Safari World, Thailand’s largest theme park operator, has revealed plans for a 24.5 acre (99,200sq m) theme park development to be run by land owner Phuket FantaSea.

With work set to start from mid-2015, the park is expected to be operational by early 2017 at a cost of THB1.35bn (US$42m, €36m, £27m). Safari World chair, Pin Kewkacha said the funds would be made available from THB850m (US$26.1m, €22.9m, £16.9m) in loans, while the remainder would be raised via company cash flow and money raised from a capital increase programme. The company has already approved the issue of 133.33 million shares in Safari World at THB5 a share to existing shareholders as part of plans to raise the remaining funds.

Phuket FantaSea Plc, which already operates the island’s existing theme park of the same name, would build and operate the new park next to the existing one, but as a separate entity.

In addition to the theme park development, Safari World has set aside a further THB150m (US$4.6m, €4m, £3m) for loan repayments and THB110m (US$3.4m, €3m, £2.2m) to build a 4.7 acre (19,200sq m) housing area for staff at the park.

“We expect the new theme park will generate additional revenue and help us be profitable in 2017,” said Safari World's director and executive vice-president, Litti Kewkacha, who attributed the loss of visitor numbers in 2014 to political instability in the country. The company says that with a decline in Russian visitor numbers – caused by the devaluation of the rouble – the new park will target the Chinese market and will be designed with that group in mind.