Raimon Land believes there is opportunity to be had in Chiang Mai and thinks that the current combination of foreign customers along with affluent local buyers makes it an ideal place to invest through a joint venture project.
There has been speculation that the new venture could be formed jointly with the owner of Dhara Dhevi, Inter Far East Engineering Corporation (IFEC). The famous destination is one of the most popular luxury resorts in Chiang Mai but details of a possible deal remain unclear after officials from Raimon Land told media that nothing had been finalised.
IFEC released a report claiming it would form a joint venture with Raimon Land for a new project on a 40-rai plot of land near the current Dhara Dhevi site. However, Raimon Land’s chief executive officer Johnson Tan explained that no agreement had been made with IEFC yet but there was mutual interest.
“We are interested in a distinctive project like Dhara Dhevi Hotel (pictured) but cannot confirm the joint venture,” Tan said. “We are eyeing developments in resort destinations like Chiang Mai, Phuket and Pattaya in the future.”
In the report released by IFEC, the proposed joint venture development included a six-star hotel with 80 rooms as well as a luxury residential development with 200 condo units and a few single houses. The entire value of the project was set at THB5 billion.
While those negotiations are still ongoing, Raimon Land is also looking to buy plots of land for two projects it is hoping to launch in Bangkok’s central business district during this year. It could also buy land in Chiang Mai for a possible project launch there as well separate of any joint venture deal with IEFC. Raimon Land hopes to bring in THB2.5 to THB3 billion in pre-sales before the year’s end. The company only earned THB750 million in pre-sales during the first quarter.
