30 May 2019
Chinese-owned, Hong Kong-based developer Risland Thailand will spend 8 billion baht to launch five residential projects in Bangkok and Phuket worth a combined 10 billion baht over the next 10 months.
Paul Nie, regional sales, marketing and general manager, said the company has confidence in Thailand and the property market because the country is more flexible than peers.
“Thailand is attractive for investment in property development, as it is in a strategic location that draws foreign buyers and infrastructure is good,” he said. “Unlike Indonesia, foreign property ownership is allowed in Thailand.”
The investment budget of 8 billion baht this year is an increase from 5 billion last year and 3 billion in 2017, the year Risland entered the country.
From June to the end of the year, Risland will launch three new projects in Bangkok. One is Cloud Thonglor-Phetchaburi, a 55-storey condo on Phetchaburi Road with a total of 661 units worth 3.6 billion baht.
The others will be a luxury condo worth 3.4 billion baht on Sukhumvit Soi 23 with 300 units priced from 200,000 baht per square metre, and Phase 2 of Lake Serene, a high-priced single detached house project on Rama II Road.
In the first quarter of 2020, the company plans to launch a hotel-branded residential project on Koh Sirey in Phuket with 400 units of condos and villas. Risland will also open a new condo project with 2,000 units near Bang Wa skytrain station.
“Our new projects being launched from this year onwards will have local partners involved after we faced problems at the first two projects we launched in 2017-18 as we did everything on our own,” Mr Nie said.
Local partners included designers and property consultants, who gave the company advice to have products that matched demand and to target customers and have selling prices that matched the market.
One project was Artisan Ratchada, a mixed-use condo project worth 6 billion baht on Thiam Ruam Mit Road launched in 2017. It is 80% sold after prices were revised.
The other was Lake Serene Rama II, formerly Nusasiri City Rama II, which it acquired from SET-listed developer Nusasiri. With a total of four phases worth 6 billion baht, the first phase with 51 units was launched last year and bought by Chinese investors under a leasehold contract.
Mr Nie said the company aims for 50% growth in presales to 6 billion baht in 2019 from 4 billion last year. Some 5 billion baht in revenue from Lake Serene and Artisan Ratchada will be realised next year.
Founded in 2017 in Hong Kong, Risland has projects in the US, India, Indonesia, New Zealand, Thailand and Hong Kong.