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Thai CP Group bets on $4bn project to snatch TCC's crown

Leading conglomerates compete to build country's biggest property development

The Forestias on the outskirts of Bangkok will provide villas and condos, retail outlets and a sports center all set in a forest ecosystem (conceptual drawing provided by Magnolia Quality Development).

BANGKOK -- Thailand's largest conglomerate Charoen Pokphand Group and big business rival TCC Group have evolved from their roots in the food and beverages industry, with the two now vying over respective property developments they both hope will be the kingdom's largest.

Magnolia Quality Development, the property development arm of CP Group, announced last week that it would ramp up investment in its residence-centered project The Forestias on the outskirts of Bangkok by 35 billion baht, bringing total investment to 125 billion baht ($4.1 billion).

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