Raimon upbeat on riverside project
Raimon Land expects to see strong revenue growth this year, by the end of which half of the units at its Bt15-billion The River condominium project will have been transferred to customers, chief executive Hubert Viriot told a news conference yesterday.
The project is 76 per cent sold, he said, adding that the remaining units would be transferred next year.
The company will start to transfer units at its 185 Rajadamri project this year and complete the process next year, he said.
“Transfers at The River are now only a month away. At long last our accounting results will be transformed,” he said.
“We are targeting transfers from The River of about Bt7 billion this year, with the remaining [transferred] next year … The success of our new projects in Pattaya plus a new launch in Bangkok later this year will secure the flow of revenues and profits through until at least 2015.”
Meanwhile, the company’s new strategy has been to diversify its portfolio from reliance solely on an ultra-luxury niche to include more mainstream mid- and high-end segments through the development of the Zire, Unixx and Lofts brands. This new approach has resulted in a much stronger Thai customer base and a more reliable platform for future growth, it says.
Raimon Land now has five projects in hand with a total sales value of Bt35.2 billion. Although secured sales contracts at these projects were worth Bt22.4 billion at the end of March, because of Thai accounting rules only Bt4.1 billion had been recognised as revenues in the company’s accounts.
