Bangkok--Nov 18--Francom Asia
Raimon Land’s CEO, Mr. Nigel J. Cornick, announced the completion
of ‘The Lakes’ residential condominium project today. When launched to the
public a little in August 2003 , ‘The Lakes’ met with overwhelming response
as all 166 units were sold out in only 5 days. The 36-storey hi-rise
condominium project took only 14 months to complete, homeowners are expected
to take up occupation in the next few months.
Mr. Cornick stated, “When we launched ‘The Lakes’ last year we
knew that there was strong interest in Grade ‘A’ residential developments in
Bangkok’s CBD which combine an excellent location with quality design and
construction. From an investor’s point of view, ‘The Lakes’ clearly
demonstrates Raimon Land’s ability to bring to the market projects that are
not only popular with customers but also command strong returns for the
company’s shareholders.”
‘The Lakes’ is testament to Raimon Land’s commitment to building
Grade ‘A’ residential developments in Bangkok and throughout Thailand.
Earlier in the year, the company announced the completion of ‘The Lofts
Sathorn’ town home development on Soi Meksawat as well as the launch of
‘Northshore’ Condominium located on Beach Road in North Pattaya. Upon
completion, Northshore will be the first Grade ‘A’ project to be completed
in Pattaya in the last 10 years. Due for completion in 2005 is ‘The Legend
Saladaeng’, Raimon Land’s luxurious mid-rise condominium development
conveniently located on Soi Saladaeng between Silom and Sathorn roads and
is already 80% sold-out.
Raimon Land recently announced two residential projects in Kata
Noi, Phuket. The first, Kata Gardens occupies approximately 5 rai of land
immediately behind Kata Noi Beach and will comprise 33, 1, 2 and 3 bedroom
residential units ranging in size from 108m? to 300 m?. Kata Gardens will
be launched in the early Decemberand is expected to generate strong interest
from owner-occupiers and investors. Meanwhile a second condominium and
duplex project in Kata will be developed on 14 rais of land . Commanding
spectacular views of Kata Bay,construction of The Heights is scheduled to
commence in early 2005.
Raimon Land Plc. announced its consolidated un-audited (but
reviewed) results for the nine months ended 30th September 2004 as follows;
9 months ended 30th September
2004 2003
Revenue (Baht millions) 473.01 488.19
Profit attributable to shareholders (Baht millions) * 237.82 505.6
Earnings per share :
- Basic (Baht)* 0.24 0.83
- NAV per share (Baht) 0.94 2.54
Par value Baht 1.0 Baht 5.0
Notes:
Profits in 2003 arose from reversal of provision of investment
and restructuring gains.
2004 profits were entirely from operations
Major Financial Achievements in the third quarter 2004
Income recognition continued for “The Lofts” Sathorn, “The Lakes”
projects and the Company started to recognize income from the “Legend
Saladaeng” project.
We recorded an operating profit of Baht 24.81 million in the third
quarter and has now reported four quarters of consecutive operational profits.
The nine months ended 30th September 2004 operating profit was Baht 237.82
million.
Commenting on Raimon Land’s Q3 performance Mr. Cornick added, “As
seen by the success of our most recent projects in Bangkok; The Lofts Sathorn,
The Lakes and The Legend Saladaeng, combined with our recent new project
announcements for Phuket and Pattaya, there continues to be strong demand
from owner-occupiers and investors for Grade A residential projects developed
by Raimon Land. We will continue to look for niche opportunities throughout
Thailand where we can bring to the market quality residential developments.”
The Lakes is a condominium development of The Bangkok Property Fund.
The Fund was established by Raimon Land Plc., I.P. Property Fund Asia and
Bouygues Thailand Development Company. It is managed by the MFC Asset
Management Public Company Limited. Raimon Land acts as the Development and
Marketing Manager for the Fund.
I.P. Property Fund Asia is a property fund managed by ING Real
Estate and CapitaLand of Singapore. The shareholders are ING Real Estate,
CapitaLand, a Dutch pension fund and an Australian insurance company.
Bouygues Thai Development Company is an Investment Company
affiliated to Bouygues Thai Construction. Its parent company is the Bouygues
Group, a major conglomerate headquartered in Paris.
Raimon Land is a Thai real estate developer specializing in the
residential market and is listed on the SET. Further details in regards to
the Company may be obtained from Raimon Land’s website at www.raimonland.com
PRESS ENQUIRIES :
Mr. James Ward /
Nuttaporn TangwongsanRaimon Land
Press Information
Service C/O Francom Asia
Tel: 02 233 4338 or 39
Fax: 02 236 8030
E-mail: [email protected]
Mr. Nigel J. Cornick
Chief Executive Officer
Raimon Land Public Company Ltd.
22nd Floor, The Millennia Tower62 Langsuan Road,
Pathumwan,Bangkok 10330
Tel : +66 (0) 2651-9600 to 4
Fax : +66 (0) 2651-9614
E-mail : [email protected]
Khun Rajneeporn Vanijankul
Director Sales and Marketing
Raimon Land Public Company Ltd.
22nd Floor, The Millennia Tower
62 Langsuan Road, Pathumwan,Bangkok 10330
Tel : +66 (0) 2651-9600 to 4
Fax : +66 (0) 2651-9614
E-mail : [email protected] End.