TO DISCUSS YOUR PROJECT OR LEARN MORE ABOUT OUR SERVICES:

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

Raimon Land CEO Nigel Cornick Resigns

Category: Real estate, Posted:08 Mar 2009 | 16:08 pm

The battered Thai residential development market has claimed its first causality with high profile Chief Executive Officer and Executive Director Nigel Cornick tendering his resignation. A replacement has been announced with Hubert Viriot from Raimon's major Middle East shareholder IFA being appointed to lead the company. With sales flattening in the luxury condominium market it caters to and an over reliance on foreign buyers who have been hit hard by the continued global downturn, the group has substantial surplus units at The Heights Phuket, The River, Northpoint and a number of other projects.
IFA which is currently experiencing issues in its own backyard is injecting cash back into Raimon, which also relied on Lehman's and were negatively impacted by that firms collapse last year. The company has announced plans to defer development at the high profile uber luxury Amalfi project in Phuket which is located next to the Amanpuri. Raimon's current situation brings the shortcoming of property ownership by foreigners into a stronger light, and remains a topic unaddressed by the current Thai Government who have done little to attract overseas investment in this sector.
Nigel Cornick during his tenure was a great supporter of Phuket through key sponsorship of King's Cup Regatta, Phang Nga Bay Regatta, and widely distributed publications such as Condo Focus and Why Invest in Phuket. Raimon Land has been an important cooperative market resource and potentially a vacuum will be created by the firm's current situation.

Other News

Read more

HOTELS’ GREAT DIVIDE Owning The Customer Or The Product?

Category: Hotels, Posted:29 Nov 2020 | 12:23 pm There is a great debate within the Covid-19 hotel space on where things are headed once the vaccine kicks in. Some say consolidation, others point to fragmentation, while the doomsday cults say the hotel industry will never be the same. To that point, minute by minute, nothing is really the same anyway so cut that […]
Read more

Thailand’s Tourism Reopening Now Vaccine-Dependent

Category: Tourism, Posted:28 Nov 2020 | 11:45 am In a speech this week Thailand’s Prime Minster spoke clearly that only until a vaccine is approved, produced, and implemented would the country open to substantial tourism. Furthermore, that this was likely by mid-2021, though subject to advancement in a timeline if the process could be accelerated, which is unlikely. For tourism and hotel stakeholders, […]
Read more

New Khao Lak And Phang Nga Report from C9 Hotelworks

Category: Tourism, Posted:24 Nov 2020 | 06:00 am While the country’s doors remain firmly shut to international tourists, Thailand’s domestic travel wanderlust has turned Khao Lak into an Instagram hero. In the first two months of this year according to research by consulting group C9 Hotelworks’ new Khao Lak Hotel Market Update occupancies soared above 80 percent. With the COVID-19 lockdowns occupancy plunged […]