Raimon Land Postponed Launch of three Projects.
The developing firm Raimon Land has postponed the launch of its three projects because of the global financial recession. All of these projects are planned to be launch in 2009
These three projects were –
1. Amalfi, a villa style resort project in Phuket,
2. Rajdamri, a high rise condominium project in Bangkok's CBD, and
3. The Edge, a condominium project in Pattaya.
The total value of the projects were not yet known as the value depends on the construction costs and the construction costs can only be evaluated after the start of the construction procedure.
The company actually wants to be very careful regarding new investments in the coming one year. These three projects might be launched after two years, as per the economic conditions and the market conditions.
Raimon Land’s managing director further stated that every new project needs a lot and lot of investment and they don’t have enough cash in hand. Every project requires minimum Bt 2-3 billion. So, the company had to take loan from banks. Due to the current economic crunch, banks are very careful at the time of lending to consumers. They made a clause of having presale of minimum 40%-50% of the entire project value. That is why the company has postponed the launch of new projects in 2009.
In spite of the fact that a leading developing firm Raimon Land’s had postponed launch of its three new projects, several other developers are putting their step forward with the plans of launching their new projects. These developers consider that the condition of Bangkok property market has improved quite a lot since the last quarter of 2008.
Almost ten property developers have planned to launch their new projects in 2009. The total market value of these projects is Bt30 billion.
These three projects were –
1. Amalfi, a villa style resort project in Phuket,
2. Rajdamri, a high rise condominium project in Bangkok's CBD, and
3. The Edge, a condominium project in Pattaya.
The total value of the projects were not yet known as the value depends on the construction costs and the construction costs can only be evaluated after the start of the construction procedure.
The company actually wants to be very careful regarding new investments in the coming one year. These three projects might be launched after two years, as per the economic conditions and the market conditions.
Raimon Land’s managing director further stated that every new project needs a lot and lot of investment and they don’t have enough cash in hand. Every project requires minimum Bt 2-3 billion. So, the company had to take loan from banks. Due to the current economic crunch, banks are very careful at the time of lending to consumers. They made a clause of having presale of minimum 40%-50% of the entire project value. That is why the company has postponed the launch of new projects in 2009.
In spite of the fact that a leading developing firm Raimon Land’s had postponed launch of its three new projects, several other developers are putting their step forward with the plans of launching their new projects. These developers consider that the condition of Bangkok property market has improved quite a lot since the last quarter of 2008.
Almost ten property developers have planned to launch their new projects in 2009. The total market value of these projects is Bt30 billion.
Labels: condominium project, developing firm, villa style resort project
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