Zeman's Thai-style tonic

Sawasdee Hong Kong! If you haven't already bought your luxury Phuket villa you're almost too late.

The Thai island paradise is becoming Hong Kong's millionaires' row, with tycoons investing or looking to invest in the area including Lan Kwai Fong's Allan Zeman (left), Airport Authority chairman Victor Fung Kwok-king, Bank of East Asia's David Li Kwok-po and ex-Hutchison Whampoa taipan Simon Murray.

The amounts being spent are huge. Murray's apartment has been valued at US$4 million (HK$31.2 million) and Zeman's pad (think boutique hotel - it includes a spa and several swimming pools) will have a value in excess of US$12 million, say property experts.

Feeding the frenzy is the nascent six-star villa development, Trisara. Rumour has it the complex is about to be snapped up by the Mandarin Oriental.

'It's Hong Kong's hottest property market right now,' said SAR's industry source. 'Some 300 villas are about to come onto the market at prices ranging from about US$800,000 to US$5 million. There is nothing like it anywhere else in Asia.'

Upscale restaurant and entertainment groups are closing in. Representatives from London's superhip club China White were recent visitors, as were several Hong Kong groups.