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The group operates the Gaysorn Shopping Centre and the Naraiphand Handicraft Centre. It decided to replace Naraiphand with a 40-storey luxury residence and shopping mall.

Group director Chai Srivikorn on Tuesday said the company had planned to start construction next year on the 40-storey building, which would cover 40,000 square metres. But the country's political uncertainty and the global financial crisis have delayed this.

"The project will require a huge amount of funding, and the global financial situation is similar to the 1997 financial crisis. We'll have to wait and see how this situation impacts the country's financial firms. The group needs time to review the plan, because this project is being developed to tap a niche market, so buyers' mood will be different from Gaysorn shopping centre," he said.

Chai said the residential and shopping mall would be similar to what could be found in Hong Kong's Central district.

He said there were more than five foreign investors interested in helping develop the project. Hong Kong Land, a property firm based in the Chinese territory and also a Gaysorn Group joint venture, will consider the foreign partners.

"We expect a joint venture for the project will be set up by the end of the year," he said.

Chai said the company would go ahead and buy the land. It will bid for 10 rai near Big C Rajdamri from the Crown Property Bureau.

Meanwhile, Chai, who is also chairman of the Ratchaprasong Square Trade Association, insisted the association would proceed with plans for a New Year's Eve countdown ceremony at the square. It will monitor the political situation.

"We're concerned about the social conflict, so the association will install more than 100 closed-circuit television cameras in the area.