Property developer Tee Land is venturing into the development and operation of boutique industrial estates in Thailand, the Singapore-listed company said on Monday.

Tee Land subsidiary Tee Ventures has signed a memorandum of understanding with Thai businessman Supachai Suthipongschai to jointly develop, build and operate a series of boutique industrial estates, Tee Land said.

Mr Suthipongschai is the managing director of Western Property Group, which has diversified interests in property development and electrical appliance manufacturing.

He is also the chairman of Sharp Thai Co, which makes and distributes Sharp household appliances in Thailand.