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Petch Thai Pattana signs two JV deals

Petch Thai Pattana, developer of the Thai Diamond City Industrial Estate in Phetchaburi, has entered into joint-venture agreements with two residential companies in China to develop hotel and residential projects for Chinese retirees in the estate.

The projects are worth a combined Bt7.5 billion.

The announcement was made following yesterday's session of the Thai-China Business Forum in Pattaya.

CEO Prasan Wangrattanapranee said Petch Thai Pattana had entered into an agreement to set up a 50:50 joint venture with Wuxi Modern New Countryside Investment and Devel-opment to develop a 1,000-rai hotel and resort in the estate. The project value is estimated at Bt3.75 billion.

The company has also agreed to set up a 50:50 joint venture with Beijing Quilin Real Estate Development to develop a villa project on another 1,000 rai of land in the estate. This project is also worth Bt3.75 billion.

Prasan said both Chinese firms would send representatives to discuss project details next month.

The company is also negotiating with three other Chinese firms, which have expressed their intention to invest in solar-cell power plant, medical/healthcare and resort projects, he added.

"These projects are together ex-pected to use about 7,000 rai of land," said Prasan, adding that he could not reveal the companies' names, as deals had not yet been concluded.

The Thai Diamond City Industrial Estate, located next to Kaeng Krachan Dam in Phetchaburi province, covers 37,000 rai. The estate is for the service industry, and those who invest can have land ownership.

The company is also in talks with Malaysian-Chinese businessmen over the use of another 5,000 rai in the estate to develop residential projects, Prasan said.

Petch Thai Pattana is also approaching Universal Pictures about an investment in movie production in the estate.

He said the Thai Diamond City Industrial Estate had not been marketing very actively, as it had only been approved early this year as a registered industrial estate in which investing foreigners could own land.

The estate is divided into eight zones: hotels, condos and retirement homes; full-scale healthcare centres, nursing and sport centres; a university and medical centre; a golf course; expat residences; commercial airport and aviation school; and exhibition halls.

The company has already developed a golf course, housing and a few infrastructure projects.

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