A Phuket real-estate firm and Chinese investors have unveiled a plan to develop a project consisting of hotel, condominium and retail facilities.
Thanusak Pundget, chief executive officer of Phuket9 Real Estate Development Co, said the firm had joined with Chinese investors to develop a real-estate complex on 66 rai (10.5 hectares) on the famous resort island.
A joint-venture company, Phuket Nine OK Co, will develop the project, which will consist of a hotel, condominium, villa residence, and retail shops.
He said the project was in a final design process.
Thanusak, who is also president of the Phuket Real Estate Association, said many other investors also planned to kick off new projects in the province to cash in on increasing tourist arrivals.
However, he has seen that buyers prefer high-rise projects because low-rise projects, especially villas, are too expensive.
Currently, more than 2,000 condominium units are for sale and most of them have not increased prices for two years because of high competition.
However, new developments for hotels and other tourist accommodations in Phuket continue to be launched, with about 20 per cent more this year than in 2015.

THAI UNION PROMOTES CODE OF CONDUCT

Seafood company Thai Union Group has held a second training exercise on its business ethics and labour code of conduct with more than 80 of its business partners, so as to ensure their understanding of and compliance with the code.
Since announcing the new code last year, TU has been communicating its details with employees and business partners to explain their responsibilities on business ethics and labour practices and how to act in full accordance with the code of conduct.
“The training provided a full explanation of the 12 key fundamental principles of the business ethics and labour code of conduct,” said Chan Shue Chung, TU’s group head of human resources.
“Our mission is to be the seafood industry’s leading agent of change, and we understand this can be achieved when business is conducted sustainably and responsibly.
“We want to ensure that our business partners also understand how important transparency and good labour practices are for the industry. We are all moving forward together in order to improve how the Thai seafood industry operates.”
Hiroki Okazaki, Siam UKF’s managing director, commented: “We believe that if we treat employees equitably and fairly, then it will be reflected in the quality of their work. We have always been committed to doing business with transparency and accountability.
“And we support Thai Union as it drives the changes in the seafood industry on sustainable marine resources, including human rights, labour standards and traceability in the seafood supply chain.”
Jantippamas Shafung, CP Consumer Products general manager, said: “We are pleased with what Thai Union is doing to improve the seafood industry. We believe that this will better reflect on Thailand’s reputation.”
Aekasak Theppadungporn, Theppadungporn Coconut general manager, added: “This is a good initiative for changing the way the Thai seafood industry operates. We openly support Thai Union’s business ethics and labour code of conduct.”