Raimon Land unveils 18 billion baht luxury projects amid bolstered high-end market confidence

Raimon Land Plc, a stock exchange of Thailand (SET)-listed property developer, is confident in the high-end residential market and revealed plans for three new luxury projects worth 18 billion baht in Phuket and Bangkok. Raimon Land plans to launch the projects in the fourth quarter.

Korn Narongdej, the chief executive, made known that the luxury market proved to be resilient during the economic downturn caused by the pandemic. This led the company to shift its focus exclusively towards the luxury segment.

The upcoming projects include Rosewood Residences Kamala, a 7 billion baht super-luxury villa development situated on Kamala Beach in Phuket. Rosewood Hotels & Resorts will brand the development, with unit prices starting at 600 million baht.

Two other luxury segment projects will be launched in the Sukhumvit area, comprising a branded residence condo project and a low-rise housing project. Raimon Land anticipates that these luxury market developments will yield presales of 6.7 billion baht in 2023, compared to 2.24 billion baht in 2022, marking a 6.5% increase from 2021.

Currently, the company has unsold units in two condominium projects. These are The Estelle Phrom Phong, which has 146 units valued at 5.2 billion baht, with 85% already sold, and Tait Sathorn 12, consisting of 231 units worth 4.4 billion baht, with 92% sold.

Narongdej noted that foreign buyers continue to invest in the luxury market, citing last year’s interest from Myanmar buyers and the increased activity from Chinese property agents preparing for their clients to resume property purchases, reported Bangkok Post.

Raimon Land and Mitsubishi Estate Asia, a Japanese developer, also recently unveiled the 8.8-billion-baht OCC office tower. Standing at 275.76 metres tall, it is Thailand’s tallest office building, boasting 61 floors and a lettable area of 61,000 square metres.

Office space constitutes 86% of the tower, with a retail area covering the remaining 14%. The average rental rate is 1,500 baht per square metre per month, and occupancy currently stands at 70%, though it is projected to reach 90% by year-end. The majority of tenants come from the banking sector, with many of them relocating from other towers.