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Published on February 14, 2008

The group is considering developing residential projects, especially condominiums in Chiang Rai on 200 rai of its 1,700-rai plot that is to be developed as a golf club, VP Assets managing director Prasert Kasemkomase said yesterday.

The projects may have up to 1,000 units with an investment of nearly Bt1.8 billion.

Prasert is also the major shareholder of Wiangchai Hills, which is developing Waterford Valley Chiang Rai Golf Club and Resort.

VP Assets also owns the Waterford Diamond Tower on Sukhumvit Soi 30/1. Prasert said the company had nearly one rai close to that property, on which it plans to develop serviced apartments for nearly Bt200 million.

The company will develop both new projects when its existing project, Waterford at Sukhumvit 50, which was launched yesterday, is sold out, Prasert said.

VP Assets has been developing Waterford at Sukhumvit 50 since last year, investing up to Bt1.8 billion. The project has seven buildings with a combined 738 units and will generate sales value of Bt2.6 billion.

Four of the seven buildings will be sold by Nexus Property Consultants. Two buildings will be developed as serviced apartments and will generate rental income for the company, while the final building is under negotiation for sale to an investor who is interested in developing it as serviced apartments.

Somluck Srimalee

The Nation