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Saturday, March 24, 2007

High-end condo projects announced by Raimon Land

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High-end condo projects announced by Raimon Land


Raimon Land Plc plans to lunch two high-end condominium projects worth a combined 10.5 billion baht in Bangkok and Pattaya this year.

Kitti Tungsriwong, Raimon’s chief operating officer, said the first project was the 3-5-billion-baht North Point, located on a 12-rai plot on Wong Amat beach in North Pattaya.

The project will house 350 units, for between 3.5 to seven million baht each,or 75,000 baht per square metre.

The North Point will be launched in June this year, and sales will close by the end of 2007.

Mr Kitti said 400 people were waiting to buy a unit in the project. Most of them had enquired about the company’s North Shore project in Pattaya, sales for which closed last year.

The second project will be launched in the forth quarter of this year. It is a seven-billion-baht development located on a 12-rai site on Charoen Nakorn road.

The project will comprise 800 units for sale and rent for between 75,000 to 80,000 baht per sq.m. Sales will close in mid-2008.

Last year, Raimon Land posted revenue of 1.75 billion baht and operating
profit of 161 million baht.

This year, it expects to sustain the same level of revenue as last year.

However, in 2007 it expects revenue to double from cash recognized from its two new projects this year.

The company plans to spend between one and two billion baht on land acquisitions this year.

Nigel Cornick, the chief executive of Raimon land, said there would be less launches of high-rise projects this year as developers were focusing on clearing in ventory.

Based on the company’s research, about 2,00 to 2,500 units were expected to launch in central Bangkok this year.

Last year, 4,642 condominium units from 16 projects were launched in the area, down 40% from 2004, while the take up rate remained strong at 73.2%.

The largest portion of new supply was in the Sukhumvit area, which accounted for 33% of the total, followed by the Chao phraya riverside at 27%, Silom-Sathorn at 23% and central Lumphini at 12%.

The average price for grade-A units in the inner-city was 80,774 baht per square meter, up 11% from the end of 2004. the in crease was the result of rising construction and material costs and interest rates.

Although the price per sq.m increased, mid-range developers were expected to try to keep units affordable by reducing their size, while high-end developers were expected to add better facilities to justify the higher prices.

The company said 45% of the inner-city were priced between two to five million baht a unit, 37% between five to 10 million baht and18% over 10 million baht.

The study showed that several developers had shifted to the lower-end of the market by introducing units priced below two million baht on the outskirts of Bangkok.

Mr. Cornick said 4,155 units were available in inner Bangkok at the moment.

The company’s analysis of the construction available units showed that only 1,000 units under development were near completion.

“The figure demonstrates that actually there is no physical oversupply in the industry since developers are not obtaining financial support to start projects that have not secured sufficient pre-sales.

“We believe that the market will favor professional developers with a successful track record and financial strength, rather than one-off developers’” Mr.Cornick said.

Research found 36,733 units of freehold condominium units were completed in the inner-city at the end of 2005.

Based on a one-year contract for a fully furnished unit in Sukhumvit or Silom/Sathorn areas, a two-bedroom unit was rented out at 40,000 baht a month while a large unit fetched up to 75,000 baht.

Shares of Raimon Land (RAIMON) finished trading on the Stock Exchange of Thailand at 1.17 baht yesterday, down one satang, in trade worth 1.82 million baht.