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At the same time, it will search for more land at all major tourist destinations on which to build more hotels.

Saradej Sudasna, managing director of the subsidiary, said the group wanted to focus on tourism now that it had signed an extended contract for its core business, MBK Centre in Bangkok. The new Phuket projects will cover 2,000 rai of land.

As part of the new developments, MBK Resort will build the Red Mountain Hotel, featuring 100 rooms consisting of 60 ordinary guestrooms and 40 pool villas.

The hotel will be part of the company's existing Red Mountain Golf Club. It will cost Bt800 million and be targeted at golfers and international tourists.

Saradej said a second planned hotel would be the 45-room Golf Lodge, located at the Log Palm Golf Club, which the group bought four years ago for Bt550 million.

"Red Mountain will be a premium product targeted at high-end visitors, while Golf Lodge will be aimed more at local guests," said Saradej.

He said residences and botanical gardens were also in the works. The residences will be under 30-year leases, with vacant units rented out to tourists.

Phuket already has six golf courses, but MBK sees room for more.

Meanwhile, Saradej said a golf course and residential project were being built in Pathum Thani province and would be finished by 2010.

MBK Resort will also build more hotels at all major tourist destinations and is scouting for land in Pattaya, Krabi, Chiang Mai and Koh Samui, as well as Phuket.

Apart from MBK Centre, the group owns three hotels: the Pathumwan Princess Hotel in Bangkok, the Sheraton Krabi and the in-house brand Tinidee Hotel in Ranong.

The group recently bought Bangkok's Premier Rama IX Department Store and is turning it into a shopping plaza and condominium.