LT Group, a well-known retail developer in eastern Thailand, plans to spend 10 billion baht to build a mixed-use complex in Chon Buri's Sri Racha district next year.
LT president Somkuan Nokhong said the project will be developed on 250 rai in the district, which is a popular tourism destination in the region.
The project comes in response to the growing economy in Chon Buri, partly due to the government's Eastern Economic Corridor scheme.
The mixed-use project will comprise a hotel, a 30-floor condominium and a luxury housing project.
"With experience in the property market for five decades, we are confident in our move," Mr Somkuan said.
As competition in Chon Buri's retail market is intense, the group has to move to businesses that the district has not seen investment in before.
A luxury housing project will focus on foreign billionaires and will be available for 200-300 million baht a unit, Mr Somkuan said.
The new mixed-use project will be funded by the company's cash and bank loans. The company expects to develop the project next year, when the economy is tipped to improve.
LT Group is known for developing Laemthong complexes in Sri Racha and Rayong. The group has extended to entertainment by opening HarborLand, an indoor playground, with locations in Chon Buri, Bangkok and Udon Thani.
Mr Somkuan said competition in the retail industry in Chon Buri is tough because the area has been flooded by big retailers from local and international chains for the past decade.
The shift into property and entertainment is to ensure the group's long-term survival.
Apart from the mixed-use project, LT Group plans to build a five-star hotel on a five-rai plot in Sri Racha, located near Central Shopping Complex. The group is seeking permission from local authorities to build a 30-floor hotel to be managed by Holiday Inn.
Holiday Inn has been hired to operate LT Group's hotel business, featuring 280 rooms with an occupancy rate of 70% on average.
Mr Somkuan, 80, is still working and retains a strong passion to create new things and provide guidance to his heirs.
He said he spent 1 billion baht to develop Flower Land, an outdoor garden, on 100 rai in Pattaya last December.
The group wants Flower Land to become a tourist attraction in Pattaya, especially for foreigners, with ticket prices of 900 baht for foreigners and 400 baht for Thais.
On Tuesday, LT Group held an opening ceremony for the HarborLand indoor playground on the fifth floor of Gateway Ekamai.
Two more HarborLands will open at Terminal 21 Korat in October and CentralPlaza WestGate by the end of the year. The group plans to add two or three HarborLands in major cities this year.