Raimon Land drawn to tourism and food

“In the next five years, we will be building up many new businesses in Thailand that show good potential and where we have expertise,” said Lee, whose family owns a majority stake in publicly listed Raimon Land.
His elder brother Lionel, who heads Singapore-based Ezra Holdings, is also backing Adrian in forging this new path that aims to double Raimon’s yearly revenue to Bt10 billion in a decade.
“We began our push into the Kingdom three years ago by acquiring about 25 per cent of Raimon Land, one of the best-known housing brands,” he said. 
“Today, we are debt-free, very profitable, cash-rich and looking for new avenues to grow.”
The Lee family has steadily branched out into areas where they have an advantage. Adrian Lee himself has served as CEO for 10 years or more in many Singapore units that run hotels and restaurants.
He also sits in energy companies headed by Lionel Lee and is therefore strict about “balancing the books” and “showing healthy profitability to shareholders”.
“In Singapore, we had a successful run with Klapsons, our hospitality brand, which became quite a sensation in just a short time because of its personal hospitality service,” Adrian Lee said. 
His family has close contacts with many of the island state’s movers and shakers.
“We were also successful in our Singapore food business. We are hoping to repeat this here with local partners,” Adrian Lee said. 
The new food chain alone could be a billion-baht investment.
Adrian is convinced the best places to reinvest his family fortune are in the Kingdom and its neighbouring countries.
After studying conditions in Vietnam, Cambodia and Myanmar, he concluded that Thailand showed better prospects.
Overall, the Thai market offers a more competitive environment and lower risks. 
“The difference between Thailand and its neighbours is its huge middle class, Raimon’s key customer base.”
Over-speculation in land in many emerging markets has also raised the risks of collapse in these markets, he said.
Even Indonesia, once a favourite of big Thai groups, has proven more challenging than anticipated, incurring, at times, massive losses.
The next Thai project to be disclosed is a seaside hotel in the south of the country.
“It will be a three- to four-star hotel. We are avoiding luxury accommodations as they appear to be less popular with today’s travellers,” Adrian Lee said. 
“Tourists are more price-conscious today and they want value. One of the most important facilities to provide today is good Wi-Fi.”
In producing food products for export, Adrian Lee’s plan is to offer a mix of Thai and other Asian cuisines.
Tourism and food units will contribute one-third of income in the next decade.
Another key new area is shopping and commercial spaces, Adrian Lee said.
Raimon recently revealed a Bt10-billion downtown shopping and office project on Phloenchit Road across from the Central Embassy mall.
Adrian Lee expects robust demand for well-located shopping centres and offices in Bangkok with proximity to mass transit stations. “As such we have acquired a 30-year lease at a six-rai plot on Phloenchit with a generous grace period that allows the lease to take effect after construction is completed,” he said.
“We expect to have about 115,000 square metres of commercial and retail space for rent.”
Condominiums will still make up a key part of the company. 
“Our Asoke and Silom sites have been successful while older ones at Ekkamai and Ratchadamri are injecting cash,” Adrian Lee said.
“We will continue with residential ventures in new areas including housing estates if we can locate good plots.
This is a tough period for many developers and “having a huge inventory could be very risky”.
“When things change, you have to adapt and take new positions,” he said.
The downturn in oil businesses some years ago forced the family |to take private its Singapore firm Elect Energy and move capital elsewhere.
But tourism in Thailand is a bright spot for the Lee family. 
“The airports are always packed with long delays, queues,” Adrian Lee said. “This is happening for years. That gives you an indication where demand is coming from.
“Tourism will continue to thrive and that attracts us as prudent business operators.”