Raimon Land PLC today announced plans for the launch of a new condominium brand targeted at young professionals. The first project under the new brand will be launched in Pattaya before the end of 2011. A second project under the new brand is planned for Bangkok next year. The Company also announced sales performance, backlog status and financial results for the first half of 2011.
Raimon Land will launch a new ‘hip’ condominium brand later this year. The intention will be to develop a number of projects under the new brand at multiple locations. The brand will embody all of the Company’s traditional unique selling points including signature design, international specification standards, personalized finishings, best practice construction, ring-fenced financing and 24/7 after sales service. It will be differentiated, however, by a smarter and more compact product with a ‘hip’ aesthetic aimed at a younger customer base looking for quality, style and convenience at affordable prices.
Mr Hubert Viriot, Chief Executive of Raimon Land, provided the following comments:
“This new brand is part of our diversification strategy and objective to increase our reach in the booming Thai real estate market. The exceptional Raimon Land standards are well known among top-end real estate investors. With this new brand we aim to bring the essential Raimon Land DNA experience to a broader group of customers. Quality, service and investment security are not limited to the happy few anymore.”
NEW PROJECT LAUNCHES
The first project under the new brand will be a Bt 2.8 billion project in Pattaya to be launched in the fourth quarter of 2011, with completion and transfers by the end of 2014. The project will use the Company’s existing seven Rai of freehold land at Pratamnuk Road in South Pattaya. Target buyers will include weekend home buyers working in Bangkok, holiday home buyers staying in Pattaya for one to three months per year – and Pattaya residents.
The Company also announced today that it is in preliminary negotiations to secure land for a new high rise condominium project in Bangkok. The project, which will also be launched under the new brand, will be in the Bangkok central business district, with good BTS access. The size of the project has not yet been finalized, but will be between Bt 2 to 4 billion.
Mr Viriot commented:
“Since completing the rationalization programme and reorganization at Raimon Land in 2010, we have embarked on a new strategy of growth and diversification. We plan on maintaining a rhythm of one or two new launches per year in Bangkok and Pattaya under several brands each targeting specific market segments. As a result, the Company will expand its overall market share and be more resilient to market fluctuations. Pattaya is the ideal platform to launch our new hip brand.”