of projects is expected to increase gradually," Rawitha said.

Suchat Sritama

 The Nation

 Phuket