Raimon Land is set to invest over THB 10 billion to launch an office tower as well several residential projects in the next 2 years, according to local media reports. All of the new projects will be located in prime areas of Bangkok where it believes demand is the highest.
The company will build an office tower on Phloenchit Road across from Central Embassy. The Grade A office building will be built on a 6-rai land plot that it signed a 30-year lease contract for. Construction is expected to begin next year and the project will be finished by 2022 if everything goes to plan. Raimon Land has experience in the sector having developed an 8-storey office tower. The company is confident in Bangkok’s office segment.
“The investment opportunity in the office sector is attractive. It can generate recurring income to reduce volatility and stabilise cash flow for the company in the long run. We expect to have an even split of income from residential sales and office rents in the future,” says Raimon Land Chief Executive Lee Chye Cheng to the Bangkok Post.
There are also 3 residential projects in the works that will be developed in the Silom and Sathon areas. The new launches will be Raimon Land’s 1st since 2015 and 2 will likely be carried out this year. The 1st project will be Mews Yen Akat, a semi-detached house project and the company is also looking to launch The Loft Silom, a 37-storey condo project that will be located on Soi Pramuan.
Raimon Land also has plans to launch a luxury single-house project next year on a 3.5-rai land plot it has Soi Prasath Suk. That project is worth THB 1.1 billion and will have 20 to 25 units when completed. The company is focusing on Silom and Sathorn because it is seeing strong demand in these location.
“We are very selective in choosing plots to ensure a good margin, taking our time to do a comprehensive market study and project design before a launch. We will remain focused on this strategy amid a slowdown in the property market and the economy,” says Lee.
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