กรุงเทพฯ--13 ต.ค.--Francom Asia
Leading luxury condominium developer Raimon Land PLC (‘Raimon Land’ or the ‘Company’) announced today that it has acquired an additional 49% shareholding in Raimon Land Development Co Ltd (‘RLD’) from IFA Raimon Land Development taking its shareholding to 99.99%. RLD is the subsidiary company developing the 3 billion baht Zire Wongamat project in Pattaya.
The Zire Wongmat project has so far secured sales on over 58% of all saleable area. Approximately 80% of all units sold so far have been sold to Thai nationals. The project was launched in the first quarter of this year and is due for completion by the second quarter of 2014. The project will feature a total of 480 units, with spacious studios of 38 sqm, one-bedroom units ranging from 49 to 76 sqm and two-bedroom units from 62 to 96 sqm. Unit prices currently start at 2.6 million baht with average prices for the project of around 100,000 baht per square metre.
The transaction marks the final step in the rationalization programme initiated by Chief Executive Officer, Hubert Viriot in 2009. Mr Viriot said: “The acquisition of 100% of the Zire Wongamat has been on the cards for some time and is the final step of our corporate reorganization to obtain full control of all core projects. It is also an indication of our strong commitment to this project and to the timely completion of the construction schedule. From a financial perspective we will now reap the full cashflow benefit from the execution of this project.”
At mid-year, Raimon Land reported 15 billion baht of sales backlog. In cash terms the Company has already secured contracts worth nearly 10 billion baht due for collection over the next few years. The Company also has an additional 16 billion baht of future sales to secure from projects on hand in Bangkok and Pattaya.
PRESS ENQUIRIES :
Kharittha Khumpong
Raimon Land Public Relations
C/O Francom Asia
Tel: 02 233 4338 ext. 22
Fax: 02 236 8030
E-mail: [email protected] Kwanrudee Maneewongwatthana
Deputy Vice President, Marketing
Raimon Land PLC.
Tel : +66 (0) 2651-9601 to 4
Fax : +66 (0) 2651-9614
E-mail : [email protected]
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