Raimon Land, one of Thailand’s leading luxury real estate developers, is set to launch three new high-end projects worth 18 billion baht ($539 million) in Phuket and Bangkok in the fourth quarter of the year. The company is confident in the high-end residential market and plans to focus exclusively on the luxury segment.
Bangkok Luxury Market Resilience
The COVID-19 pandemic has significantly impacted various sectors of the global economy, but according to Raimon Land’s CEO Korn Narongdej, the luxury segment has proven resilient. This resilience has led the company to shift its focus solely to the luxury market.
In a recent announcement, Narongdej outlined Raimon Land’s upcoming projects:
Rosewood Residences Kamala – A 7 billion baht super-luxury villa development located on Kamala Beach in Phuket, branded with Rosewood Hotels & Resorts. Unit prices will start from a whopping 600 million baht.
Branded Residence Condo Project – A luxury condo development in Bangkok’s Sukhumvit area.
Low-Rise Housing Project – A high-end housing project also situated in the Sukhumvit area.
Raimon Land anticipates 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.
Strong Demand from Foreign Buyers
The company currently has unsold units in two condominium projects: The Estelle Phrom Phong and Tait Sathorn 12. Despite the pandemic, foreign buyers continue to invest in the luxury market. Last year, Raimon Land saw interest from Myanmar buyers, and this year, property agents are highly active in preparation for their Chinese clients to resume property purchases.
One City Centre: Thailand’s Tallest Office Building
In addition to residential projects, Raimon Land has also partnered with Mitsubishi Estate Asia, a Japanese developer, to build the One City Centre (OCC) office tower. Standing at 275.76 meters tall, OCC is Thailand’s tallest office building. It boasts 61 floors and a lettable area of 61,000 square meters. 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 meter 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. OCC is strategically located right next to the BTS Ploenchit station and will feature a green space of more than 5,000 square meters transformed into a new public park in the city center.
Conclusion
Raimon Land’s ambitious expansion plans in Thailand’s luxury real estate market signal confidence in the sector’s continued growth. With a strong focus on high-end residential demand and the development of Thailand’s tallest office building, Raimon Land is poised to make a significant impact on both the local and international luxury real estate market.
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