Lehman Brothers Investments are teaming up with YTL Corp to develop a five-star luxury resort in Thailand's Koh Samui island, valued at US$81 mil which is expected to be completed in the third quarter of 2011.

The resort project will consist of 80 rooms, 90 loft apartments, and 26 residential villas said Francis Yeoh Sock Ping, YTL Corp's managing director. YTL Corp's construction arm will carry out the design and build for the project.

Lehman Brothers Investments has a strong property portfolio in Thailand and "hopes to announce some investments in Malaysia in the coming months," said Charles Rubin, Lehman Brothers' head of global real estate for Southeast Asia.

YTL is also interested in launching projects in other parts of Southeast Asia including the coastal areas of Malaysia and countries such as, Cambodia, the Philippines and Vietnam. Aside from Malaysia, YTL has luxury hotels in Phuket, Bali and Indonesia.