The joint development will cost 5 billion baht and will start construction next month and be completed in the next three years.
However, MrSittichai declined to name the project's partner.
Both sides have formed a joint venture whose name has not been disclosed. DharaDhevi holds a 49% stake with the use of the 40-rai plot as its investment.
Its partner holds the remaining 51% and is responsible for finding the project's financing.
The other project is its own development to build 14 luxury residences and two villas at a cost of 780 million baht. It is a new zone of the 155-rai DharaDhevi and will start construction in the fourth quarter.
DharaDhevi also intends to expand its bakery business by opening 3-5 shops a year.
Also on the cards is a plan to improve its spa and wellness business in partnership with an international hospital.