Rachatanee invests in koh samui
The company picks up projects from foreign investors facing legal issues.
Rachatanee Group, a property arm of Boon Vanasin, is increasing its investment in Koh Samui, Surat Thani province, in the first half of the year by taking over existing residential projects from foreign investors who are facing legal problems. The projects are worth up to Bt4 billion.

The group also plans to take over residential projects comprising incomplete projects and undeveloped land of about 200 rai worth up to Bt600 million in the second half of this year, group chairman Boon Vanasin said.

"A number of foreign investors who bought land to develop residential projects in Thailand through their nominees have decided to sell their projects to Thai investors, after the Thai government became stricter with foreign investors, following the Foreign Business Act at the end of last year. We have decided to increase our investment in this location because we see more foreign buyers who want to buy a second home in Koh Samui," Boon said.

At present, Rachatanee Group has residential and hospitality projects worth up to Bt10 billion on land of about 100 rai in Koh Samui. The company has sold 80 per cent of the first phase of its project worth Bt3 billion and hopes to sell the rest by the end of the year. The first phase will be delivered to customers next year.