Thailand’s Raimon Land forges ahead vigilantly during the covid pandemic crisis
Although some countries have started to recover from the impacts of the COVID-19 pandemic, many others are still under lockdown. The epidemic has not only devastated small businesses but even made large enterprises tremble.
Property developers have unavoidably struggled with lower revenue and cash flow from the decline in unit transfers. Condo sales and residential property markets have shrunk from the slowdown in demand from both domestic and foreign buyers. So long as the crisis persists, management must play safe and be cautious to keep business afloat.
“During the crisis, property developers must carefully manage their liquidity,” explained Mr. Korn Narongdej, Chairman Of The Executive Committee and Chief Operating Officer, Raimon Land Public Company Limited. “Many developers have taken a wait-and-see approach by postponing launches of new projects and focusing on sales of their existing projects with special promotions and offers.”
Right from the start of the COVID-19 pandemic, Raimon Land executives decided to increase corporate cash flow by selling stocks of remaining units in various projects, supported by two major campaigns to attract buyers.
This enabled the company to close sales of the Loft Asoke project and gain more income from existing projects such as The Lofts Silom (ready-to-move in), The River (ready-to-move in), TAIT 12 (under construction) and The Estelle Phrom Phong (under construction).
“Thanks to its shrewd thinking and fast action, the company has generated enough cash flow to keep running without affecting employees,” Korn continued. “Moreover, Raimon Land didn’t have many unsold units in hand because its super luxury property segment of people with high purchasing power accounts for only 12% of the market, so the rate of abandoned units is rather low.”
“Raimon Land emphasises prime location, high-quality materials and fully-equipped facilities to meet all customer requirements. This all encourages these buyers to come back and purchase new units. Highly efficient property management is another area that leads consumers to trust the company.”
Raimon Land’s flagship condominium and rental office building projects include:
• The Lofts Silom, ready to move in, is the only loft-style condominium with high ceilings and iconic decoration located in the heart of Silom, namely, Soi Pramuan. The neighbourhood offers a modern shopping mall, prestigious school and international hospital. Plus it’s only 400 metres from BTS Surasak and the Bangkok mass transit network. Designed to balance the peaceulness of nature with the buzz of the city, the 37-storey luxury condominium comprises 268 units. Comprehensive amenities and facilities are provided for residents, including a study room with garden view, ground floor aroma garden with pavilion, children’s playground, and garden entrance driveway.
• The Estelle Phrom Phong, a 37-storey ultra-luxury condominium developed under a joint venture with Tokyo Tatemono, Japan’s oldest real estate developer. Located on Sukhumvit 26, the project is designed to capture a sense of tranquillity amid the city bustle. The project offers 157 units and hotel rooms to accommodate tenants’ guests. 24-hour concierge service is offered and facilities include a chlorine-free swimming pool, Japanese spa and onsen, sky gym with panoramic city view and supercar parking floor with electric vehicle charging stations.
• TAIT 12, a 40-storey luxury condominium project developed in a joint venture between Raimon Land and Tokyo Tatemono. Seeking to be one of the most distinctive condominiums in the heart of Sathorn, TAIT 12 is distinguished by its strong sloping lines and large glass panels architecture. Over 2,000 sq.m of common area allows space for an infinity edge non-chlorine filtration system sky swimming pool with children’s pool, full-function fitness centre with training studio, amphitheatre lounge, co-working spaces, and sky deck with sunset pavilion. Also over 70% sold.
• One City Centre (OCC), a 61-storey Grade A smart office building located opposite Central Embassy on Ploenchit Road, which will complete in Q4, 2022. Raimon Land has collaborated with Mitsubishi Estate Co., Ltd., one of the largest real-estate developers in Japan, to make this 8.8-billion-baht project a popular state-of-the-art office building that stimulates efficiency and boosts the happiness of those who work there and visit. With 3-metre ceiling height, the building has 61,000 sq.m of total leasable space, with about 92% marked out as office space and 8% as retail area. It can accommodate up to 879 cars and is fitted with EV charging bays.
Mr. Korn proudly emphasises: “We are proud of One City Centre as a smart office rental project because it comprises fully equipped facilities answering to all tenants’ requirements. Rental spaces range from 89 sq.m up to 1,440 sq.m. The building provides convenience and easy access to BTS Ploenchit and Chitlom stations. It is also close to leading shopping malls and 5-star hotels. After completion, One City Centre project will certainly become a new landmark on Phoenchit Road.”
“Bangkok is still a haven for foreigners to either spend their vacations here or invest in because it’s one of the world’s most desirable metropolises,” summarised Korn. “After COVID-19 is under control, they will all come back to spend their time and money here, and those who want a base of their own are bound to find something in Raimon Land’s portfolio that suits them perfectly.”