While most Thais associate Tan Passakornnatee with green tea, few are aware the self-made tycoon has another passion. He has been making billions of baht trading land and developing property projects the past few years, and he plans to continue in this area for many years.
Mr Tan has been successful in property as well as green tea.
Mr Tan, 53, does not discriminate, with plots in the North, East and South of Thailand as well as prime locations in Bangkok such as Thong Lor and Sukhumvit sois 22 and 40.
He has just bought a 34-rai plot in Cha-am, Phetchaburi, for 510 million baht, 20 rai in Hua Hin for 500 million and 17 rai in Si Racha, Chon Buri, for 900 million.
Mr Tan is still keen for more properties in Bangkok and the provinces, especially those connected to the planned high-speed train project such as Nakhon Ratchasima, Khon Kaen and Udon Thani.
"Buying high-priced land is acceptable if the location is good. It's not worthwhile in non-prime locations at a lower price if you do not develop it. The most important factor is location and how much you can get for its resale," he said.
His most expensive land purchase was 570,000 baht per square wah in the Phloenchit Road area, but he sold it for 1.2 million baht per square wah, more than double his purchase price.
"I took only five minutes to decide whether to buy this land. I'm quite lucky in the land business as I often buy land shortly before the price goes up," he said.
Mr Tan often uses his instincts when buying land.
For example, he bought a five-rai plot on Nimmanhaemin Road in Chiang Mai many years ago because he liked the big trees on the land. However, he also saw strong potential for the area. Now the road is the hip shopping and eating corridor in the northern city, so he decided to turn his land into a 40-unit condominium project and a 90-room hotel with a small retail mall.
The project is slated to be completed in 13 months. Japanese buyers are his target and the condos will be priced at at 100,000 baht per sq m.
Mr Tan also bought a plot next door to Samitivej Sriracha Hospital, while his land in Hua Hin is next door to The Venezia retail complex.
He plans to develop a 45-storey condominium project in Si Racha and may use the Chocolato brand.
For his land on Sukhumvit Soi 40, the asking price has risen 50% to 1.5 million baht per sq wah now. Initially he wanted to develop a condo but shelved this plan when his green tea plant in Ayutthaya was flooded in late 2011.
Mr Tan also works as a guest lecturer at universities and takes part in his own marketing campaigns.
His Ichitan green tea brand could see sales exceed 5 billion baht three years after its launch, faster than his first brand Oishi, now owned by Thai Beverage.