Raimon Land set to launch 3 new luxury projects in Q4
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Raimon Land set to launch 3 new luxury projects in Q4

SET-listed developer Raimon Land Plc is confident about high-end residential demand, with plans to launch three new luxury projects worth 18 billion baht in Phuket and Bangkok in the fourth quarter.

Mr Korn poses in front of the OCC office building, the tallest office building in Thailand at a height of 275.76 metres.

Chief executive Korn Narongdej said buyers in the luxury segment had demonstrated resilience to economic fluctuations, as evidenced by their continued activity, even during the pandemic.

"The luxury segment across various industries was highly active and had strong growth," he said. "As a result, we made strategic changes to our portfolio, shifting our focus only to the luxury segment and discontinuing those that did not align with this strategy."

One of the new projects will be Rosewood Residences Kamala, a super-luxury villa development worth 7 billion baht, located on Kamala Beach in Phuket.

Branded with Rosewood Hotels & Resorts, the unit prices will start from 600 million baht.

The remaining two projects will be located in the Sukhumvit area, including a branded residence condo project and a low-rise housing project. Both will tap the luxury segment.

Mr Korn said the company expects to achieve presales of 6.7 billion baht in 2023, compared to 2.24 billion baht in 2022, which saw a 6.5% increase from 2021.

At present, the company has unsold units in two condo projects. The Estelle Phrom Phong consists of 146 units with a value of 5.2 billion baht, of which 85% have been sold.

The other project, Tait Sathorn 12, comprises 231 units worth 4.4 billion baht, with 92% of the units already sold.

"Foreign buyers continue to show interest in the luxury market. Last year, we saw buyers from Myanmar purchasing penthouses in some of our condominium projects," Mr Korn said.

"This year, property agents from China are highly active, as their customers are preparing to resume property purchases."

Mr Korn yesterday introduced OCC, a new 8.8-billion-baht office tower that is a joint venture between Raimon Land and Mitsubishi Estate Asia, a Japanese developer.

With a height of 275.76 metres, it is the tallest office building in Thailand.

The tower has 61 floors with a lettable area of 61,000 square metres, which comprises office space accounting for 86% and a retail area with 14%.

The average rental rate is 1,500 baht per sq m per month.

Occupancy is currently at 70%, and is expected to hit 90% by the end of the year.

Most tenants are in the banking sector and almost all of the tenants have relocated from other towers, Mr Korn added.

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