Reignwood Group, a property firm owned by Chinese-Thai businessman Chanchai Ruayrungruang, plans to invest more than 60 billion baht to develop Reignwood Park in Pathum Thani as the largest luxury mixed-use project in Southeast Asia.
Woraphanit Ruayrungruang, the group's chief executive, said 50 billion baht has been spent on phase one, which started development a few years ago, with more than half of the phase completed.
"Initially we planned to spend 30 billion baht, but later decided to allocate an additional 20 billion to develop all infrastructure components in the project," she said. "This includes the water supply system and electricity substations."
Reignwood Park is located on a 2,000-rai plot along Lam Luk Ka Road, near Lam Luk Ka Khlong 11, spanning a kilometre along the main road.
Phase one included the 18-hole golf course Robinswood Golf Club, which opened in the middle of the year, exclusively for members and their guests.
The membership fee ranges from 500,000 baht for one year to 5 million baht for 50 years.
It is the group's third golf course, following the 54-hole Reignwood Pine Valley Golf Club in Beijing, which opened in 1998, and the 101-year-old 63-hole Wentworth Club in Surrey, England, which the group acquired in 2014.
Near the golf course, there is an island where six mansions in six different architectural styles -- modern, Thai modern, classical Chinese, British, American and Roman European -- are situated. The golf members can rent them to hold events.
The classical Chinese building is the East-West Cultural Exchange Center, which is based on the prototype of Renshou Hall or the Hall of Benevolence and Longevity of the Summer Palace. The blueprint was authorised by the Chinese government.
Phase one will also have a sports complex, a sports hotel, a community mall, a wellness centre, two luxury residential projects and an international school.
The school, KIS International School Reignwood Park, will cater to students aged three to 18 with a capacity of 2,000-2,500 students.
It's slated to be the only school with a full International Baccalaureate curriculum in Bangkok, and scheduled to open in August 2024.
Being located on 150 rai with an investment of 6 billion baht, the school, which will also open for boarders, will be a joint venture between the group and Pongsak Raktapongpaisal, a former minister of transport and industry and a close friend of Mr Chanchai, said Ms Woraphanit, Mr Chanchai's daughter.
The two residential projects will comprise 41 single detached houses in the golf course, priced from 300 million baht, and 101 single detached houses priced from 40 million baht around the golf course.
So far, half of the house project has been sold, with 80% of the buyers being Thai and 20% Korean.
The group offered a leasehold of 30 years plus an additional 30 years for foreign buyers.
With an investment of over 10 billion baht, phase two will start development next year. It will comprise a second community mall, 400 units of single detached houses priced from 10 million baht, and a low-rise condo project aimed at KIS students and parents.