The River to Launch Later In The Year
| | Wednesday, November 01, 2006 @ 04:26 PM EST
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Contributed by: etatum
etatum Properties
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Thailand developer Raimon Land is setting to launch a new riverfront condominium project later in the year. Located directly
opposite The Shangri La Hotel, and with extensive views of the Chao Phraya River, The River will encompass two
towers whose size and number of units are yet to be announced.
“Designed by Hans Brouwer, the project pays particular attention to the placement of the towers and efficiency of
the unit layouts,” said Raimon LandDirector of Marketing Henri Young,
explaining that little else could be said until BMA/EIA approval is finalized, aside that it would be Bangkok’s
only 5-star neighbourhood. “The integration of a private pier into the development provides a direct and quick
ferry service across to Thaksin BTS station,” he said.
He said demand for this project is already extremely strong. “As with our Northpoint project in Pattaya, we have adopted a pre-launch on-line
campaign, whereby potential buyers can pre-register their interest for an exclusive window to purchase prior to
the official sales launch. After a limited campaign of over 2 months, we have generated over 800 registrations,”
said Young.
Young said the riverside area of Bangkok has seen high growth in 2003-6 with over 5,000 condominium units launched
along the Chao Phraya. Twenty-six percent of the total new supply under development in inner-city Bangkok is
currently located on the river with a combined value of Bt26.7billion.
Recent launches in the riverside market shown good performance. Approximately 70-80% of units launched since 2003
had been sold by Q12006. Prices of condominiums along the Chao Phraya River have also escalated over the past
twelve months from Bt63,141/sqm to Bt 69,867/sqm.
“ Raimon Landresearch shows that prices for riverside properties are still
30% less than comparable developments in Bangkok’s CBD. However, as the city grows and transport infrastructure
improves, these riverside properties will offer better value,
attributed to their lower priced and their superior views and facilities,” said Young.
An example is the post-crisis launch of Baan Sathorn Chaopraya and River Heaven (both converted buildings). Prices
at that time started at 56,000/sqm and 52,000/sqm respectively. Apartments with best views are now asking 75,000-
80,000/sqm in the resale market.
Raimon Land Public Company Limited (RAIMON) was listed on the Stock Exchange of Thailand (SET) in 1994 and subsequently focussed on developing middle income residential housing in the suburbs of Bangkok.
Unfortunately, like many other Thai companies, Raimon Land was severely affected by the difficulties which engulfed the domestic economy from 1997 onwards as a result of the floating of the Thai baht from the previous currency peg system and the subsequent Thai/Asian financial crisis.
As a result Raimon Land entered a period of major restructuring in close collaboration with its major financial creditors to ensure its survival and was successful in implementing a comprehensive financial and operational rehabilitation plan which saw the resumption of active trading in its stock on the SET in June 2002 and the subsequent successful raising of additional capital later in the year.
Raimon Land has combined a diverse group of core shareholders and directors providing a valuable blend of property, investment, fund raising, finance and re-structuring skills with an experienced executive management team to resume its position as one of Thailand's leading property development companies.
The company's single largest shareholder is currently Seamico Securities Public Company Limited (Seamico) which is Thailand's third largest stockbroker, by daily average volume, as well as being a market-leading investment banker. It acts as financial advisor to the company which benefits not only from Seamico's wide-ranging expertise and business connections but also from synergies arising from its solid client base.
The revitalised Raimon Land with new major shareholders, a widely respected and well balanced Board of Directors and a strong experienced management team is now set to face the challenges and opportunities of the future with a clear vision of its corporate mission, objectives and values.
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