CP Land Plc, the property arm of Charoen Pokphand Group, is building a mixed-use complex on a combined 70 rai in Nakhon Sri Thammarat as part of provincial expansion efforts.
Sunthorn Arunanondchai, the company's chief executive, said the project is scheduled for the next five years.
As part of the development plan, CP Land is developing a five-star hotel with 350 rooms called Fortune Grand Nakhon Sri Thammarat, near a Tesco Lotus hypermarket worth 2 billion baht.
The 19 storey-building is being decorated and the company is in the process of choosing a hotel management chain. It is slated to open in the first quarter of next year.
The company also plans to build a new convention centre in the same vicinity as the hotel. The investment for building a convention centre in Nakhon Sri Thammarat will be larger than its Khonkaen International Convention and Exposition Center, which was estimated to be over 2 billion baht.
Apart from the hotel and the convention centre, the company is also developing four condominium buildings in the same area.
Each condominium will have 100-200 rooms. In the same area, the company has already completed the development of an office building with 18 floors. The company expects to complete the development of this mixed-use project within the next five years.
Mr Sunthorn said CP Land is building a four-star hotel in downtown Rayong with 220 rooms on a five-rai plot. This hotel requires investment of about 400 million baht, excluding land. The company plans to open its Rayong hotel within 2018.
At the same time, the company is also asking for environmental impact assessment approval to build a 200-room hotel on the three-rai plot adjacent to its Khon Kaen convention centre. The new hotel in Khon Kaen will require an investment of 400 million baht, excluding land. With this new hotel development, the number of total hotel projects under CP Land will increase to 15, up from 12 hotels.
In addition, Mr Sunthorn said the company will start the construction of its industrial estate in Rayong next year.
CP Land has forged a joint venture with one of China's largest construction firms, Guangxi Construction Engineering Group, to develop an industrial estate in Rayong on about 3,000 rai, and is scheduled to complete the development within the next five years.
In related news, CP Land yesterday signed a memorandum of understanding with CP Ram Co, a food maker under Charoen Pokphand, to provide ready-to-eat food to Khonkaen International Convention and Exposition Center, which will open officially in December.
