Singapore property developer City Development Ltd (CDL) plans to develop residential projects in Thailand for THB18 billion (US$600 million), as well as take over hotels and resorts in the country and other Asian markets.

Suchad Chiaranussati, Director of M Residence, a wholly-owned subsidiary of CDL in Thailand, said CDL aims to expand its portfolio in Asia, including Thailand, Hong Kong and Japan, focusing on its hospitality business and the development of residential projects.

In Thailand, CDL will sign a contract in May to acquire Laguna Beach Resort Phuket, worth between THB1.4 billion and THB1.5 billion (US$47-50 million).

It also acquired three condominium buildings in Muang Thong Thani, worth THB238 million (US$7.9 million) in total, from Thai Asset Management Corp. The company plans to redevelop the buildings and use the M Society Condominium brand name for the property.