TO DISCUSS YOUR PROJECT OR LEARN MORE ABOUT OUR SERVICES:

  • This field is for validation purposes and should be left unchanged.

PROPERTY ANALYSIS Raimon Land Targets Thai Buyers

Category: Real estate, Posted:29 Dec 2009 | 06:00 am

Back of a recent interview by Greg Lowe with Thai listed property firm Raimon Land's Chief Executive Hubert Virot in the Bangkok Post the group is looking to shift its primary focus away from foreign buyers and targeting domestic buyers.
While it has closed it's overseas sales operation in Russia, the broader Thai market condo market with buyers in the 28-40 year old range is the strategic goal. Much has been written about the 15 billion 838 unit The River condominium project, which now has hit over 60% in sales.
While it's largest shareholder IFA Hotels and Resorts has provided bridge financing during the restructuring of the company, 40% of overheads have been trimmed with marketing budgets decreased to 4% of turnover versus the previous 11%.
The Middle East IFA group which is Kuwait based bought out the troubled Dubai World affiliate Isthitmar Hotels shareholding in Raimon in Q3 of this year. Another investment from now defunct Lehman Brothers was repurchased during the year.
From a macro picture Raimon is dramatically changing it's business profile and has made signals that it may look to strategic partners for some projects. The group has prime Greenfield development sites such as The Amalfi which is adjacent to Amanpuri in Phuket and Bangkok's 185 on Rajadamri and another in the CBD's Ploenchit area.
Raimon appears to be coming to the reality that many other larger developers who have been hit by cash flow issues with that while the local Bangkok domestic market is recovering that the mass overseas investors are currently missing in action and there are now clear signs of them returning anytime soon.
For market watchers, the question remains is how Raimon will be able to manage the considerable transition to compete with many of the large volume Thai listed property firms. Second is what will the future be for those significant prime land banks of properties currently taking as siesta on the groups balance sheet?

Other News

Read more

Go Ahead. Get Your Ya-Ya’s Out

Category: Tourism, Posted:17 Jan 2021 | 06:00 am Close your eyes. Go ahead. Remember a time when you were young. The magic as a kid, taking blankets, sheets, or even boxes and creating a fantastical tent or unique crazed getaway in the house. Letting your imagination go wild and take you on a journey to incredible places. Or pitching a tent in the […]
Read more

Is Thailand Ready For Legalized Gambling?

Category: Tourism, Posted:16 Jan 2021 | 13:38 pm Topping Thailand’s economic news are comments by the Prime Minister that he is willing to consider opening up gambling, according to the Bangkok Post. With the Thai economy struggling at funding an economic recovery process that has been under extreme duress by Covid-19, the question now will the pandemic be an accelerator of a long-lasting […]
Read more

Phuket’s World Class Creative Mad Metal Men

Category: Tourism, Posted:15 Jan 2021 | 09:15 am The Underwood Art Factory with its crazy, cool, innovative metal sculptures and fabrication is one of the island’s best global exports to some of the leading design hotels around the globe. Founder John Underwood’s long-term work with renowned design guru Bill Bensley has seen his work showcased in countless iconic locations and properties. The Underwood […]