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Published on September 25, 2007

The company will also spend another Bt300 million next year on refurbishing its 200,000-square-metre Seacon Square shopping complex on Srinakarin Road.

The redevelopment of the 400-plus-store centre will take about a year. It is the first makeover for the 13-year-old shopping complex.

The company is considering one of three design concepts -- modern elegant, cosy elegant, and natural living.

The company has set up a wholly owned subsidiary, Seacon Hotel and Resort, to develop the three South-based projects. One will be at Mai Khao Beach in Phuket and should open by the third quarter of 2009. The Samui hotel will be finished two years later and the Krabi development four years after that.

Each will cost about Bt1.2 billion.

Managing director Tatiya Sosothikul said the Phuket hotel would be built on 25 rai.

Called Renaissance Phuket, the hotel will have 150 rooms and 25 villas, and will be managed by Marriott.

Room rates are estimated to be between Bt7,000 and Bt8,000 a night and villas between Bt10,000 and Bt30,000.

Its target market is foreign tourists from Europe, Japan and South Korea.

"The Phuket hotel is being designed now and construction should start by the beginning of next year. It is expected to break even in seven years with an expected occupancy rate of 70 per cent," Tatiya said.

The company is looking for a 40-rai plot on Samui for the planned 250-room hotel.

Tatiya said hotel development was the company's new diversification as it was less risky than shopping centres and could guarantee returns on investment.

"There is great business potential in Phuket and other southern destinations like Samui and Krabi," said Tatiya.

Phuket is enjoying significant economic growth and its economy is not dependent on the overall national economy, he said, adding, Phuket is popular with rich travellers.

Seacon expected revenues to reach Bt1.5 billion from the shopping complex and Bt500 million from hotels in the next five years.

 Kwanchai  Rungfapaisarn

 The Nation