SET-listed developer Raimon Land (RML) will change two development projects on Charoen Nakhon Road and Sukhumvit Soi 19 into new hotels, scheduled to open in 2020 and 2023, as it aims for long-term investment.
Lionel Lee, the chief executive, said the company is spending 110 million baht to change Vue, a four-storey community mall with a lettable area of 4,000 square metres on Charoen Nakhon Road, into a hotel with 72 rooms.
"The hotel will be named Kitch Hotel and should open in the first quarter next year. It will be the first and only food hotel in Thailand," he said.
"The location has potential as it is situated only 200 metres from Iconsiam."
Raimon Land will also change the development plan of the off-plan luxury condo project, Shaa Asoke, to a 250-room hotel scheduled to open in 2023.
Located on one rai on Sukhumvit Soi 19, Shaa Asoke was projected to have 24 storeys, launching for sale early last year with a total of 143 units worth a combined 2.5 billion baht.
The booking money for the 15% of units sold was returned to buyers after the company decided to change it into a hotel, said Mr Lee.
He said the company is selling 14 serviced apartment units out of 84 units at The River Condo on Charoen Nakhon Road as condo units, to be launched in October this year.
The 84 units were unsold condos at The River that Raimon Land operates as serviced apartments under Klapsons The River Residences.
"We are concerned about the US-China trade war, which has had a strong impact on the export and automobile sectors and will likely affect the property market," said Mr Lee.
"We need to wait and see."
As a result, the company may postpone the launch of a new condo project on Sukhumvit Soi 38, worth 8 billion baht, from November to April 2020 if the economic situation worsens, he said.
On Sept 7, Raimon Land plans to launch a new condo project, The Lofts Ratchathewi, worth 3.6 billion baht, in five locations comprising Thailand, Hong Kong, Macau, Taiwan and Singapore.
RML shares closed yesterday on the Stock Exchange of Thailand at 1.12 baht, up three satang, in trade worth 5.15 million baht.