Raimon Land PLC, a Bangkok-based developer, has recently released some staggering figures on the sale of it's newest development The River. No question this is Raimon Land's most ambitious project to date and it appears to have paid off. Within three days of the March 2007 pre-launch, all of the initial units were locked up. Since then an additional 279 condominium units have been sold. The sales have reached around 40 percent of the target sales value for The River. That is around 12 billion baht. Raimon Land has funded the construction of this development primarily with cash flows and loans.
The River is set to be the tallest residential building in Bangkok at just over 250 meters. The building is built to be both luxurious and convenient. Dwellers will enjoy beautiful city and riverside views. They will also have access to dedicated pier with shuttle service to Saphan Taksin skytrain station. The River is located on the Chao Phraya River in Bangkok, opposite the Shangri-La Hotel.
This is incredible news for both Raimon Land and the Bangkok property market. Recent forecasts show that Thailand is due for a recovery. Such a strong performance in the beginning of the year signals a turnaround and shows the potential Thailand and Bangkok's property markets have. The reason for this sudden resurgence in Bangkok properties is its new government.
Investors are banking on the new government to provide new and better infrastructure. So far capital gains and rental yields have been very good and show strong signs of growth. Initial successes will drive confidence and further demand. Consumer confidence plays an important part in investing this year especially with global concerns over the sub-prime lending fall out.
