Chiang Mai’s well-known Dhara Dhevi Hotel told local media that it intends to spend THB5.7 billion to expand its property and hotel businesses. The company will do this through joint ventures and investment. The developer is also looking to expand some of its other interests as well.
IFEC, the parent company of Dhara Dhevi, chief executive Sittichai Pornsupanan told said that there will be a total of two new projects built as part of its plan. The company is able to do this after putting the finishing touches on its debt restructuring earlier in the month.
The company will build 14 luxury residences and two villas that are estimated to cost THB780 million to build. These will be situated in a new zone of Dhara Dhevi’s Chiang Mai resort. Construction is expected to start before the end of the year.
In addition to this, Dhara Dhevi also intends to partner with a major Thai property developer to build a six-star resort with 80 rooms. The project will have a few buildings with each one hosting 20 units along with 16 pool residences. The project will be situated on a land plot next to Dhara Dhevi Hotel.
Construction will begin in September and the company is hoping it can be completed some time in 2019. The project is expected to cost THB5 billion to build. Dhara Dhevi has yet to reveal who its partner will be for the project, but the joint venture will see the company take a 49 percent stake with its partner holding the other 51 percent.
And perhaps taking a page out of Pace Development’s playbook, Dhara Dhevi is looking to expand its bakery business by opening as many as five new shops a year. This comes as Pace’s popular Dean and Deluca eatery continues to expand. Dhara Dhevi may also improve its spa and wellness business after securing a partnership with a hospital.