American property magnate Donald Trump is set to join forces with Gaysorn Group to invest in a major mixed use project in central Bangkok, according to reports in the national press.
An industry source is quoted as saying Trump flew to Bangkok last month to talk with a Gaysorn executive about development plans for a four rai plot located at Ratchaprasong intersection.
Gaysorn Land Asset Management Co Ltd, a joint venture between Gaysorn Group and Hong Kong Land, acquired the site earlier this year from Phahonyothin Group on a 30 year leasehold. The company plans to develop a luxury shopping mall along with 178 serviced apartment units and 30 high-end residence units with 30 year leasehold contracts.
"In July 2008, Mr Trump's eldest son Donald Trump Jr., executive vice-president of the Trump Organisation, revealed that the company was exploring development opportunities in Bangkok, saying Asia will “provide strong opportunities for growth in the future".
The portfolio of the Trump Organisation, renowned as an international developer of deluxe properties, includes office buildings, hotels, condominiums, casinos, golf courses and country clubs, mainly in major cities in the US. It is also developing Trump International Hotel & Tower at The Palm Jumeirah in Dubai, launched last year with an average price of US$2,450, equivalent to Bt905,000 per square metre.