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Monday 31 January 2011

Tiffy maker plans new ventures [600 million baht for a golf course in Cambodia]

Bangkok Post
Published: 31/01/2011

Thai Nakorn Patana, the local pharmaceutical manufacturer best known for the Tiffy and Sara brands, is expanding its hotel and golf-course investments to tap growing tourism opportunities.

The company will spend a combined 1.6 billion baht to open a new hotel at Khao Yai National Park in Nakhon Ratchasima and a new golf course in Cambodia by 2015, said chief executive Supachai Verapuchong, who is also vice-president of the subsidiary Phokeethra Golf and Spa Resorts.

Of the total, 600 million baht ($20 million) will be used to build a 36-hole golf layout in Cambodia's Kandal province and the rest for a hotel on 200 rai in Korat's Pak Chong district. Both projects will be developed by Phokeethra.

Mr Supachai said the Khao Yai property would focus on meetings, incentives and family groups, while the golf course would target the corporate market, given Cambodia's growing economy and increasingly convenient road transport under the East-West Economic Corridor linking southern China with its neighbours in the lower Mekong region.

Meanwhile, a grand reopening is planned for the Sofitel Phokeethra Phnom Penh on Feb 12.

The company spent US$50 million to rebuild the hotel after it was damaged by fire during anti-Thai riots in the capital eight years ago. The unrest was prompted by Cambodian news reports mistakenly quoting a Thai actress as saying Angkor Wat belonged to Thailand.

The hotel will target mainly the corporate and leisure markets and expects to break even by 2020.

Mr Supachai said hotels will also be opened in Vietnam in 2020, with the company now scouting for good locations. "We want to grow within the region. New business expansion will focus on Indochina, as it has good growth potential in terms of tourism and investment," said Mr Supachai.

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