Raimon plans new condo in Ekamai

The listed developer Raimon Land Plc (RML) plans to launch a 2.1-billion-baht condominium in the Ekamai area in January, its first project in Bangkok after a few years' absence.

The Lofts Ekkamai, a 2.1-billion-baht condominium on two rai near Sukhumvit Soi 65, will open for sale in January. The project, comprising 264 units sized 28-150 square metres, is priced at 150,000 baht per sqmon average or between 3.9 and 12 million baht a unit.

The Lofts Ekkamai will be located on a two-rai site near Sukhumvit Soi 65.

Raimon bought the plot after it purchased the land on Ratchadamri Road for the 185 Rajadamri project in 2010.

Financed by Thanachart Bank, The Lofts Ekkamai will comprise 264 units sized 28-150 square metres and priced at 150,000 baht per sq m on average or between 3.9 and 12 million baht a unit.

"We plan to launch three new projects worth a combined 4-8 billion baht a year, as we aim for 10 billion baht in revenue in 2015," chief executive Hubert Viriot said yesterday.

Raimon also plans to spend two billion baht to buy more plots for future project.

This year, Raimon projected revenue of 6-7 billion baht. It recorded net profit of 292 million baht on revenue of 3.2 billion baht in the first nine months.

Over the next two years, it targets revenue of 7-8 billion baht a year.

At the end of the third quarter, Raimon had five condominium projects with remaining units for sale.

They include the 15-billion-baht The River with 20% of units remaining; and the 9.6-billion-baht 185 Rajadamri and the 2.8-billion-baht Zire Wongamat in Pattaya, each with 29% of the units available.

The developer also has 71% unsold units at the 2.95-billion-baht Unixx and 24 units at the 4.9-billion-baht Northpoint. Both are in Pattaya.

Mr Viriot said the company is selecting an international hotel chain to operate some of the remaining units on five floors at The River, which will be turned into a serviced apartment to be launched next month.

Raimon yesterday reported a third-quarter net profit of 262 million baht, the highest ever, compared with a net loss of 23 million baht in the same period last year.

Revenue was 1.96 billion baht, up by 701%.

Presales as at the end of the third quarter were 1.97 billion baht, up by 82%, with a sales backlog of 18.4 billion.

Shares of RML shares closed yesterday at 1.84 baht, down three satang, in trade worth 45.6 million baht.

About the author

Writer: Kanana Katharangsiporn
Position: Business Reporter