THE M.B.K. Group, which owns the MBK department store and Pathumwan Princess Hotel in Bangkok, plans to build a Bt1-billion high-end resort and villa in Bophut, Koh Samui, to serve the foreign market. The project, sited on a 100-rai (40-acre) land is currently being designed and studied.
The MBK is leaving no stone unturned, making sure that the land that the project will occupy is properly titled. The project would be undertaken by phase, with the first one slated to start by the latter part of next year. This megaproject is scheduled to be completed in five years.
Suwaet Theerawachirakoon, managing director of the MBK group, disclosed that under its five-year plan, the company will invest at least Bt10 billion on property projects, such as hotels, luxury villas in holiday destinations including Samui, Phuket and Pattaya.
MBK intends to raise some Bt5 billion through corporate bonds to purchase lands in tourist destinations. In Phuket, MBK plans to build a villa resort with a total of 70 rooms as well as 60 luxury houses each with a private swimming pool. The project will be located near a golf course that, together with the villa and housing projects, will sit on a 600-rai (240-acre) land. This multibillion-baht megaproject is projected to start by yearend.
The MBK, according to Mr. Suwaet, views tourism to be still a most viable investment area since, despite the global economic crisis, Thailand remains one of the most attractive and cheapest destinations for millions of tourists.—
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