The SET-listed developer Krisdamahanakorn Plc (KMC) plans to spend 300 million baht to buy a resort on Koh Lan in Chon Buri province.
The decision came shortly after it spent 800 million baht to acquire the Classe{aac} condo project on Rama IX Road.
Managing director Wirat Aiew-Aksorn said the company is in talks with the resort's owner, a local developer. If successful, KMC will develop villas for sales.
KMC will continue to invest in the project, which has potential but was suspended because of the developer's financial problems, Mr Wirat said.
This deal follows KMC's recent acquisition of Vitoon Thanakorn Co Ltd, the developer of Classe{aac} condo.
"The former developer is not experienced in condo development, so it decided to sell to us," Mr Wirat said.
Construction of the condo was completed in 2007 under its former name Green 9 but marketing activities were frozen for five years. Last year it was relaunched with the name Classe{aac}.
The project is located on an 18-rai site where the former developer developed the first phase on five rai with four condo buildings totalling 630 units, 171 units of which were sold.
KMC has bought the remaining 459 units and changed the condo's name to The Kris Extra Rama IX.
Unit sizes start at 26 square metres priced 1.49 million baht. KMC targets to achieve 500 million baht in sales.
Plots remain for development after the former developer obtained a construction permit.
KMC plans to develop four buildings with 670 units worth 1.5 billion baht in the third quarter.
This year it expects a big rise in revenue to about 1 billion baht, up from 438.65 million baht last year.
The company at the end of last year posted a net loss of 89.46 million baht, compared with a net profit of 86.26 million baht in 2011.
KMC's shares closed yesterday on the Stock Exchange of Thailand at 64 satang, up three satang, in trade worth 46.25 million baht.