Foreign investors have revealed plans to spend about Bt6 billion in hotels in Phuket and other major tourist destinations in Thailand over the next three years.
The Nation reported that at least four international investment companies from Singapore and Malaysia and some Thai operators had confirmed big investment plans in Phuket last week.
According to the report, the main focus of their interest is Phuket but others such as Chiang Mai, Hua Hin, Ayutthaya and Koh Samui are also in their radar screen.
Fong Wiai Leong, a partner in Kuala Lumpur-based investment consultancy Devonshire Development Capital, was quoted saying that said the group was planning to invest in “lifestyle hotels” in Phuket, Hua Hin and Chiang Mai with a total budget of more than US$100 million.
“Of the new projects, we will target mainly (destinations for) Chinese tourists, because they’re interested in a combination of lifestyle accommodation and activities.”
Michael Loh, chairman of Singaporean electronics conglomerate the Dragon Group, was quoted saying that his company plans to set up an inbound tour company in Thailand and is considering further investments in Chiang Mai, Phuket and Hua Hin.
Dragon Group’s subsidiary, Asti Holdings, which already has an existing 40-room hotel in Phuket, plans to invest in another worth Bt300 million. It’s also planning a real estate investment worth Bt600 million in Phuket and a 1,000-unit condominium in Chiang Mai.
Meanwhile, Phuket’s Mangosteen Resort and Spa is also adding 29 pool villas and 90 apartments to its current capacity of 42 rooms.
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