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The company delayed plans to build a luxury hotel worth Bt5 billion in Phuket this year when a strategic partner from Sweden became concerned about Thailand's political turmoil.

Virat said his company believed that the country's political problems would be solved by the end of this year, and as a result it would contin¬ue with two or three residential projects in 2009.

Meanwhile, Baan Rock Garden is revising its plans for the luxury hotel.

"We believe that our strategic partner from Sweden will understand Thailand's political situation and we will start to rebuild our hotel project next year," Virat said.

Earlier, the sixstar, Bt5billion hotel was to be built by a joint venture firm called Yamu Property Development. It involved Baan Rock Garden, the Swedish investor, and the owners of the Twin Palms Hotel and luxury resort in Phuket.

Baan Rock Garden is a property firm listed on the Stock Exchange of Thailand with registered capital of Bt1 billion. It has been established since 1991 and has developed residential projects in both Bangkok and Phuket.

Virat said the company's residential projects next year would comprise detached houses and double houses priced between Bt2 million and Bt3 million per unit.

"We believe that although demand for residential projects may drop next year, this will not affect our sales because our projects will produce readytostay residences that meet the demands of our customers, especially middleincome earners," he said.

Baan Rock Garden expects sales growth of 10 to 15 per cent in 2009 and earlier this month was still expecting to reach its sales target of Bt300 million in 2008.

The company recorded revenue of Bt226.37 million and a net profit of Bt70.6 million in the first nine months of this year, and has presales amounting to Bt100 million that should be booked to revenue before the end of the year.

Baan Rock Garden is confident of reaching its annual target, Virat said.